By Nikhil Mangal, Senior Vice President, Zeta
Two decades ago, the idea that India could design and export enterprise software at scale seemed improbable. The country was viewed as the IT services back office of the world — valued for execution but rarely for product innovation. Today, that perception has fundamentally changed. Some of the most mission-critical platforms in global financial services — core banking systems, card processing platforms, fraud engines, and customer engagement software — are built in India.
This shift wasn’t accidental. It resulted from a unique confluence of deep technical expertise, an understanding of complex business problems across industries, and the ambition to think beyond borders.
From Services to Product DNA
For decades, India was known for its services industry — brilliant engineers solving global problems across time zones. But over the past decade, something fundamental changed. A new generation of companies began building products for the world, not just providing services — solutions designed to scale globally, meet stringent compliance standards, and compete with global leaders.
This shift was driven by four reinforcing advantages:
Exposure to Complexity: Indian teams built systems for banks across dozens of markets, absorbing regulatory and operational diversity. This accumulated expertise has become a key competitive advantage on the global stage.
Talent Density: The services era trained a generation of engineers, product managers, and architects who moved from outsourced execution to IP creation. India now has a critical mass of professionals who have built and scaled global products.
Cost and Scale Pressure: Banks in emerging markets demanded enterprise-grade systems without enterprise-grade price tags. Indian firms met this challenge, proving they could deliver robust, cost-efficient, and globally deployable products.
Deep Talent Pipeline: India produces over 1.5 million engineering graduates annually, backed by a competitive education system and a cultural mindset that values technical excellence. When opportunities emerged, this talent quickly shifted from execution to innovation.
The SaaS and Cloud Leap
The rise of cloud and SaaS in the 2010s gave Indian firms the opportunity to leapfrog legacy systems. In financial services, this led to the creation of cloud-native platforms purpose-built for cards, payments, credit, and savings. Across sectors, Indian SaaS companies demonstrated that technology from India can scale globally with world-class user experiences and product-led growth models.
This mattered. It showed that India could not only build regulated banking systems but also consumer-grade SaaS products capable of competing directly with Silicon Valley incumbents.
Competing at the Top Table
By the mid-2010s, Indian-built platforms were no longer seen as low-cost alternatives. They were being deployed by Tier-1 banks and Fortune 500 enterprises making strategic bets on speed, adaptability, and innovation. Today, both fintech challengers and global banks adopt Indian platforms to re-platform their businesses. Across industries, enterprises that once relied solely on global SaaS solutions now increasingly adopt homegrown alternatives built for scale and agility.
Why India Will Continue to Lead with Strength
Three structural reasons explain why India has become — and will remain — a hub for enterprise software:
Domestic Scale as a Test Bed: India’s banking sector manages hundreds of millions of customers and processes billions of digital transactions while navigating intricate regulatory environments. Products hardened here can scale anywhere.
Evolved Talent Model: India now produces not just engineers but global product leaders, designers, and domain experts. Talent that once executed projects now drives full-stack product ownership.
Global-by-Design Mindset: Whether in BFSI or SaaS, Indian firms design for global markets, blending cost efficiency with innovation.
The Decade Ahead: From Builders to Category Leaders
The coming decade will see Indian firms defining entirely new categories — from AI-driven fraud and credit engines to digital currency infrastructure and ESG compliance platforms. As regulatory frameworks grow more complex globally, as enterprises demand greater customization and flexibility, and as the world seeks alternatives to concentrated technology ecosystems, India’s enterprise software industry is poised to capture disproportionate value.
The question is no longer, “Can Indian firms build this?” It is, “What will they build next?”
India’s journey from services to products is not just a transformation story; it is a blueprint for global enterprise software. The message is clear: India is not only building for the world — it is shaping the future of enterprise technology.