He believes that, with strong economic fundamentals, stable valuations, and well-managed volatility, both the US and India are poised for robust financial performance in 2025. “I think the relationships between India and the US will continue to be strong. Number one in the new administration. And in terms of the IPO backdrop you have strong economic outlook with a healthy pipeline of IPO activity that we see bubbling up mostly in technology and fintech.
A lot of quality that’s going to come into the market in 2025. So, we’re really excited. And as long as valuations stay strong as long as volatility is well managed as long as the financial system is healthy and the economic backdrop is strong, I think we’re in for a really strong year in 2025. And that is for both India and the US,” Cohen said.
Nasdaq’s connection to India runs deep, with operations in four major cities—Mumbai, Pune, Chennai, and Bangalore—and a workforce exceeding 2,000 employees. Cohen lauded the contributions of the Indian team, noting their pivotal role in developing next-generation products, including advancements in AI and other innovative technologies. “A lot of the innovation we’re embedding into our products is coming out of India,” he said, emphasising the company’s satisfaction with its Indian operations.
As Nasdaq continues its growth trajectory, Cohen confirmed plans for further expansion in India. He praised the talent and capabilities of the Indian workforce and reiterated the company’s commitment to making India an integral part of its global operations. “We’re really excited about the workforce we have and the growth opportunities ahead. India will play a big role in our future expansion,” Cohen said.
Below are the excerpts of the interview.
Q: Let’s talk about the technology solutions that you provide, because I would imagine that in an AI world, there’s a lot happening on that front, what’s exciting?
Cohen: We’ve been investing in AI, and more broadly, in the capabilities that allow for AI, for the better part of a decade. So, we’ve invested in data management, and we’ve embraced the cloud, information security and we put really good governance in place which is going to allow us to unleash the power of AI responsibly and safely. And the way we think about it is we have AI in the product and we have AI on the business. And so, in the product we think about the customer experience and how we elevate that customer experience, allow you to manage risk, meet regulatory reforms. And then on the business it is all about productivity gains as well as the customers.
Q: What does that mean in terms of the kinds of investments that you’re making on technology?
Cohen: We think just more broadly AI will transform the way we write test and deploy code, the way that we service our customers, how we personalise those services. So, we’ll work on how we personalise that and then tailor the products and solutions that we have. And so, the individual investments we’re making number one we’re investing in our employees because when you invest in AI you’re bringing your entire population of employees with you. So, we’re upskilling them, making sure they’re comfortable with the technology. So, then we can make sure that we put into the product in a way that our customers can embrace it and we can explain and articulate clearly and effectively the value proposition of doing so.
Q: Let’s talk about the outlook as far as the markets are concerned. I mean 2024 great year for public markets the world over, the US and of course India as well. In a Trump era with a new regime taking shape. What’s the expectation?
Cohen: I think the relationships between India and the US will continue to be strong. Number one in the new administration. And in terms of the IPO backdrop you have strong economic outlook with a healthy pipeline of IPO activity that we see bubbling up mostly in technology and fintech. A lot of quality that’s going to come into the market in 2025. So, we’re really excited. And as long as valuations stay strong as long as volatility is well managed as long as the financial system is healthy and the economic backdrop is strong, I think we’re in for a really strong year in 2025. And that is for both India and the US.
Q: It was a record-breaking year for India as far as the IPO market was concerned and a relatively quieter year for the Nasdaq and for the US markets from an IPO perspective. Do you see that changing in 2025?
Cohen: I think the IPO pipeline looks strong. We’re really encouraged by the kinds of companies that are coming out. But most importantly we’re encouraged by the economic backdrop. As I said if the economic backdrop is healthy we’ll be able to welcome a number of companies into the into the public markets which will be exciting. And I will note that we had a win rate of 76% last year. So, the franchise is really strong. We’re really proud of what we have built. It’s a great world class public franchise. And we’ll see what 2025 has in store for us.
Q: Let’s talk about the India connection and as a very deep and strong one for the Nasdaq. You’re now operating out of four different locations in India with a significant workforce as well.
Cohen: We are and we’re really proud of it. So, we’ve been in India for over a decade and four locations Mumbai, Pune, Chennai, and Bangalore. We have over 2,000 employees. And what those employees are working on very importantly, is our next generation product. They’re working on AI, they’re working on all the innovative capabilities that we want to input into our products. A lot of that’s coming out from India. So, we couldn’t be more happy with our presence in India. And also, we’re trying to grow our business in India as well. And so, we’re excited about that.
Q: And it is a fast-growing business, isn’t it?
Cohen: It is. We’re really excited about what we’re seeing in India more generally speaking. And as you alluded to, healthy economy, healthy capital markets, the banking system is maturing, regulations are coming about to raise the standards there. And we feel like we have technology to help raise the standards on the regulatory side. And we have technology that helps the banks automate and help their growth trajectory and make sure they don’t introduce too much complexity as they grow and expand into new asset classes.
Q: So, headcount expansion likely for India?
Cohen: I think that’s going to continue. We’re really excited about the workforce that we have, the presence that we have. And as we grow, we’re a fast-growing company. We’re going to make sure that India is a big part of that growth.
Watch accompanying video for entire conversation.
