EXHIBIT 10.23

EMPLOYMENT AGREEMENT

THIS AGREEMENT (Agreement)
is made as of February 2, 2010 by and between Syntel Limited (SYNTEL) and Prashant Ranade (EMPLOYEE). In consideration of the mutual promises and covenants herein contained, SYNTEL and EMPLOYEE agree as follows:

1. Duties. EMPLOYEE agrees to use EMPLOYEEs best efforts in the performance of employment duties assigned to EMPLOYEE from time
to time and to, at all times, act in good faith and in the best interests of SYNTEL. EMPLOYEE agrees to comply with all rules, regulations and procedures established by SYNTEL.

2. Confidential Information. Simultaneous with the execution of this Agreement EMPLOYEE will execute and deliver to SYNTEL the confidentiality letter agreement attached hereto as Exhibit A, which
confidentiality letter agreement is incorporated herein by reference.

3. Works of Authorship. Any work of authorship created by
EMPLOYEE and all improvements, discoveries, or inventions made or conceived by EMPLOYEE, either solely or jointly with others, during employment with SYNTEL in any way related to EMPLOYEEs employment with SYNTEL, the performance of services to
any SYNTEL customer, or created, in whole or in part, during working hours or with information or resources obtained from or through SYNTEL or any SYNTEL customer, shall be promptly reported to SYNTEL and shall be and remain the sole and exclusive
property of SYNTEL, without further consideration. Upon request by SYNTEL, all documents and papers shall be executed, and all reasonable assistance shall be furnished (1) to establish in SYNTEL title to such work of authorship, improvements,
discoveries, and inventions and (2) to enable SYNTEL to apply for United States and foreign patents thereon. EMPLOYEE agrees and warrants that any deliverable or service delivered to SYNTEL and SYNTELs use of such deliverable or service
will neither infringe any copyrights, nor knowingly infringe any other intellectual property rights of any entity.

4.
Compensation/Benefits. SYNTEL shall provide compensation/benefits to EMPLOYEE as set forth in separate letters sent from time to time by SYNTEL to EMPLOYEE.

5. Non-diversion of Employees. During the term of this Agreement and for a period of two (2) years subsequent to the termination of this Agreement, EMPLOYEE shall not, without the prior
written consent of SYNTEL, directly, indirectly, or through any other party solicit, offer to, or accept the employment of, or assist others to solicit, offer to, or accept the employment of, persons who are then, or were during the previous six
(6) months, employees of SYNTEL or any SYNTEL subsidiary.

6. Non-solicitation/Non-compete. During the term of this Agreement and
for a period of two (2) years subsequent to the termination of this Agreement, EMPLOYEE shall not, without the prior written consent of SYNTEL, directly, indirectly, or through any other party solicit business from or perform services for any
direct or indirect SYNTEL customer or any prospective SYNTEL customer whom EMPLOYEE had any contact with or exposure to at any time during the term of this Agreement.

7. Former Employer. In the event EMPLOYEE becomes a party to any proceeding brought by any former employer of EMPLOYEE at any time during or after EMPLOYEEs employment with SYNTEL, EMPLOYEE
recognizes and agrees that EMPLOYEE shall have full and sole responsibility for responding to such action and that SYNTEL has no responsibility to participate in EMPLOYEEs response nor in EMPLOYEEs cost of such response. EMPLOYEE agrees
that EMPLOYEE shall not, at any time, disclose to SYNTEL or its directors, officers, employees, or agents the trade secrets or any other confidential information of the EMPLOYEEs former employer.

8. Compliance with Laws/Hold Harmless. EMPLOYEE agrees to comply with all provisions of this Agreement and with all laws and to indemnify, defend and
hold harmless SYNTEL, its employees, agents, officers, and directors, from and against any and all claims, liabilities, damages, costs, and/or expenses of whatever kind or nature, including without limit court costs and attorney fees, arising out of
or related to the failure to so comply other than those claims, liabilities, damages, costs, and/or expenses arising solely from the gross negligence or willful misconduct of SYNTEL.

9. Remedies. Notwithstanding paragraph 10 below, EMPLOYEE agrees that EMPLOYEEs failure or neglect to perform, keep, or observe any term, provision, condition, covenant, warranty, or
representation contained in this Agreement, Exhibit AConfidential Information, or any other agreement between EMPLOYEE and SYNTEL will cause SYNTEL immediate and irreparable harm and that SYNTEL is, in addition to all other
remedies available to it, entitled to immediate injunctive and equitable relief from a court having jurisdiction, as set forth in Paragraph 12, to prevent any breach and to secure the enforcement of its rights hereunder.

