PE-backed mid-market GCCs emerge as high-growth engines in India’s innovation landscape
Private equity (PE) giants such as KKR, Blackstone, and Warburg Pincus are increasingly driving their portfolio companies to establish Global Capability Centres (GCCs) in India. Over the past five years, investments by PE-backed firms in GCCs have quadrupled, creating a strong growth segment within India’s expanding GCC ecosystem.
Private equity (PE) giants such as KKR, Blackstone, and Warburg Pincus are increasingly driving their portfolio companies to establish Global Capability Centres (GCCs) in India. Over the past five years, investments by PE-backed firms in GCCs have quadrupled, creating a strong growth segment within India’s expanding GCC ecosystem.
Mid-Market GCCs Dominate New Setups
According to Zinnov, one in three mid-market GCCs set up in India in recent years is PE-backed. Data from ANSR shows that mid-market GCCs—companies with annual revenues of $100 million to $5 billion—account for 59% (around 118) of all GCCs incorporated in India over the last four years.
PE-backed facilities make up a 65% share of these mid-market centres, translating to around 77 GCCs.
“What sets PE-backed GCCs apart is the urgency and clarity of purpose. These centres are built from day one to deliver outcomes—whether accelerating product development, enhancing EBITDA, or driving platform transformation,” said Vikram Ahuja, Co-founder, ANSR.
PE-backed facilities make up a 65% share of these mid-market centres, translating to around 77 GCCs.
“What sets PE-backed GCCs apart is the urgency and clarity of purpose. These centres are built from day one to deliver outcomes—whether accelerating product development, enhancing EBITDA, or driving platform transformation,” said Vikram Ahuja, Co-founder, ANSR.
Industry Focus and Strategic Agility
PE-backed GCCs are concentrated in software-as-a-service (SaaS), cloud, IT security, and banking, financial services and insurance (BFSI). Healthcare and life sciences are also emerging growth areas.
Key differentiators of PE-backed GCCs:
Key differentiators of PE-backed GCCs:
- Direct reporting lines to global CXOs for faster decisions
- Outcome-driven operations instead of oversight-based models
- Lean structures with global decision-making integration
- Rapid scalability, often moving from 100 to 300+ employees within a few years
“These GCCs are not auxiliary operations. They are fast becoming value creation engines—delivering transformation mandates, product velocity, and measurable business outcomes,”
said Nitika Goel, Managing Partner, Zinnov.
said Nitika Goel, Managing Partner, Zinnov.
PE-backed GCC Growth Outlook
A June ANSR report projects that the PE-backed mid-market GCC segment will grow revenues at 15–20% annually between 2024 and 2026.
Bengaluru, Hyderabad, and Pune remain the digital talent hubs for such facilities. The model is scaling due to:
Bengaluru, Hyderabad, and Pune remain the digital talent hubs for such facilities. The model is scaling due to:
- The global talent shortage in home markets
- India’s cost advantage and rich tech talent pool
- Increasing digital transformation initiatives across PE portfolios
Recent PE-Backed GCC Investments in India
- Lumina CloudInfra – Backed by Blackstone
- CDK Global – Supported by Brookfield Business Partners
- Commvault – Owned by BlackRock
- ABC Fitness – Backed by Thoma Bravo
- BazaarVoice – Funded by Thomas H Lee Partners
- Vista Equity Partners portfolio – TRG Screen, StarRez, Sonatype, Assent
Other active PE investors in the GCC space include Apollo Capital, Ares, KKR, and BlackRock —with KKR and BlackRock operating their own GCCs in India.
India’s GCC Landscape: A Macro View
- 1,700+ GCCs in India (17% of global share)
- 1.9 million employees in the sector
- $64.6 billion in FY24 revenue contribution to parent firms
- Projected to reach $100 billion by 2030
GCCs in India have moved beyond cost centre roles to become hubs for AI-led innovation, platform transformation, and R&D.
“The real shift will come when India GCC leaders step into enterprise-level ownership. It’s no longer about site management—it’s about mandate delivery,” said Goel.
“The real shift will come when India GCC leaders step into enterprise-level ownership. It’s no longer about site management—it’s about mandate delivery,” said Goel.
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