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Depends on the project, but if you plan to have the project create the majority of revenues for your organization, you are best off investing in a good hands-on experienced in-house person (a team would be better) who can, at the very least, create products specifications. Based on many years deep in the weeds of development, people who expect to build a cheap prototype with an external firm to test the product usually get burned. The reason is because product specifications documents change, sometimes drastically, during BETA testing, initial rollout, and marketing responses from the first sets of customers. Some of these bugs/new features could require a total rewrite, meaning starting again and building another prototype and adding more sunk costs into a project that may not prove to be sustainable in the long run. Having an in-house teams enables you to add incremental updates on a regular basis, but relying on an external company to code your mission critical project could be a very costly and time-consuming mistake.
If your idea is not validated & you don't have funds, don't hire an inhouse team. Hire a freelancer/a development agency and get validation of your product.
When your idea is validated (usually paying users OR funding), get a tech cofounder and start building the inhouse tech team.
I have never worked with any IT development firm, so cant' recommend someone. I know people at Ignite Solutions in Pune, Boldkiln in NCR/Mumbai, HashTaag in Bengaluru and they all look good. Check them out if you wish.
All the best!