Indian technology companies are expanding globally, leveraging their expertise and innovation to penetrate foreign markets. With a track record of delivering high-quality solutions at competitive prices, Indian firms are carving out niches in sectors like cybersecurity, FinTech, cleantech, contributing to the country’s global tech footprint.
For example, the APJ region has been facing rampant cyberattacks. According to the World Economic Forum, in 2023, Australia saw a wave of large-scale attacks, including against Latitude, the Australian personal loan and financial service provider, which was affected by a data breach that impacted over 14 million people from Australia and New Zealand in March.
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Around the same time, Telecommunications company Optus and Health Insurer Medibank experienced data breaches impacting around 10 million people. Several ports had to be closed in November 2023, following an attack on the country’s biggest operator DP World Australia. In the healthcare sector, surgeries had to be postponed after cyberattacks on hospitals.
This opens up the region as a potential market for cybersecurity companies. According to a recent report released by Causticizer, the Australian cybersecurity market will grow by USD 5.8 billion by 2024 with the local market in the domain growing at 8% annually.
Cybersecurity in ANZ & Vietnam
In April, Bangalore based Terraeagle Technologies, a cybersecurity services organization expanded into the Australian and New Zealand regions. The organization already has operations across India, Bahrain, and the USA.
Recently, the Department of Enterprise, Investment, and Trade (DEIT), Government of India, NASSCOM, and the Australian industry organization, Business NSW signed an Australia-India Economic Cooperation and Trade Agreement to accelerate market access for select tech companies in both countries. A NASSCOM member, Terraeagle is the only cybersecurity firm that is a part of the delegation to set up an office at the Sydney Startup Hub. This strategic alliance between India and Australia in cybersecurity aims to strengthen the defense mechanism of both countries fostering a secure digital environment and contributing to regional and global stability in the domain.
The ANZ market certainly presents exciting opportunities for us to leverage our expertise and offer customized cybersecurity solutions to address the requirements in this region
Aditya P S, the Founder and Chairman of TerraEagle Technologies
Aditya P S, the Founder and Chairman of TerraEagle Technologies, said, “This is also going to be the first region where Terraeagle’s channel program will be introduced. We will be working closely with the local partners to ensure high-end cybersecurity services are made available to customers across these countries. The ANZ market certainly presents exciting opportunities for us to leverage our expertise and offer customized cybersecurity solutions to address the requirements in this region”.
Shivendra Singh, the Nasscom Vice President and Head of Global Trade Development said, “Terraeagle has been chosen as one of our esteemed member organizations to be part of Nasscom-NSW Launchpad focused on cybersecurity, which is highly relevant to the ANZ market.”
All NASSCOM member companies will have the advantage of establishing a connection with the local technology ecosystems, and government agencies, and gain network support in the local market besides investment opportunities.
Another Indian cybersecurity company, Whizhack Technologies inked a deal with a leading Vietnamese cybersecurity company Total Solutions and Logistics Limited, which specialises in electronic manufacturing systems for providing cybersecurity training, products and managed services to various IT and manufacturing industries in their country.
Dr. Milan Patnaik, CISO and Head Global Services, WhizHack Technologies stated, “Teaming up with Total Solutions and Logistics is a step in that direction and both the companies have excellent synergies. We are very hopeful that this partnership will bring forth some cutting-edge technology and sharp personnels which will benefit both the countries.”
The MoU was signed in the presence of Madan Mohan Sethi, the Consulate General of India at Ho Chi Minh City, Vietnam, marking a collaboration between not just two companies but two countries to join hands to combat the burgeoning cybersecurity threats that the world is facing at large.
Madan Mohan Sethi, Consulate General of India at Ho Chi Minh City Vietnam, at the MoU signing ceremony, said, “Cybersecurity is a very important area where Vietnam needs to focus. With the proliferation of Smart City initiatives in Vietnam, the requirement of cybersecurity solutions being deployed to protect the city infrastructure become very essential. Keeping the same in mind, availability of trained cybersecurity professionals also becomes an important part of this initiative. This cooperation agreement will go a long way to enable cybersecurity professionals of Whizhack Technologies conduct training for the youth of Vietnam and share their experience of handling cyberattacks. I am happy that such cooperation has not only promoted business but has looked into the ongoing critical issues being faced by Vietnam in the field of cyber.”
With a motto to create “Smart and Secure” solutions, the partnership aims to proliferate the latest cybersecurity technologies in Vietnam to create a one stop solution in developing a facilities centre for training and R&D for futuristic technologies in the field of hardware as well as software.
The MoU signing of TSL with an Indian cybersecurity partner brings the expectation of promoting domestic and foreign businesses with a solid cybersecurity system, ensures avoidance of the risks of network security vulnerabilities
Tran Anh Minh Huy, CEO, TSL
Tran Anh Minh Huy, CEO, TSL expressed, “The MoU signing of TSL with an Indian cybersecurity partner brings the expectation of promoting domestic and foreign businesses with a solid cybersecurity system, ensures avoidance of the risks of network security vulnerabilities. With these technologically advanced solutions, the network security systems of government as well as businesses will be safe. The planned training program will create globally valuable cybersecurity professionals, which is also currently planned to be taught at the University of Albany in the US. In India, Whizhack is recognized as a partner in cybersecurity for the Indian government which adds value to Vietnam also”.
