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India likely to see at least 30 GCCs with billion-dollar revenue this year
The number of global capability centres (GCC) with revenue of more than $1 billion is expected to hit about 30 this year, up from 24 a year earlier, indicating the growing importance of such organisations in India's technology landscape.
Data from Pune-based consultancy Wizmatic shows that for the financial year ended March 31, 2024, there were about 24 GCCs with annual revenue of more than $1 billion. This included big banks such as JP Morgan, Wells Fargo, Citicorp, Barclays, HSBC Software, Standard Chartered, and Bank of America.
The number of GCCs with a billion dollars in annual revenue - mainly technology companies like IBM, Dell, Oracle, and Cisco - was just 12 in 2020 before steadily increasing over the past five years.
"Looking ahead to FY-2025, we anticipate an additional five to six GCCs will join the $-billion list. The shift toward higher-value innovative services, increased digital adoption, and strategic investments will define the next phase of growth for GCCs in India,' says Sandeep Panat, founding partner of Wizmatic Consulting.
Some other companies which are close to the elusive billion-dollar mark and may cross the line this year are Adobe, Salesforce, and US healthcare company Optum.
Wizmatic's data is based on filings made by the local units of these companies with the ministry of corporate affairs (MCA). The numbers for the financial year ended March 31, 2025 are yet to be published. The Pune-based company also includes Indian operations of major IT services companies such as Accenture and Capgemini as part of the list because it says the operational model and local legal structure are not very different from the GCC arms of other companies.
GCCs are the technology centres of foreign companies in India. They used to be called 'captive' centres but many in the industry now prefer the term GCC given their growing maturity and greater autonomy they enjoy from their headquarters. This is because such centres are seen as an extension of a company's headquarters and are not viewed as just a cost centre with focus on increasing headcount. While the bigger banks and technology companies have thousands of employees in these centres, new-age GCCs usually have smaller headcounts who work on high-end technology.
Lalit Ahuja, co-founder and chief executive officer of ANSR – which helps MNCs set up GCCs in India – told Business Standard earlier this month that many GCCs have now morphed into the main enterprises, become contextually empowered, driving business outcomes, and no longer viewed as cost centres unlike a decade ago.
'The thriving GCC industry is best reflected in its financial performance and serves as a key indicator of its success in India. The $-billion GCCs with significant operations in the country generate substantial export revenues that position them as integral players in the nation's economic landscape," says Panat.
GCCs with more than $ 1 billion revenue:
Year-2020: 12
Year-2021: 14
Year-2022: 17
Year-2023: 19
Year-2024: 24
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