Anand Deshpande’s journey from a promising computer scientist in the United States to the founder of one of India’s leading IT companies is nothing short of extraordinary.
His story is one of bold decisions, relentless ambition, and a deeply rooted commitment to creating opportunities back home. Anand’s academic brilliance shone early. Growing up in Akola, Maharashtra, he excelled in studies, cracking competitive exams for the National Defence Academy (NDA) and Maulana Azad National Institute of Technology (MANIT). But his heart was set on the burgeoning world of computer science, leading him to pursue engineering at IIT Kharagpur. From there, his trajectory only climbed higher. He was among the few who earned a PhD in computer science from Indiana University in the United States, marking him as a standout talent in a field poised for global transformation.
Upon nearing the completion of his doctorate, Anand Deshpande received a coveted offer from Hewlett-Packard (HP) to join their prestigious research labs. At just 28, he found himself living the Silicon Valley dream: a high-paying job, access to cutting-edge technology, and the promise of an upward career trajectory in one of the most dynamic tech ecosystems in the world. For many, this would have been the ultimate endpoint. But for Anand, it was just the beginning.
After six months at HP, Anand faced a defining choice. He could continue to build a life in the United States, secure and comfortable, or he could return to India, a country on the brink of its own tech revolution, and build something entirely new. For Anand Deshpande, the latter option resonated more. He called his father and set plans in motion to establish a company in Pune. On March 30, 1990, Persistent was born.
The early days were anything but easy. Anand started with a modest ₹2 lakh from a tax refund and ₹3.6 lakh borrowed from friends and family. After eight months of searching, he secured a 350-square-foot office space through the government’s Software Technology Parks of India (STPI) programme. With one computer, six employees, and a vision for database-driven innovation, Persistent began its journey.
The breakthrough came when 02 Technologies, a France-based database company, entrusted Persistent with improving its query processing system. That first project brought in ₹7.5 lakh—a significant sum for a fledgling startup. Encouraged by this early success, Anand Deshpande and his team worked tirelessly, clocking ₹13 lakh in sales by 1992. This momentum attracted the attention of a name that would shape Persistent’s future: Microsoft.
Microsoft engaged Persistent for a small project, which involved migrating assembly code from 16-bit to 32-bit for a FORTRAN compiler. The successful execution of this project opened doors to further collaborations with tech giants like Hewlett-Packard and Illustra. Persistent was no longer just a small startup; it was a company trusted by industry leaders.
By the mid-1990s, the internet was taking root in India, and the country’s IT landscape was transforming rapidly. Recognizing the changing dynamics, Anand Deshpande pivoted Persistent’s focus from database products to technology services. This shift paid off handsomely. By the year 2000, Persistent’s revenue had crossed ₹10 crore, and it attracted an investment of ₹4.3 crore from Intel, giving the company a valuation of ₹121 crore.
Persistent Systems’ evolution continued at a steady pace. In 2010, it reached a major milestone: a public listing. The ₹168 crore IPO was oversubscribed nearly 94 times, demonstrating the market’s confidence in Anand’s vision. Persistent Systems’ stock market debut was a resounding success, with the company posting annual revenues of ₹612 crore and profits of ₹115 crore.
As the company scaled, it didn’t just rest on its laurels. Persistent expanded into emerging technologies, acquiring fourteen companies by 2019 to bolster its capabilities in content, mobile, and cloud services. The company’s consistent growth saw it serving over 1,000 clients annually across 17 countries. By 2020, Persistent’s revenues had reached ₹3,566 crore, solidifying its position as a leader in digital engineering and enterprise modernization.
Today, Persistent Systems is a global powerhouse. It employs nearly 24,000 people across 21 countries and has grown at an annual rate of over 14.5%. With revenues nearing ₹10,000 crore and a market valuation exceeding ₹60,000 crore, the company stands as a testament to Anand Deshpande’s vision and leadership.
But Anand’s story isn’t just about business success. At the age of 50, he founded the deAsra Foundation, an initiative aimed at supporting micro-entrepreneurs. Through this venture, Anand Deshpande channels his wealth and expertise to help small businesses thrive, empowering individuals to achieve their own dreams.
Anand Deshpande’s journey—from a brilliant young student to the founder of a globally recognized IT services firm—is an inspiring example of what’s possible when ambition, courage, and a deep sense of purpose come together. His decision to leave a comfortable job in the U.S. and build something transformative in India didn’t just change his own life; it altered the trajectory of the Indian IT industry. Anand Deshpande’s story isn’t just a testament to his ingenuity; it’s a source of inspiration for entrepreneurs across the world.
