Broadridge Financial to Expand India Tech Workforce by 26%
U.S. fintech giant Broadridge Financial plans to significantly expand its technology team in India over the next three years. The company aims to increase its headcount from 5,400 to 6,800, representing a 26% growth.
This expansion aligns with Broadridge's strategy to establish a stronger presence in India, the world's most populous nation. The company currently has only tech centers in India but plans to sell its products locally through acquisitions.
India Managing Director Sheenam Ohrie anticipates that most of the new hires will be software engineers as Broadridge seeks to upgrade its legacy technology.
Ohrie noted that India's rising economic power makes it a crucial market for Broadridge. She said, "By 2030, India will be the third-largest economic power. So if that is the case, then you should be selling there."
The expansion is part of a broader trend of multinational companies establishing Global Capability Centers (GCCs) in India. Over 20 of Broadridge's premium customers have global leaders making decisions about the company's products from India.
Ohrie emphasized the company's efforts to collaborate closely with GCC counterparts of banking clients, facilitating faster decision-making.
According to Nasscom and Zinnov, India's GCC market is expected to reach $99-$105 billion by 2030, up from $64.6 billion in 2024.
Broadridge's India team has contributed to innovations such as BondGPT, a large language model (LLM) product for bond queries, and Distributed Ledger Repo, which assists clients in cash management.