HSBC Asset Management has launched the India Tech Ucits ETF, offering access to an index of technology-oriented Indian companies beyond purely IT companies.

The index, provided by S&P Dow Jones Indices, includes companies that derive at least 80% of their revenue from digital technology, communication and software-related businesses, as defined by FactSet’s Revere Business Industry Classification System data.

HSBC said the revenue-based approach was designed to offer investors access to a more diversified index than purely IT companies and one that captures technology-oriented companies from different sectors.

The index comprises virtual reality equipment, business intelligence software, automotive industry software, internet electronics retail, wireless infrastructure services, electronic payment processing, insurance software and data centre companies, among others.

The index seeks to measure the performance of companies operating in technology-related businesses from the Indian market. All companies have a market capitalisation of over $300m.

Listed on the London Stock Exchange, the HSBC S&P India Tech Ucits ETF is the first Ucits ETF to be launched to track the S&P India Tech Index.

Olga de Tapia, global head of ETF & indexing sales at HSBC Asset Management, said: “India is fast becoming a hotbed of new world technology sectors offering exciting investment opportunities, having transitioned from its previous model as a heavy exporter of SAAS to develop more innovative tech solutions.”