Canadian IT firm SOTI today said it plans to invest USD 12 million (around Rs 80 crore) in India and hire 300 people over a period of two years.
“We see India as our centre for Asia Pacific. SOTI is investing USD 12 million in India on setting up new facility spread over 50,000 square feet in Gurgaon and we will be hiring 300 people more in next 2 years over existing base of 110 employees,” SOTI Inc CEO Carl Rodrigues said here today.
“India has Android dominated mobility market. We specialise in providing solution for businesses on Android based devices. When we started in India, we focused on developing product but revenue in India in last fiscal grew by 50 per cent in line with our global performance. We now focus on opportunities in domestic market as well,” Rodrigues said.
SOTI said around 70 per cent of Fortune 500 companies are its client and demand from Indian businesses has also been growing.
“We expect revenues in India to grow at about same pace as our global business in the range of 50 per cent at least for next 2 years. In India the growth may be even higher,” Rodrigues said.
High Commissioner of Canada Nadir Patel said that bilateral trade between India and Canada has been growing despite economic challenges worldwide and bucking the global trend.
“If you look at Canadian investment in India, we have seen increase in the range of 300-400 per cent and SOTI is further adding to it. Canadian companies like SOTI are adding to ‘Make in India’ story,” Patel said.
Two-way trade in 2015 reached Canadian dollar 8.2 billion as compared to 6.4 billion CAD in 2014 and 5.7 billion CAD in 2013, representing an increase of 28 year on year.
Patel said that there are 40,000 IT companies in Canada and lot more need to be explored between the two countries.