While Indians may not be interested in "software competition" deemed useless to them, the Topcoder is an entirely different beast. It is a competition as well.
Topcoder is use by recruiter of big tech such as Google, Facebook, to headhunt the world most talented software engineer. The finalist get to land into Google or facebook and many get a lead role immediately.
Unfortunately none or very few Indians got in through sheer brainpower such as top coder competition. Indians cannot code.
Indians normally get into big tech having a interviewing panel full of Indians.
Below is 2009 article.
China dominates NSA-backed coding contest | Computerworld
TopCoder Inc., which runs software competitions as part of its software development service, operates TopCoder Open, an annual contest.
But the fact remains:
Of 70 finalists, 20 were from China, 10 from Russia and two from the U.S.
China's showing in the finals was also helped by the sheer volume of its numbers, 894.
India followed at 705, but none of its programmers were finalists. Russia had 380 participants; the United States, 234; Poland, 214; Egypt, 145; and Ukraine, 128, among others.