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The survey, which also included Japan, was aimed at identifying top private technology companies in Asia, which are in the growth path, after the start-up initial stages.
"The selection reflects the vigour of creativity and entrepreneurship in India and the fact that India is about far more that outsourcing. The companies ranged from traditional IT services to animation to communications," Joel Dreyfuss, editor-in-chief, Red Herring, told PTI.
The other Indian companies in the prestigious list are Axis Software, Bahwan CyberTek, Comat Technologies, Strand Genomics, DQ Entertainment, E2Labs Information Security, Huaya Microelectronics, Jataayu, Ittiam Systems, Pinstrom, Navin Communications, Paprikaas Animation Studios, Pramati, Skelta and Tejas Networks India.
The top 100 companies were selected from a list of 500 companies from the region. The selection is important for these companies as it would help in getting private equity funding easily.
Dreyfuss said some of these companies have already obtained private equity investment. "In some cases, it is an 'angel' funding; in other cases, they have done one or more rounds of venture investment," he said.
The selection, he said, was done after a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to R&D.
Red Herring's lists of private companies, which identifies new and innovative technology companies, is very significant as it had spotted companies like Google and eBay in their early days.
The wholesome analysis by Red Herring also took into consideration, the future of technology and financial strength of these companies.
Dreyfuss said it was obvious that Indian companies have emerged and they were capable of competing on a global scale.
"However, the real concern expressed by Indian entrepreneurs was the lack of early stage money. Unless investors are willing to take early risks, many great ideas will never see the light of the day," he said.