Their goal: to make money, and to do social good.
I had a story Wednesday on the front page of our Business & Tech section. You can see it in this image, under the headline “India Welcomes Home Tech Talent.”
It’s about Indian-born entreprenuers who are increasingly returning to their home country to build startups.
BANGALORE, India—Last year, Abhinandan Balasubramanian quit his job at a London-based financial-technology company. The startup scene in his native India was booming, and he wanted in.
The 25-year-old Mr. Balasubramanian moved to Mumbai and in December launched his own business there: Altflo, a global online marketplace for assets such as real estate and shares in investment funds.
Basing Altflo in India was an easy decision, Mr. Balasubramanian said. “The cost of scaling the company is much lower in India,” he said. Office space and talent are “multiples cheaper than in the U.K.”
Lured by a flood of venture-capital funding, relatively inexpensive labor and the size of the potential market in the world’s second-most-populous country, entrepreneurs and technology workers with Indian roots have been coming home in increasing numbers.
BANGALORE, India—Software engineer Anshul Goel graduated from college in 2013. In the 2½ years since then, the 24-year-old has switched jobs three times, jumping from one Indian tech company to another, and doubled his salary.
Mr. Goel, who specializes in writing code that e-commerce startups and others use to predict customer behavior, says he is deluged with emails from headhunters. “My mailbox is full of them,” he said. “And it’s not only me.”
Indian startups, flush with cash from foreign venture capitalists, have been on a hiring spree as they race to scale up and beat rivals in an increasingly competitive market. Venture capitalists have poured some $4.54 billion into India’s startups so far this year, surpassing the $4 billion invested last year, says Indian data tracker Venture Intelligence. But a shortage of skilled workers is driving up wages and turning into a serious hurdle to companies’ expansion plans.
The country is home to millions of information-technology workers, veterans of India’s huge outsourcing industry. But, tech executives say, few of them have the cutting-edge abilities that startups in businesses from e-commerce to ride-booking apps crave.
I also wrote a post at our Digits blog about perks some workers are securing:
Free rides to work, cool offices with tasty food, new smartphones — it’s a good time to be a talented software engineer in India.