From Web2 to Web3: India’s IT Giants Quietly Move Up the Blockchain Stack
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Khushi V Rangdhol
Jun 28, 2025 01:12
India’s IT giants—TCS, Infosys, Tech Mahindra, and Wipro—are pivoting to blockchain, launching digital-asset divisions and securing international contracts, marking a shift from Web2 outsourcing to Web3 infrastructure.
When most individuals image “Indian crypto,” they think about Bengaluru start-ups or Dubai-registered exchanges. Yet the largest strikes into enterprise blockchain this 12 months are coming from the nation’s 4 IT-services behemoths—Tata Consultancy Services (TCS), Infosys, Tech Mahindra and Wipro—whose mixed income already tops US $55 billion. Each agency now runs a devoted digital-asset division, and the contracts they win—from tokenised-bond pilots in Singapore to CBDC sandboxes in Africa—sign that India’s export engine is pivoting from Web2 outsourcing to Web3 infrastructure.
Why the Tech Majors Care
NASSCOM’s 2024 strategic assessment exhibits 58 % of Indian IT-services income now comes from “digital and engineering” work, up from 34 % 5 years in the past. Blockchain still accounts for <4 % of that pot, but deal worth is rising practically 40 % year-on-year—outpacing cloud or AI progress charges. Talent is also no longer a bottleneck: India hosts roughly 75 000 blockchain engineers (NASSCOM Web3 Landscape 2023), second only to the United States.
1. TCS Quartz: from core banking to tokenised belongings
TCS launched its “Quartz” blockchain framework in 2020, but two 2024 bulletins made the product unimaginable to ignore:
TCS employees say Quartz income is “tiny but growing”—and strategically important because every settlement node or custody vault feeds more consulting hours into the agency’s legacy integration models.
2. Infosys Finacle: CBDC and deposit tokens
Infosys’ banking suite, used by 1,000+ establishments worldwide, quietly added a Finacle Digital Asset Solution in 2022. Recent milestones:
Because Finacle already holds core-banking market share across Africa and the Gulf, every profitable CBDC or deposit-token pilot widens the moat.
3. Tech Mahindra: DePIN and carbon markets
Tech Mahindra, recognized for telecom IT initiatives, leans on that DNA to chase infrastructure-token work:
Revenue is small, but such proofs unlock cross-selling into 5G personal networks and ESG reporting—TechM’s conventional candy spots.
4. Wipro: wholesale-CBDC rails
Wipro’s blockchain follow felt quiet after its 2019 Corda work, but resurfaced when:
A Wipro vice-president (talking at Hyperledger Global Forum, April 2025) mentioned 60 % of the challenge workforce sits in Bengaluru—proof that the agency’s offshore expertise still anchors headline Web3 contracts.
Implications for India’s Export Engine
Roadblocks Still Ahead
Outlook
For years, Indian IT giants watched blockchain from the sidelines while start-ups grabbed headlines. That period is ending. With tokenised bonds, CBDC pilots and DePIN rollouts transferring from proof-of-concept to paid manufacturing, TCS, Infosys, Tech Mahindra and Wipro are positioning themselves as the international back-office for Web3—just as they once have been for Web2. The greatest winners may not be the start-ups minting cash, but the legacy integrators quietly promoting the picks and shovels of the next web.
Image supply: Shutterstock
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