Bain and Co. is looking to triple its India business over the next five years given its growing potential in a post-global world, a top executive at the American consultancy said.
India is best-placed in an increasingly fragmented world thanks to its demographic dividend, progress on energy security and geopolitical positioning, Bain’s new worldwide managing partner Christophe De Vusser said.
“The reason I’m here is because we’re not just bullish on India, we’re also bullish on our business in India,” De Vusser said in an interview during his first visit to the country after assuming the top office at Bain. The consultancy has “great ambition” in building its core consulting business and the global capability centre in India, and bringing in AI, he added.
Bain will focus on consulting for top local businesses and multinational firms looking to “rediscover” India, he said. To the local industry leaders, the consultant will offer advice on adjusting in a post-global world, energy transition and AI. On AI, Bain will work not just giving “high-level advice, but we’re also working with our clients to build client-ready solutions in their companies with AI.”
The company, part of the ‘Big Three’ of business consulting along with McKinsey and Boston Consulting Group, is developing in-house AI solutions that can become plug-and-play tools for its customers. To develop and deliver these tools, it will work with technology firms like Microsoft, AWS and OpenAI on the front end, and with information technology services firms on the back end for system integration.
With these tools, the consulting firm is developing solutions like helping the sales force of its clients prepare custom marketing material for their customers or helping healthcare firms cut their time-to-market by up to six months.
“AI is a once-in-a-generation technology wave that is still very early in its innings and sometimes people underestimate that. ChatGPT is not the end, it’s the start,” he said.
India’s advantages
Speaking about the benefits for companies doing business in India, he said that the country is not just placed well geo-politically, it also has better demographic dividends with a growing working population, unlike many other countries where the population is either declining, or the working population is sliding down.
India also is doing well on the “triple challenge” around energy – producing sufficient energy, ensuring its carbon footprint is shrinking and making it more affordable, according to De Vusser.
“Whatever you look at—post-global agenda, technology acceleration, demographic tailwinds—a lot of countries will be wanting to sit where India sits today,” he said. “I would say you’re the only scale country in the world that has all the benefits that India is sitting on.”
Bain is also bullish on multinational corporations looking to expand in India in a post-global scenario, where distributed supply chains to achieve the least cost of manufacturing may not be feasible in the face of increased tariffs and protectionism. The company is helping clients explore India both as a consumer market and a production hub as companies look to develop more robust supply chains.
Notably, De Vusser’s comments on bullishness on India and tripling Bain’s business here come just months after the consulting firm laid off 150-200 Indian employees in June, accounting for about a fifth of its local workforce, as per news reports.
De Vusser and Bain did not respond to Mint’s questions on the size of the firm’s workforce here or its hiring plans for the market. Regarding the layoffs, a spokesperson for the company said: “We continuously review our operations to ensure we are meeting the needs of our clients while balancing costs effectively and make adjustments accordingly. These decisions were made with great care, ensuring appropriate support during transitions. India is a key growth market for us, and we will continue investing in our team to drive our growth strategy forward.”
