Hexaware Technologies Ltd., a leading global Information Technology services company, is all set to expand its operations by setting up a TechFin centre at the Gujarat International Finance Tec-City (GIFT City). The company, which currently operates out of 54 offices worldwide, has filed an application with the International Financial Services Centres Authority (IFSCA) to establish a “branch” in GIFT IFSC. This move is set to create a significant boost in employment, with over 500 individuals expected to be hired for the centre.
A Growing Presence in GIFT City
Hexaware Technologies plans to take up approximately 2,500 square meters of office space within GIFT City. The proposed TechFin centre is expected to offer a variety of services, including IT consulting and support, IT design and development, and various business process outsourcing (BPO) solutions. The centre is expected to play a crucial role in driving the company’s expansion in India and globally.
This initiative by Hexaware is part of a broader trend of international IT and consulting giants establishing their presence in GIFT City. In recent months, companies like Cognizant Technology Solutions and Infosys have also filed similar applications to establish their own TechFin centres at GIFT City. With over 31,000 employees globally, Hexaware aims to tap into the growing demand for advanced technological and financial solutions in this thriving business hub.
Hexaware’s Global Reach and Future Prospects
Hexaware Technologies generates approximately 94% of its revenue from the Americas and Europe, positioning the company as a key player in the global IT services sector. With the establishment of the TechFin centre at GIFT City, Hexaware aims to further strengthen its foothold in the global market by offering IT design, development, consulting, and support services from this strategic location.
The GIFT City initiative is a part of India’s effort to transform its financial and technological landscape. By creating an environment conducive to high-end technological innovation, India aims to position itself as a global leader in the fields of FinTech and TechFin. Hexaware’s decision to set up a centre in GIFT City further cements the importance of the region in India’s push towards becoming a global hub for technology and finance.
The Rise of TechFin Centres in GIFT City
The creation of TechFin centres at GIFT City is in line with a broader vision set by the Indian government to make the city a globally leading FinTech hub. A significant policy framework was introduced in April 2022 to encourage the establishment of FinTech and TechFin entities in the region. This initiative is designed to make GIFT City a competitive international financial centre, similar to other renowned financial hubs across the world.
In December 2024, Cognizant Technology Solutions received formal approval from IFSCA to set up a TechFin centre that will employ around 2,000 people. The company is also expected to take up around 4,925 square meters of office space in GIFT City. Similarly, Infosys Ltd. received approval in September 2024 for its TechFin centre, which will provide services such as business consulting, IT consulting, and software licensing.
With major global players like Hexaware, Infosys, and Cognizant choosing GIFT City as their base for TechFin operations, the region is steadily becoming a hub for the technology-driven financial services sector.
A Promising Future for GIFT City
The growing interest from multinational companies in establishing TechFin centres at GIFT City reflects the region’s emerging role as a hub for global financial and technology services. The government’s supportive policies, coupled with the availability of state-of-the-art infrastructure and skilled talent, make GIFT City an attractive destination for international companies looking to tap into the rapidly growing FinTech and TechFin sectors.
Hexaware’s decision to invest in GIFT City is a significant step forward in strengthening India’s position as a global leader in the intersection of technology and finance. The creation of over 500 jobs in the region will also contribute to the local economy, creating new opportunities for skilled professionals in Gujarat and beyond.
As GIFT City continues to evolve and attract more global players, the future looks bright for India’s ambitions to become a premier global hub for FinTech and TechFin services. With Hexaware joining the ranks of industry giants like Infosys and Cognizant, the region is poised for significant growth and development in the coming years.
Conclusion
Hexaware Technologies’ plan to set up a TechFin centre at GIFT City is a testament to the region's growing significance as a global hub for technology-driven financial services. With global giants like Hexaware, Cognizant, and Infosys investing in the city, GIFT City is rapidly becoming the epicenter of India’s TechFin revolution. The creation of over 500 jobs will provide a boost to the local economy, while strengthening India’s position in the global technology and finance sectors.
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