U.S.-based fintech firm Broadridge Financial (NYSE: BR) is bolstering its presence in India by expanding its tech staff by 26% to 6,800 people over the next three years.
This strategic move is aimed at tapping into the vast Indian market, where the company plans to sell its products locally in the near term, primarily through acquisitions.
According to India Managing Director Sheenam Ohrie, the firm’s decision to expand its Indian operations is driven by the country’s burgeoning economic potential.
By 2030, India is projected to become the third-largest economic power globally, making it an attractive destination for businesses looking to capitalize on its growth.
Broadridge, which counts top financial institutions like JPMorgan Chase, Bank of America, and Wells Fargo among its clients, currently operates tech centers in India.
The company plans to hire primarily software engineers to modernize its existing technology and support its expansion plans.
India’s fast-growing IT sector and skilled workforce make it a suitable location for multinational firms to set up global capability centers (GCCs).
These centers enable companies to support their daily operations, research and development, and cybersecurity.
Broadridge’s decision to expand its Indian operations is in line with this trend, as many of its premium customers have already established GCCs in the country.
The Indian GCC market is expected to experience significant growth, reaching $99 billion-$105 billion by fiscal year 2030, up from $64.6 billion in 2024, according to a report by Nasscom and Zinnov.
Broadridge’s India team has reportedly made contributions to the company’s product development, including BondGPT, a language model-based product that provides insights on bonds, and Distributed Ledger Repo, which helps clients optimize their cash management.
Broadridge Financial’s decision to expand its Indian operations reflects the country’s growing importance as a hub for financial technology and innovation.
As India continues to emerge as a major economic power, companies like Broadridge are positioned to capitalize on the country’s vast potential.
Some of the potential advantages of doing business in India are:
- Large and growing market: India’s vast population and growing economy make it an attractive destination for businesses looking to expand their customer base.
- Skilled workforce: India has a large pool of highly skilled IT professionals, making it an ideal location for companies looking to establish GCCs.
- Cost competitiveness: India offers a cost-competitive environment for businesses, with lower labor and operational costs compared to many other countries.
- Government support: The Indian government has implemented various initiatives to support the growth of the IT sector, including tax incentives and investment promotion schemes.
Overall, India‘s unique combination of a large and growing market, highly skilled workforce, cost competitiveness, and government support make it an attractive destination for businesses looking to expand their operations.