IT services provider Hexaware Technologies on Saturday inaugurated a new TechFin centre at Gift City, with plans to grow its workforce from around 250 employees currently to 1,000 over the next three years.

The company expects the centre to support global banking, financial services and insurance (BFSI) clients across software engineering, cloud transformation, data engineering and AI-led transformation projects in the United States and Europe which together account for the bulk of Hexaware’s business.

“This is a 400-seater office. We are starting with a modest number of close to 250 employees. But our ambition is to scale up to 1,000 employees in the next three years. Then we will continue to add. So we are not scaling down on our ambitions,” said Vikash Kumar Jain, chief financial officer of Hexaware, about the GIFT City office spread over 2,500 square meters. The businessline in December 2024 had reported that the company in its application to the International Financial Services Centres Authority (IFSCA) had planned to create around 2,000 jobs and occupy about 4,925 square metres of office space in Gift City.

When asked if Hexaware has scaled down its hiring plans for GIFT City, Jain said the current expansion plan should be seen as part of a phased growth strategy, with the immediate focus on building a delivery hub for international clients.

“The work is primarily information technology. Within IT, we will be servicing three verticals — banking, financial services and insurance clients. The nature of services is going to be software engineering, cloud transformation, data engineering and a lot with AI-led transformation,” he said in an interaction at the new GIFT City premises in Gandhinagar. The new facility, inaugurated by Gujarat Chief Minister Bhupendra Patel on Saturday, marks Hexaware’s latest expansion in the State, where it has maintained a presence for nearly 11 years.

“Only recently has India been a focus area for us. Primarily we have been focused on markets outside India. Close to 70 per cent of our business comes from the US, 6 per cent from Asia-Pacific and the Middle East, and 20 per cent from Europe and the UK,” Jain said. India contributes about 2 per cent of the company’s global revenue, he added. “We found GIFT City to be the right choice to scale up our financial operations — the first of its kind that we have set up from an IFSC perspective in the country. It creates an environment which is amazing from a cross-border business perspective,” Jain said.

The company believes the economics of operating from Ahmedabad and GIFT City extend beyond direct salary costs. “Compared to traditional metropolitan cities like Chennai, Bengaluru, Mumbai, Pune or Hyderabad, the salary levels are not materially different. However, the cost of living varies significantly, the quality of life improves and commute times are lower,” Jain said.

“The attrition rates in places like Ahmedabad and GIFT City are materially lower than what you have in Tier-I cities. If you want to continue hiring new talent and training them, that helps from a long-term cost perspective,” he added. 

Published on June 13, 2026