India’s IT industry:

So far, Mind Tree has won assignments from Lucent Technologies, Avis and BP Amoco. Though the company is cagey about the project's details, it is designing a Web-based reservations system for Avis, a unit of Cendant. It is also advising Harvard University on ways to promote sports events on the Internet.In addition to e-commerce projects, Mind Tree advises equipment makers like Cisco Systems, Alcatel and Fujitsu on network management issues.


To be close to its mostly American clientele, it has built a development center in Somerville, N.J., and a branch office in Santa Clara, Calif."We're not building a small company," said Mr. Bagchi, 44, who plans to move to New Jersey to run those operations. "We've built large successful companies for other people. We're comfortable with growth."


So far, Mind Tree has hired 437 employees. It plans to add 1,000 more in the next year. The company has a five-year revenue target of $231 million. Yet Mr. Soota said he would not pursue a stock offering for three years. He also wants to have 100 clients before going public.In part, he is only being realistic. The appetite for information technology start-ups is as sour here as in Silicon Valley.

But, his philosophical side showing, Mr. Soota sees a lesson in starting his company in such an unforgiving climate."It's a good reminder for India's I.T. industry not to take what we have for granted, or become too greedy," he said.