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Economic Times
4 days ago
- Business
- Economic Times
Deloitte India, Embark forge strategic alliance to power next wave of global capability centres
Synopsis Deloitte India and Embark have formed a strategic alliance to provide comprehensive solutions for Global Capability Centres (GCCs) in India. This partnership aims to assist global enterprises in establishing and expanding their GCCs by offering services encompassing strategy, operations, infrastructure, and governance. In a move that underscores India's growing stature as the nerve centre of global enterprise transformation, Deloitte India and Embark — an integrated platform by Embassy Group — have entered into a strategic alliance to offer end-to-end solutions for Global Capability Centres (GCCs). The partnership aims to support global enterprises in building and scaling their GCCs in India through a comprehensive suite of services spanning strategy, operations, infrastructure, and over 1,800 GCCs currently operating in India — and projections ranging between 2,400 and 5,000 by 203, the alliance is looking to tap into growth. India's GCC sector has already seen economic contribution soar from $ 19 billion in 2015 to over $ 68 billion in 2024, reflecting a significant shift from cost arbitrage to strategic value creation. Today, one in three Fortune 500 companies has a GCC in India, and increasingly, mid-market firms are emerging as key players. In fact, 27% of the country's GCCs now belong to mid-sized enterprises, according to industry estimates. ' We are beginning to see significant shift in global enterprises' drivers for setting up a GCC. What started as pure capacity models for enterprise support functions are now moving towards becoming cognitive command centres housing emerging tech capabilities such as ArtificiaI Intelligence (AI), Engineering and Research & Development (ER&D) and other digital capabilities. Carrying an achievable vision of 5000 GCCs in the next five years, this sector is poised to generate US$150–US$200 billion in direct economic impact tapping talent beyond metros,' said Romal Shetty, Chief Executive Officer of Deloitte South Deloitte–Embark collaboration is designed to guide organisations across the entire GCC lifecycle — from vision and business case to legal entity setup, tax structuring, infrastructure, talent acquisition, and ongoing operations. Deloitte will bring deep transformation and advisory capabilities, while Embark, backed by Embassy Group's real estate and business ecosystem, will serve as the execution arm on the ground.' What we are seeing today is not just the growth of GCCs, but a fundamental shift in how global organisations view India as a strategic hub for innovation, beyond mere execution. Yet, many companies struggle to convert vision into reality due to a lack of a trusted advisor-led support system. This alliance with Embark is designed to solve that challenge. By bringing together complementary strengths under one roof, we enable enterprises to move from intent to impact faster, with greater confidence, proven ability and long-term scalability,' said Deepak Mowdhgalya, Partner, Deloitte India. As India cements its leadership in the global services value chain, the Deloitte–Embark alliance positions itself as a key enabler of the country's next growth frontier — turning GCCs into true engines of innovation, resilience, and enterprise agility.'Our combined strengths will enable global companies to seamlessly enter and scale in the Indian market, using world-class infrastructure,' said Aravind Maiya, Co-founder & CEO of Embark. Embark offers a one-stop platform for GCC setup, and is part of Embassy Group's broader ecosystem, which spans over 54 million sq. ft. of commercial real estate, 45 million sq. ft. of residential projects, and extensive capabilities across managed workspaces, hospitality, and education infrastructure. With Embark, Embassy aims to deliver a frictionless landing zone for global firms looking to tap into India's skilled talent and innovation ecosystem.
India Today
01-08-2025
- Business
- India Today
Karnataka Minister says IT raids were routine, denies link to smart meter contract
Karnataka Minister KJ George said the recent Income Tax raids at premises linked to him were 'a routine regulatory exercise' related to income tax filings and had nothing to do with any government project. advertisementThis comes after the Income Tax Department conducted surveys from July 28 to 30 at multiple locations connected to George and real estate tycoon Jitu Virwani of the Embassy Group, including Golflinks Software Park Private Limited in a statement issued on August 1, George said there was 'no connection whatsoever' between the IT department's visit and the Smart Meter Initiative or the Energy Department of the Karnataka government. In March this year, the BJP alleged a massive Rs 15,568 crore scam in Karnataka's smart meter procurement process, accusing the Siddaramaiah-led Congress government of favouritism and irregularities in the tendering process.'Our teams extended full cooperation to the authorities during this scheduled compliance review,' he added, dismissing what he called 'speculative or misleading claims.'Echoing this position, Golflinks Software Park, in an official note, clarified that the survey conducted under Section 133A of the Income Tax Act was routine and 'has no connection to public officials, state government departments, BESCOM contracts, or smart meter-related matters.'The company called itself an independently managed entity with a 'track record of financial integrity' and warned of legal action against anyone spreading 'incorrect or misleading information.'- Ends IN THIS STORY#Karnataka
Entrepreneur
15-07-2025
- Business
- Entrepreneur
WeWork Gets SEBI Nod, NSE Bags Top Rankings & PhonePe Hires Key Figure Ahead of IPO
