Research Profile: TMT Expert for the 2nd Most Populous Country in World


While Bangalore-based industry consultant, Convergence Catalyst, is not a household name for most US-based investors, some of the world’s largest technology companies turn to them for their expertise and analysis of the TMT sector in India and the emerging markets.  However, in recent years, the firm has begun working with a growing number of TMT focused private equity and asset manager clients to help them make more knowledgeable investment decisions in these rather opaque markets.

What Does Convergence Catalyst Do?

Founded in 2011, Convergence Catalyst (CVC) is an industry consulting firm started by Indian Telecom Industry professionals with over 50 years of combined industry experience that focuses its work in the telecommunications and high tech sectors in India and the emerging markets.  Company management explains that CVC is a cross between Gartner (a specialized technology consultant) and McKinsey (a broad-based strategy consulting firm).

Large global technology firms like Google or Apple view CVC as a market research firm with deep domain expertise.  Medium sized corporations, on the other hand, see them as strategy and go-to-market consultants.  Venture capital, private equity and fundamental asset managers turn to CVC for research, proprietary data, and investment advice about TMT related companies or issues that are focused in the emerging markets.

Some of the unique datasets that CVC currently collects as a regular part of their consulting practice includes Smart Devices (Smartphones and Tablets) Sales Data by Average Selling Point (ASP), by Brand, by Geography, by Operating System and by Distribution Channel; and Average Monthly Mobile Data Consumption per User by Technology (2G, 3G, 4G, etc.), by Geography, by Device Type (Smartphone, Tablet, PC/Laptop, etc.), by Content Type and by Carriers.  CVC management notes that are other related data they could collect based on client demand.

As an example of CVC’s ability to provide valuable advice to investment management clients, the firm recently published a proprietary report titled, Key Investment Ideas in the Indian Telecom and Consumer Internet DomainsClick here to access this report.

Who is Convergence Catalysts’ Target Market?

CVC’s primary customers for their consulting services are companies in the high tech industry, either located within India or global firms looking to expand into India or other emerging markets.  A few past clients that fit this profile include Google, Intuit, Amadeus, Tachyon Technologies, or BORQS.

When dealing with investors, CVC’s primary clients are VCs, private equity firms, or asset managers who are focused on the high tech industry / TMT sector in India and/or the emerging markets.  A few of these clients include Norwest Venture Partners, TA Associates, and IDFC Private Equity.

What Makes Convergence Catalyst Different From Their Competitors?

CVC’s primary differentiation with traditional strategy consultants like McKinsey or Bain is their deep industry expertise in the TMT space and their access to deep market intelligence and executives (across all levels, including C-level) of most companies in the TMT sector.

However, CVC’s primary differentiator when they are compared against technology / TMT consulting firms like Gartner or IDC is their deep geographical expertise in India and the emerging markets.

What is Convergence Catalysts’ Commercial Model?

Like most consulting firms, CVC has two main ways it charges clients for its expertise.  The first, is they provide hourly or daily based consulting rates for ad hoc advice or short-term projects.  However, CVC also charges clients on a discreet project basis for larger projects with a well-defined scope or work.  At present, CVC does not publish or market regular syndicated research on topics or companies under coverage.

What Are a Few Interesting Facts About Convergence Catalyst?

CVC is a well-regarded consultant in the TMT sector that has produced a number of ground breaking reports, including India’s first Tablet Market Report in November, 2011 (link).  In addition, CVC published India’s first (and one of the world’s earliest) market-specific reports on the “Internet of Things (IoT) Ecosystem Evolution” (Executive Summary – link).

CVC is a key member of the “India Internet of Things (IoT) Forum” which is working to drive the systemic evolution of IoT ecosystem in India.

CVC has also successfully competed against a large team from McKinsey to win a critical, pan-India study for Google due, in large part, to CVC’s access to critical market intelligence data, practical insights and recommendations, and relationships with key industry personnel.


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About Author

Mike Mayhew is one of the leading experts on the investment research industry. In addition to founding Integrity Research, Mike is on the board of directors of Investorside Research Association, the non-profit trade association for the independent research industry, and a frequent speaker on research industry trends and developments. Mike has over thirty years of research industry experience. Email:

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