10. Arbitration and Limitation of Action. In consideration of employment with SYNTEL, EMPLOYEE agrees that any lawsuit, dispute, controversy, or
claim arising out of or related to this Agreement which has not been mutually resolved by the parties (including but not limited to any dispute, controversy, or claim of any kind, including but not limited to disputes relating to any employment by
SYNTEL or the termination thereof, claims for breach of contract or breach of the covenant of good faith and fair dealing, infliction of emotional distress, defamation and any claims of discrimination, harassment, or breach of any other law or
regulation now in existence or hereinafter enacted and as amended from time to time concerning in any way the subject of the EMPLOYEEs employment with SYNTEL or its termination) shall be determined and settled according to the rules of
arbitration of the Indian Merchant Chambers Association and an award made such arbitration shall be binding on the Parties.



---

11. Reimbursement Obligation. In the event EMPLOYEE resigns employment with or is terminated for
Cause by SYNTEL within six (6) months of the later of relocating to or starting work at a new job site for which SYNTEL provided any relocation expense reimbursement to EMPLOYEE or paid any relocation expense on behalf of EMPLOYEE, EMPLOYEE
recognizes and agrees that EMPLOYEE shall pay to SYNTEL the full amount of any such relocation expense reimbursement and/or any relocation expense paid by SYNTEL on behalf of EMPLOYEE. In the event EMPLOYEE resigns employment with or is terminated
for Cause by SYNTEL after the six (6) month anniversary date but prior to the twelve (12) month anniversary date of the later of relocating to or starting work at a new job site for which SYNTEL provided any relocation expense
reimbursement to EMPLOYEE or paid any relocation expense on behalf of EMPLOYEE, EMPLOYEE recognizes and agrees that EMPLOYEE shall pay to SYNTEL fifty percent (50%) of the amount of any such relocation expense reimbursement and/or any
relocation expense paid by SYNTEL on behalf of EMPLOYEE. Cause includes, but is not limited to, breach of this Agreement, neglect of duties, failure to act in the best interests of SYNTEL, and violation of rules, regulations, and procedures
established by SYNTEL.

12. Miscellaneous. This Agreement contains the entire agreement of the parties and SYNTEL shall not be bound by
any other different, additional, or further agreements or understandings except as consented to in writing by the Chief Administrative Officer or an authorized representative of Human Resources of SYNTEL. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. No amendment hereof shall be effective unless contained in a written instrument signed by the parties hereto. No delay or omission by either party to exercise
any right or power under this Agreement shall impair such right or power or be construed to be a waiver thereof. A waiver by either party of any of the covenants to be performed by the other party or of any breach shall not be construed to be a
waiver of any succeeding breach or of any other covenant. If any portion of any provision of the Agreement is declared invalid, the offending portion of such provision shall be deemed severable from such provision and the remaining provisions of the
Agreement, which shall remain in full force and effect. EMPLOYEE shall not assign or transfer this Agreement without the prior written consent of SYNTEL. EMPLOYEEs employment with SYNTEL is at will and may be terminated by SYNTEL at any time
with or without cause, and with or without notice. All rights and remedies provided for in this Agreement shall be cumulative and in addition to and not in lieu of any other rights or remedies available to either party at law, in equity, or
otherwise. Paragraphs 2, 3, 5, 6, 7, 8, 9, 10, 11, and 12 of this Agreement shall survive termination of this Agreement and EMPLOYEEs employment with SYNTEL. This Agreement shall be construed under and in accordance with the laws of India and
adjudicated by a competent court in Mumbai, India.



|               |  |                          |  |  |  |       |  |                    
|-------------- |  | ------------------------ |  |  |  | ----- |  | -------------------
|SYNTEL LIMITED |  |                          |  | 
|               |  |                          |  | 
|BY:            |  | /s/ Daniel M. Moore      |  |  |  | BY:   |  | /s/ Prashant Ranade
|               |  | Chairperson of the Board |  |  |  |       |  | Prashant Ranade    
|               |  |                          |  | 
|Date:          |  | March 11,
2010           |  |  |  | Date: |  | March 15,
2010     



---

EXHIBIT A

CONFIDENTIAL INFORMATION

In connection with your providing certain
products and/or services to Syntel Limited (SYNTEL) and/or on behalf of SYNTEL, you will have access to information concerning SYNTEL and SYNTELs clients. As a condition to your being given access to such information, you agree to
treat any information concerning SYNTEL and/or SYNTELs clients (whether prepared by SYNTEL, its advisors or otherwise) which is furnished to you by or on behalf of SYNTEL and/or SYNTELs clients (herein collectively referred to as the
Confidential Information) in accordance with the provisions of this letter and to take or abstain from taking certain other actions herein set forth. The term Confidential Information does not include information which
(i) is already in your possession, or (ii) becomes generally available to the public other than as a result of a disclosure by you or your directors, officers, employees, agents or advisors, or (iii) becomes available to you on a
non-confidential basis from a source other than SYNTEL and/or SYNTELs clients.

