Venture Capitalists Interested in the Potential of India’s Future Tech Boom
Is India going to experience a tech boom sometime soon? According to Prashant Agrawal, writing for Ozymandias, it’s certainly likely.
India’s first technology boom was all about outsourcing, as many people in the U.S. are aware — jobs from well-known companies like IBM and Microsoft have been routinely outsourced to India. This includes everything from answering the phone and walking consumers through tech issues, to performing coding for important websites. India took on many of the mundane jobs that are the backbone of big enterprise software platforms.
The next tech boom, however, is going to be more than just mimicking and supplying tech companies elsewhere on the globe. Instead, Indian tech companies are going to be building enterprise software platforms and new products. They’re going to take existing systems and improve them — not just serve as the last step.
If this seems far-fetched, consider that venture capitalists have already been swarming over India. There is currently more funding going to startups in India than there has been at any point in the country’s past. Many rising and talented young engineers are starting up their own companies rather than looking for jobs at established corporate IT companies.
Facebook, a very visible player in the tech world, just bought its first Indian tech company with the acquisition of Little Eye Labs. And, according to Business Insider, two of the top 10 hottest pre-IP adtech companies are Indian, and are expected to have valuations of over $1 billion.
While the future of the tech industry in India isn’t known for sure, there are many indications that the country’s tech sector is ready to blossom, and India will become a competitive player in its own right.