Ahmedabad: Tech giants Infosys and Wipro are set to launch their techfin hubs at Gujarat International Finance Tec-City (GIFT City), having secured commercial space within the GIFT Special Economic Zone (SEZ). Reliable sources reveal that Infosys has recently applied to establish a techfin center at the GIFT International Financial Services Centre (IFSC), with approval expected soon.

Discussions between Infosys and GIFT City authorities have been ongoing since the Vibrant Gujarat Summit in January this year. “Infosys will establish a techfin center to provide technological solutions for financial services. The company has applied to set up this center in GIFT City and is expected to receive approval shortly. This move will attract more IT companies to GIFT City, which currently has over 675 registered firms at the IFSC,” a source from GIFT City commented.

Both Infosys and Wipro have leased space in Pragya II Tower of the Savvy Group at GIFT SEZ. Jaxay Shah, CMD of Savvy Group, stated, “With Infosys and Wipro joining, GIFT City now hosts most major Indian and global tech companies. These latest additions will be the first major firms to establish techfin centers here, following the arrival of GCCs and GICs, which significantly boosted employment.”

The establishment of these techfin centers is projected to generate around 50,000 jobs at GIFT City over the next five years. The Infosys center, covering 105,000 sq. ft., will initially employ about 500 people, while Wipro has secured a 25,000 sq. ft. space, planning to start with 150 employees. Sources further mentioned that with IFSCA regulations in place, many companies are exploring the possibility of setting up operations at GIFT City. “IFSC has seen growing interest from international banks, insurance companies, fintech firms, and leasing companies. Infosys and Wipro will help build a robust ecosystem for smaller techfin firms,” a source at GIFT City added.