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Waters Corporation, a US-based provider of analytical instruments and software, has invested $16 million in a new global capability centre (GCC) in Bengaluru to foster technological development and advancement.
The New York Stock Exchange-listed company has about 450 employees in India and plans to hire another 300 for its new GCC in Bengaluru. The roles will primarily focus on software engineering, technology and product development, data analytics, and information technology. Globally, it has a headcount of over 8,000 employees across 35 countries. Its revenues stood at $2.97 billion as of 2022.
Despite a soft global economy, Waters said India has been its strongest and fastest growing market, growing at a compound annual growth rate of 20 per cent in the last five years. During the third quarter, India accounted for about 20 per cent of the total Asia-Pacific revenues. All its three major segments – pharmaceutical, industrial, and academic & government, grew in double digits, the company said.
“India continues to be one of our fastest growing markets and a key location for the talent that we need to drive global customer success and innovation forward,” said Udit Batra, President and Chief Executive Officer of Waters Corp. “The Waters India GCC is an integrated extension of our global team, serving as a centre of excellence across areas such as software engineering, technology, and product development.”
“We chose Bengaluru because of the availability and depth of talent, the friendly business environment, and its close proximity to our customers,” said T Anilkumar, General Manager of Waters India. “Our GCC in Bengaluru will allow us to access and develop exceptional talent within Waters to accelerate our technological capabilities, operational excellence and productivity in support of our customers in India and around the world.”
Nilesh Karani, who has been appointed Managing Director for Waters GCC in India, said that the centre has several employees with skills in emerging technologies like artificial intelligence and machine learning, and the company uses these technologies to derive greater business value.
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India has emerged as a hotspot for GCCs in the last few years. According to the latest Nasscom-Zinnov report, India currently hosts about 1,580 GCCs employing 1.66 million people. This is expected to witness substantial growth in the next two years, with India poised to have over 1,900 GCCs by 2025 employing over 2 million people.
Waters was one of the first analytical instruments companies to start operations in India and has since grown to nine sites serving customers across more than 2,300 laboratories in India.
