BENGALURU, Jan 23 (Reuters) - U.S. fintech company Broadridge Financial plans to increase its tech workforce in India by 26% to 6,800 employees over the next three years to support its market expansion into the world's most populous nation, a senior executive informed Reuters.
Broadridge, whose clients include JPMorgan Chase & Co, Bank of America, and Wells Fargo, currently operates exclusively tech centers in India. The company intends to introduce its products locally in the "near term" through an acquisition strategy, shared India Managing Director Sheenam Ohrie.
"In 2030, India is projected to be the third-largest economic power. If that's the case, then it's logical to target sales there," Ohrie noted earlier this week without elaborating.
The majority of the new hires in India are expected to be software engineers as the company aims to update its existing "legacy" technology infrastructure.
Broadridge offers investor communications services and financial technology software to banks, broker-dealers, and asset managers for trading purposes.
This move aligns with the trend of multinational companies increasingly establishing local offices or global capability centers (GCCs) in India to support their daily operations, research and development, and cybersecurity.
"Ohrie mentioned, "Many of our clients have GCCs in India. More than 20 of our major clients have key decision-makers regarding our products based in India. Hence, we are adopting a zero-distance strategy."
For example, Broadridge has been directly collaborating with the GCC teams of select banking clients to expedite decision-making processes in recent months.
Per a report by IT industry body Nasscom and consulting firm Zinnov, the market size of India's GCCs is projected to reach $99 billion-$105 billion by fiscal year 2030, up from $64.6 billion in 2024.
Broadridge's India team has contributed to projects like BondGPT, an LLM-based product handling bond queries, and Distributed Ledger Repo, which aids clients in enhancing cash management practices.