Mid-Market Firms Expected to Drive Next Wave of India GCC Growth, Says Embark CEO

Embark, the Embassy Group-backed platform that assists companies in establishing and operating global capability centres (GCCs) in India, expects the mid-market segment to spearhead the upcoming wave of GCC growth. Rather than traditional back-office setups, organizations are increasingly establishing smaller, specialised centres.

Aravind Maiya, co-founder and CEO of Embark, noted that the current emphasis on artificial intelligence has driven greater acceptance of smaller centres functioning as true capability hubs. According to Maiya, the growth opportunity encompasses global mid-market companies—defined as those with revenues between $500 million and $5 billion—as well as larger enterprises setting up niche centres in India.

Market penetration data highlights the scale of potential growth. Only 35 percent of Fortune 500 companies currently have a presence in India. Within the Global 2000, that figure drops to roughly 20 to 23 percent, leaving approximately 77 percent of these global firms yet to establish operations in the country.

Operating for roughly 16 to 17 months, Embark has expanded to just under 100 employees and currently manages close to 11 customers, with several additional discussions ongoing in its pipeline. The platform offers end-to-end services across the GCC lifecycle, spanning consulting, design, build, operate, and transform capabilities, along with workspace solutions, talent acquisition, finance, tax, legal compliance, and IT infrastructure.

At present, Embark reports the strongest demand originating from the technology and banking, financial services, and insurance (BFSI) sectors. Together, these two segments account for slightly over half of the 2,150 companies currently operating GCCs in India. Meanwhile, sectors such as pharma, healthcare, life sciences, insurance, energy, and utilities are projected to experience faster growth from their smaller initial bases.

Regarding geographic distribution, Embark anticipates that GCC demand will remain heavily concentrated in India's tier-one cities over the next five years. Maiya estimates that 90 to 95 percent of demand will continue to originate from tier-one locations, with companies exploring tier-two cities only after establishing primary operations and seeking niche capabilities.

While acknowledging the available talent in tier-two locations like Coimbatore, Indore, and Ahmedabad, Maiya emphasized that firms typically venture into these regions for secondary or tertiary centres once they are established in tier-one markets. He noted that as service providers expand in tier-two cities, the local talent pool, infrastructure, and social ecosystem will develop, eventually encouraging companies to take the risk of setting up initial centres outside tier-one hubs.

Additionally, Maiya stressed the importance of organizational integration for GCCs operating in India. Ensuring that local teams are integrated into the global structure with clear reporting lines and career progression pathways into leadership or global roles remains critical to avoiding operational challenges.

"The shift toward mid-market firms and specialised capability hubs marks a mature evolution in India's GCC landscape. With a large majority of global enterprises still unrepresented in the country, the market holds steady long-term potential. However, sustainable success for operators like Embark will depend on helping international firms deeply integrate their Indian teams into global reporting structures rather than treating them merely as remote back-offices." — Dr. Shishir Gupta, Founder & CEO, StartupLanes