You hereby agree that the Confidential Information will
be used solely for the purpose of providing certain products and/or services to and/or on behalf of SYNTEL, and that such information will be kept confidential by you and your advisors; provided, however, that (i) any of such information may be
disclosed to your directors, officers and employees and representatives of your advisors who need to know such information for the purpose of providing such services to and/or on behalf of SYNTEL (it being understood that such directors, officers,
employees and representatives shall be informed by you of the confidential nature of such information and shall be directed by you to treat such information confidentially), and (ii) any disclosure of such information may be made to which
SYNTEL consents in writing.

Notwithstanding the foregoing, if you or any of your representatives are required (by oral question or request
for information or documents in legal proceedings or similar process) to disclose any Confidential Information, you will promptly notify SYNTEL of such requirement so that SYNTEL may seek an appropriate protective order and/or waive your compliance
with the provisions of this Agreement. If, in the absence of a protective order or the receipt of a waiver hereunder, you or any of your representatives is nonetheless, in the reasonable written opinion of counsel, compelled to disclose Confidential
Information to any tribunal or else stand liable for contempt or suffer other censure or penalty, you or your representatives, after notice to SYNTEL, may disclose such Confidential Information to such tribunal. You or your representatives shall not
be liable for the disclosure of Confidential Information hereunder to such tribunal compelling such disclosure unless such disclosure to such tribunal was caused by or resulted from a previous disclosure by you or your representatives not permitted
by this Agreement.

You agree that the furnishing of Confidential Information neither grants nor implies any license under any trademark,
patent, copyright, methodology, intellectual property or process right, or any other property right nor does the furnishing of Confidential Information constitute an inducement of any kind, or any representation, warranty, assurance, or guarantee
with respect to the noninfringement of trademarks, patents, copyrights, methodologies, intellectual property rights or processes, or any other property rights of third persons or of SYNTEL. You agree to promptly redeliver to SYNTEL, upon request,
all Confidential Information on any tangible media and that you will not retain any copies, extracts or other reproductions in whole or in part of such material. You further agree that breach of this confidentiality letter agreement could cause
irreparable harm to SYNTEL and that SYNTEL shall be entitled to any and all injunctive relief, as well as monetary damages, including reasonable attorney fees, for such breach.

You agree that this confidentiality letter agreement contains the entire agreement between you and SYNTEL regarding Confidential Information and SYNTEL shall not be bound by any other different,
additional, or further agreements or understandings except as consented to in writing by SYNTEL. This confidentiality letter agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
No amendment hereof shall be effective unless contained in a written instrument signed by the parties hereto. No delay or omission by either party to exercise any right or power under this Agreement shall impair such right or power or be construed
to be a waiver thereof. A waiver by either party of any of the covenants to be performed by the other party or of any breach shall not be construed to be a waiver of any succeeding breach or of any other covenant. If any provision of this
confidentiality letter agreement is declared invalid, such provision shall be deemed severable from the remaining provisions of the confidentiality letter agreement, which shall remain in full force and effect. All rights and remedies provided for
in this confidentiality letter agreement shall be cumulative and in addition to and not in lieu of any other rights or remedies available to either party at law, in equity, or otherwise. This Agreement shall be construed under and in accordance with
the laws of India and adjudicated by a competent court in Mumbai, India.

SYNTEL LIMITED



|    |  |                          |  |  |  |     |  |                       
|--- |  | ------------------------ |  |  |  | --- |  | ----------------------
|    |  |                          |  | 
|BY: |  | /S/    DANIEL M. MOORE   |  |  |  | BY: |  | /S/    PRASHANT
RANADE
|    |  |                          |  |  |  |     |  | Prashant Ranade       
|    |  | Chairperson of the Board |  |  |  |     |  |                       



|      |  |                |  |  |  |       |  |               
|----- |  | -------------- |  |  |  | ----- |  | --------------
|      |  |                |  | 
|Date: |  | March 11, 2010 |  |  |  | Date: |  | March 15, 2010