India’s IT Giants Shift Focus from Web2 to Web3 Blockchain Infrastructure

India's leading IT services firms—TCS, Infosys, Tech Mahindra, and Wipro—are making strategic moves into blockchain technology, marking a significant pivot from traditional Web2 outsourcing to Web3 infrastructure development. With combined revenues exceeding $55 billion, these companies have established dedicated digital-asset divisions and secured high-profile contracts, including tokenized-bond pilots in Singapore and central bank digital currency (CBDC) sandboxes in Africa.

The shift reflects broader industry trends. NASSCOM's 2024 strategic review reveals that 58% of Indian IT-services revenue now comes from digital and engineering work, up from 34% five years ago. India boasts 75,000 blockchain engineers, second only to the United States, according to NASSCOM's Web3 Landscape 2023 report.

TCS has emerged as a frontrunner with its Quartz blockchain framework. The platform gained attention in 2024 through two major announcements, including a tokenized settlement pilot with the London Stock Exchange Group (LSEG). This MOVE signals how traditional financial infrastructure providers are embracing blockchain solutions for asset tokenization and settlement.