🗺 Bessemer: India's $264B IT Services Industry Is Losing the AI Race — to OpenAI and Anthropic Themselves
Bessemer's follow-up to its October 2025 roadmap finds India's IT services disruption moving faster than expected: the NIFTY IT index has fallen 39% from its December 2024 peak as AI reshapes the $264B sector.
• Top-five incumbents posted average constant-currency revenue growth of just 1.2% in FY26, with revenue per employee flat for a decade.
• Instead of ceding ground to IT giants, Anthropic and OpenAI launched their own enterprise deployment arms — Anthropic's backed by Blackstone, Hellman & Friedman and Goldman Sachs; OpenAI's by $4B from 19 investors led by TPG.
• Bessemer's take: margins track the complexity of the work, not the delivery model — Palantir's services-heavy approach still nets 80%+ gross margins, and vertical AI-native challengers built in India, selling globally, are best positioned to capture the opening.
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