When most people picture “Indian crypto,” they imagine Bengaluru start-ups or Dubai-registered exchanges. Yet the largest moves into enterprise blockchain this year are coming from the country’s four IT-services behemoths — Tata Consultancy Services (TCS), Infosys, Tech Mahindra and Wipro — whose combined revenue already tops US $55 billion. Each firm now runs a dedicated digital-asset division, and the contracts they win — from tokenised-bond pilots in Singapore to CBDC sandboxes in Africa — signal that India’s export engine is pivoting from Web2 outsourcing to Web3 infrastructure.
Why the Tech Majors Care
NASSCOM’s 2024 strategic review shows 58 % of Indian IT-services revenue now comes from “digital and engineering” work, up from 34 % five years ago. Blockchain still accounts for <4 % of that pot, but deal value is growing nearly 40 % year-on-year — outpacing cloud or AI growth rates. 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 assets
TCS launched its "Quartz" blockchain framework in 2020, but two 2024 announcements made the product impossible to ignore:
TCS staff say Quartz revenue is "tiny but growing" — and strategically vital because every settlement node or custody vault feeds more consulting hours into the firm's legacy integration units.
2. Infosys Finacle: CBDC and deposit tokens
Infosys' banking suite, used by 1,000+ institutions 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 successful CBDC or deposit-token pilot widens the moat.
3. Tech Mahindra: DePIN and carbon markets
Tech Mahindra, known for telecom IT projects, leans on that DNA to chase infrastructure-token work:
Revenue is small, but such proofs unlock cross-selling into 5G private networks and ESG reporting — TechM's traditional sweet spots.
4. Wipro: wholesale-CBDC rails
Wipro's blockchain practice felt quiet after its 2019 Corda work, but resurfaced when:
A Wipro vice-president (speaking at Hyperledger Global Forum, April 2025) said 60 % of the project team sits in Bengaluru — proof that the firm's offshore talent still anchors headline Web3 contracts.