FinTech in Philippines
Indian FinTech too has been expanding abroad. In March, Kiya.ai, a fintech company based in India, expanded in the South East Asia Region with a strategic focus on partnering with a multitude of financial institutions. The company marks its presence in the Philippines, starting with Country Builders Bank, Inc. (CBB) – a prominent rural bank. CBB serves a diverse clientele across the Philippines region – Metro Manila, Cavite, Laguna, Rizal, and Bulacan areas.
Rajesh Mirjankar, MD & CEO of Kiya.ai, said, “Like many other countries, the Philippines has witnessed a significant shift towards digital banking in recent years. Traditional banks have been investing heavily in digital infrastructure to offer online and mobile banking services, allowing customers to perform transactions conveniently from their smartphones or computers.”
There has been a transformation of perception for Indian Fintech companies globally
Rajesh Mirjankar, MD & CEO of Kiya.ai
“There has been a transformation of perception for Indian Fintech companies globally. Indian Fintechs like us have proven our capabilities in product development, innovation, and scalability, particularly in areas like UPI, Aadhar, Jan Dhan Yojana, etc., and this has given us a competitive advantage to expand globally,” he added.
Amit Sharma, President of Kiya.ai, said,”The Philippine economy has transformed significantly, emerging as one of Southeast Asia’s fastest-growing with a 5.9% year-over-year growth rate. This diversity-rich growth offers abundant opportunities for financial institutions and companies to expand.”
In January of this year, Kiya.ai teamed up with Arab Financial Services (AFS) to elevate the technological landscape of the banking and financial services sector in the 20 countries of the Middle East and Africa.
Cleantech in Nigeria
Lending a helping hand beyond the continent, in April, Husk Power Systems (“Husk”) obtained $20 million in debt financing from the European Investment Bank (EIB) to scale its operations in Nigeria. This is the first time that a minigrid company has accessed corporate-level debt, and also the single largest debt financing for minigrids in Sub-Saharan Africa.
The investment will fund construction of community solar minigrids in Nigeria, installation of rooftop solar for commercial & industrial (C&I) customers, expansion of appliance sales to households and small businesses and the scaling of value-added services such as agro-processing and e-mobility.
Currently, Husk has more than 20 minigrids operational in Nigeria, and has set a target of having at least 500 minigrids in the country within the next 5 years. Nigeria is the world’s largest off-grid market, with about 90 million people still living without access to electricity and a massive dependence on expensive and polluting diesel generation.
The EIB financing is part of a $100 million Series D announced by Husk in October 2023.
Affordable, long-term and sufficient debt is critical for rapidly scaling decentralized, renewable and climate-resilient energy infrastructure in Nigeria and the rest of Sub-Saharan Africa. EIB has taken a leadership position in filling this need. We are grateful for EIB’s foresight and we look forward to working with them more closely to positively impact millions of people who are currently unserved and underserved
Manoj Sinha, Husk’s Co-Founder and CEO
Manoj Sinha, Husk’s Co-Founder and CEO, commented: “Affordable, long-term and sufficient debt is critical for rapidly scaling decentralized, renewable and climate-resilient energy infrastructure in Nigeria and the rest of Sub-Saharan Africa. EIB has taken a leadership position in filling this need. We are grateful for EIB’s foresight and we look forward to working with them more closely to positively impact millions of people who are currently unserved and underserved.”
Thousands of homes and businesses will benefit from more reliable access to solar power and battery storage that eliminates the need for more expensive diesel generators. This latest cooperation follows recent EIB backing for private-led clean energy generation in Chad, Uganda, Kenya and Mozambique
Ambroise Fayolle, Vice President, European Investment Bank
Referring to the financing, Ambroise Fayolle, Vice President, EIB said, “The European Investment Bank is committed to strengthening access to affordable and clean energy across Africa and pleased to provide USD 20 million for the development of new minigrids in 150 rural communities across Nigeria by partner Husk Power Systems. Thousands of homes and businesses will benefit from more reliable access to solar power and battery storage that eliminates the need for more expensive diesel generators. This latest cooperation follows recent EIB backing for private-led clean energy generation in Chad, Uganda, Kenya and Mozambique.”
Bringing in Memory Solutions
On the other hand, India’s technology ecosystem is a magnet for foreign investment due to its dynamic market, skilled workforce, and burgeoning startup scene. With a massive consumer base and a growing appetite for innovation, global investors see India as a lucrative destination for tech ventures, fostering a thriving ecosystem of collaboration and growth.
Read more: Expanding into foreign markets & bringing in foreign investors to Indian shores
This week, Lexar, a San Jose based memory solutions brand that’s part of the Chinese memory company Longsys, has tied up with Bangalore-based Kaizen Infoserve in the Indian market. The move comes as part of Lexar’s plan to strengthen its infrastructure in the Indian market.
Kaizen boasts a robust network of over 60 service centers across the country, including 10+ regional hubs, 40+ Kaizen Authorized Partners (KAP) locations, and 12 strategically placed warehouses, thereby ensuring timely product availability, better inventory management, and swift order fulfillment. Kaizen will provide Return Merchandise Authorization (RMA) services and will provide general consultation services by email, calls.
Partnering with Kaizen Infoserve marks a pivotal moment for Lexar’s strategic expansion in the Indian market
Fissal Oubida, General Manager, Lexar Co. Ltd
Fissal Oubida, General Manager, Lexar Co. Ltd, said, “Partnering with Kaizen Infoserve marks a pivotal moment for Lexar’s strategic expansion in the Indian market.”
Kaizen is a national Service provider for renowned brands like Cooler Master, Array Networks, Corsair, Zotac, Wipro and Micron Technology, among others.
