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Blockchain Development Cos Sticks To India Expansion Plan, Says Industry Is Resilient

The company is expanding its presence in both Madurai and Hyderabad amidst growing clientele and new projects in the pipeline.

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Brugu Software Solutions, one of India’s fastest growing blockchain development and engineering companies, says it is launching a new recruitment drive in India and is looking at growing business opportunities. 

The company is expanding its presence in both Madurai and Hyderabad amidst growing clientele and new projects in the pipeline.

"Our India plans are on track. We recently increased our bench strength, recruiting about 60 new staff. We are looking at increasing the strength by another 40 to 50 engineers who are well versed in the areas of metaverse and blockchain," says V.S. Kiran Paturi, Co-founder and CEO, Brugu Software Solutions. 

Brugu offers end-to-end blockchain development solutions including blockchain technology consulting, development of dApps, smart contracts, blockchain wallets and decentralized exchanges, and tokenization. 

The company recently announced that it has hit a market capitalization of $28.5 million in the first quarter of 2022 and a threefold increase in the number of clientele during the past year thanks to massive adoption of DeFi in the gaming and financial sectors.  

"The demand is mainly being driven by metaverse, NFT and Web 3.0," says Kiran. 

“Being one of the key emerging technologies, there has been a jump in metaverse-related projects due to its large-scale adoption by the gaming industry,” says Kiran.  

The company recently completed a major project for the UK-based online lottery platform Lucky Block.  

"There is a huge supply-demand gap in the Indian market. In fact, it has become quite a challenge to recruit and retain quality skilled workforce," says Kiran, who is working on a unique strategy to upskill the workforce from India's tier II & tier III cities. Brugu is also enhancing its R&D centre in London.  

The news comes amidst reports of several crypto companies either exiting or planning to move out of India due to regulatory uncertainty and higher tax rates. 

"We firmly believe that the laws will become more certain in the coming months as the regulatory mechanisms are put in place and as the industry evolves," says Kiran. 

"The industry might be currently facing some uncertainty but will eventually stabilize. It is resilient. Things will fall in place. We are looking at growing our business by almost 150 per cent in the next three quarters,” he adds.  

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