From Ad-Hoc Pursuits to $17.7B in Annual Large Deal TCV: What Industrializing the Process Delivered
Grew large deal TCV 86% to $17.7B in FY2024 by industrializing its enterprise deal pursuit model.
Infosys, a Large Enterprise IT Services & Consulting company, created value through Marketing Efficiency.
Infosys Limited, India's second-largest IT services company with approximately $13.6 billion in revenue (FY2021, fiscal year ended March 2021), had historically pursued large deals on an ad-hoc basis. Each major pursuit required assembling a custom team of subject matter experts, solution architects, and commercial modelers from across the organization. Meanwhile, competitors like TCS and Accenture had developed more systematized approaches to large deal pursuits. Infosys was spending on traditional marketing (events, sponsorships, analyst relations) with limited ability to attribute pipeline generation to specific marketing activities. The company needed a more scalable, repeatable approach to winning large engagements.
Between FY2022 and FY2024, Infosys implemented a systematic approach to large deal acquisition:
| Metric | FY2022 | FY2024 |
|---|---|---|
| Large deal TCV | $9.5B (94 deals) | $17.7B (+86%) |
| Net new TCV share | — | 52% |
| $100M+ client count | 38 (+6 YoY) | — |
| Total revenue | — | $18.6B (vs. $13.6B in FY2021) |
| Operating margin | — | 20.7% |
| Free cash flow | — | $2.9B (91% net profit conversion) |
Infosys's large deal TCV grew from $9.5B to $17.7B in two years — not by finding more opportunities but by converting them more efficiently. The industrialized pursuit model's mechanism: pre-assembled teams with reusable deal artifacts (pricing models, transition blueprints, reference architectures by deal type) reduce the time and cost to respond to a qualified opportunity. When a competitor is still assembling its pursuit team from scratch, Infosys can field a response built on templates refined across 94+ prior deals. Speed and quality of response at the large-deal level are disproportionately correlated with win rate because clients associate pursuit quality with delivery quality.
The 52% net new wins share in FY2024 is the metric that separates deal volume from commercial progress. Large deal TCV dominated by renewals indicates a firm defending its existing base; 52% net new means Infosys was taking clients from competitors. The concurrent account deepening — six new $100M+ clients in FY2022 alone, top-10 account revenue growth of +25.3% — confirms the model was generating durable relationships, not one-time wins. At 20.7% operating margin and $2.9B in free cash flow, the pursuit investment didn't come at the expense of profitability.
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