Services offshoring to India has grown dramatically in the last 10 years. It is linked to the earlier expansion of Indian software services exports, but has its own dynamic and workforce. Although domestic firms were early entrants, MNCs are central actors. Already, some work done in India resembles that done in developed countries. To explain the dynamism and complexity of offshoring, a taxonomy of market participants is presented. Offshoring by small entrepreneurial US firms is highlighted as an emerging phenomenon. The conclusion argues that market entry by other developing countries is possible.