By Amelia Isaacs on Friday 22 April 2022
300 jobs in 12 months…and hundreds more still to come on the road to launching an app in India.
As part of Prime Minister Boris Johnson’s two-day visit to India, UK and Indian businesses are confirming more than £1bn in new investments and export deals and more than 11,000 new jobs, with Revolut one of many businesses sharing new developments.
Having already created more than 300 Indian jobs in less than 12 months, Revolut plans to continue creating hundreds more jobs in the coming years.
Though the company hasn’t announced how much it plans to invest at this time, this looks to be the next step on the road to fully launching in India.
Last year, when new India CEO Paroma Chatterjee was appointed, CEO and founder Nikolay Storonsky shared that the company sees India as a “core market” for the fintech moving forward.
The country will serve as an operations hub for Revolut’s global business, continuing its expansion after acquiring Arvog Forex a few months ago as part of its multi-million dollar investment into India.
Arvog, which has around 15,000 customers, provides services including currency exchange, cross-border remittances and multi-currency cards.
Under Chatterjee, the company plans to launch bespoke financial products in India, many of which would be new to the country.
The latest push to expand comes as Johnson shares a number of commercial agreements that will “hail in a new era” in the UK and India’s trade, investment and technology partnership.
“I see vast possibilities for what our two great nations can achieve together. From next-generation 5G telecoms and AI to new partnerships in health research and renewable energy – the UK and India are leading the world,” Prime Minister Boris Johnson said.
“Our powerhouse partnership is delivering jobs, growth and opportunities for our people, and it will only go from strength to strength in the coming years.”