WeWork India gets SEBI's nod for IPO with a major Offer for Sale lined up by its NSE ranks fourth globally in IPO fundraising, and PhonePe strengthens its leadership ahead of its public debut. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. One of India's leading premium flexible workspace operators, WeWork India Management Limited, and the largest operator by total revenue in the past three Fiscals, according to CBRE has been given the green signal by the markets regulator, Securities and Exchange Board of India (SEBI), to go public. The company's initial public offering (IPO) will consist of an Offer for Sale (OFS) component by promoters selling their equity shares of up to 43,753,952 equity shares, as per DOD. The offer for sale comprises up to 33,458,659 equity shares by Embassy Buildcon LLP, which is the "Promoter Selling Shareholder", and up to 10,295,293 equity shares by 1 Ariel Way Tenant Limited, which is the "Investor Selling Shareholder". JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited are the Book Running Lead Managers (BRLMs) to the issue. WeWork India is majority-owned by Embassy Group, one of India's leading real estate developers, which has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT - India's first (Real Estate Investment Trust) REIT and Asia's largest office REIT by leasable area, according to data from CBRE. As of June 30, 2024, Grade A properties accounted for approximately 93 per cent of its portfolio, according to CBRE. WeWork India's operations are located across Tier 1 cities in India - Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. The company also operates WeWork Global, a global flexible office space concept with approximately 600 wholly-owned and licensed locations in 35 countries. As of September 30, 2024, WeWork India's portfolio comprised 94,440 desks across 59 operational Centres with an aggregate leaseable area for operational centres of 6.48 million square feet. NSE Ranks Fourth Globally India's National Stock Exchange (NSE) secured the fourth spot globally in IPO fundraising during the first half of 2025, raising USD 5.51 billion, according to an S&P Global Market Intelligence report. The NSE trailed behind the Nasdaq Global Market, NYSE, and Nasdaq Global Select Market, contributing 8.9 per cent of total IPO proceeds worldwide during the period. In 2024, Indian exchanges wrapped up the year with a total of INR 1.71 lakh crore raised through 333 IPOs. This included standout listings such as Hyundai Motor India's USD 3.3 billion offering, one of the largest in the country's capital markets history. Although the year began on a slower note compared to the same period in 2024, Indian markets witnessed 119 IPOs between January and June 2025, collectively raising INR 51,150 crore. This was higher than the INR 37,682 crore raised from 157 IPOs during the first half of 2024, S&P data revealed. While domestic and global equity markets showed volatility at the start of 2025, S&P's report notes signs of a recovery underway. PhonePe Hires Key Figure PhonePe, the Walmart-backed digital payments major, has appointed Shivnath Thukral as its Vice President for Public Policy and Government Affairs. Thukral, who previously led public policy efforts at Meta India, joins PhonePe's leadership at a critical juncture as the company prepares for its much-anticipated initial public offering (IPO). In his new role, Thukral will spearhead PhonePe's external engagement strategy and work closely with regulators and policymakers. He will also contribute to enhancing the company's thought leadership within the broader fintech ecosystem. Thukral recently concluded a seven-and-a-half-year stint at Meta India, where he was responsible for public policy and strategic advocacy. PhonePe, which transitioned into a public company in April 2025, is actively building momentum for its IPO. The company has brought on board leading financial advisors, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, and is reportedly targeting a valuation of around USD 15 billion.
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Business Standard
15-07-2025
- Business
- Business Standard
Office space company WeWork India gets regulatory approval for IPO
WeWork India Management, a flexible office space provider majority-owned by Bengaluru-based Embassy Group, has received the market regulator's approval for an initial public offering (IPO). The company had submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) in February 2025. Sebi agreed to the IPO last week after putting it in abeyance in March. The IPO comprises an offer for sale (OFS) of equity shares of up to 43.7 million equity shares. The offer proceeds will not go to the company but to selling shareholders after deducting offer-related expenses and relevant taxes. The OFS comprises up to 33.4 million equity shares by Embassy Buildcon LLP (promoter selling shareholder) and up to 10.2 million equity shares by 1 Ariel Way Tenant Limited (investor selling shareholder). The company's net debt was Rs 529.43 crore as of September 2024. Revenue from operations in FY2024 stood at Rs 1,665.14 crore, compared to Rs 1,314.52 crore in FY23. The company incurred a loss of Rs 135.77 crore in FY24, compared to a loss of Rs 146.81 crore in FY23. WeWork India has workspaces in Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. As of June 30, 2024, grade A properties accounted for approximately 93 per cent of its portfolio. Its portfolio comprised 94,440 desks at 59 operational centres with an aggregate leasable area of 6.48 million square feet.
Reuters
15-07-2025
- Business
- Reuters
India markets regulator approves WeWork franchisee's IPO
July 15 (Reuters) - India's markets regulator has approved an initial public offering by WeWork India Management the domestic franchisee of the U.S. shared office space manager, according to a regulatory notice on Tuesday. WeWork India had filed draft papers for the IPO in early February. The offer consists of 33 million equity shares held by Indian real estate firm Embassy Group ( opens new tab and 10.3 million equity shares held by 1 Ariel Way Tenant. The company will not issue new shares. WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group. Karan Virwani is also the CEO of WeWork India. (This story has been corrected to remove the incorrect reference to the company not disclosing how much it intends to raise through the IPO)
