This June, as Pride Month infuses cities around the world with vibrant celebration and visible advocacy, a quieter yet equally powerful transformation is unfolding in India. Beyond the parades and public displays, there’s a shift happening within the boardrooms and hallways of India’s Global Capability Centres (GCCs).

Traditionally seen merely as hubs of technology, data, and operational efficiency for multinational corporations, these centres are now taking on a deeper, more profound role as active pioneers of social and cultural change. Led by organisations like EY India, whose recent Pride Month initiative (aptly titled “Strengthening Every Step”) highlights intentional and authentic inclusion, GCCs are demonstrating that genuine LGBTQIA+ representation requires sustained, systemic commitment beyond symbolic gestures.

This moment marks a quiet evolution — where India’s GCCs are not merely observers but active drivers embedding true diversity, equity, and inclusion into the very fabric of corporate culture.

From Codes to Culture

Just a decade ago, India’s GCCs operated largely under the radar, seen as cost-efficient back offices supporting global operations. These centres were primarily evaluated on productivity and scalability, not cultural leadership. Organisational identity was often an extension of headquarters, and efforts around diversity and inclusion were minimal, with most programmes confined to gender diversity or periodic sensitivity training. Conversations around LGBTQIA+ inclusion, in particular, were nearly nonexistent, mirroring broader societal discomfort and the legal ambiguity that prevailed in India at the time.

That began to shift significantly after the 2018 landmark Supreme Court judgment decriminalising Section 377. This legal recognition acted as a catalyst, opening the door for global companies to align their Indian operations with inclusive international values. GCCs — which had already grown in size, capability, and strategic importance — suddenly found themselves under a different kind of spotlight: one that demanded cultural congruence, not just cost competence.

Time for Action

Driven by a mix of global DEI frameworks, leadership accountability, and a rising wave of employee expectations, inclusion has moved from the periphery to the centre of GCC strategies. And with that, Pride Month in India has taken on a very different tone—not just as a symbol, but as a reflection of year-round commitment and structural reform.

Take GSK India, for instance, where their “Spectrum” Employee Resource Group has matured from annual Pride celebrations into a year‑round movement. According to their 2024 ESG report, inclusion forms one of six core pillars, assessed through employee surveys (81 % favourable score) and governed by country‑based pay‑fairness reviews. Also in 2024, GSK hosted a full-scale Pride march at their Bangalore GCC, accompanied by events like “Breaking the Bias” and “Rainbow Reflections”, and even a recruitment drive aimed at LGBTQIA+ professionals.

And then there’s EY India, whose inclusive ethos—declared in both global DEI statements and local “Belonging Barometer” research—culminates in their “Strengthening Every Step” campaign. This isn’t just gingerbread flair for June; it’s part of a strategic continuity plan backed by leadership commitments and senior role models. In FY24, multiple EY professionals were included in the OUTstanding LGBTQ+ Role Model lists. Workplace inclusion here is a core performance lever, not an annual afterthought.

Even with such progress, the road to equity is far from over. Publicly available data points to the fact that India continues to face stubborn gaps in representation — women hold only around 23% of permanent roles, with tech and consumer services leading at ~34%. When it comes to LGBTQIA+ inclusion, the data is even more sparse, often invisible within corporate reporting. But that lack of data doesn’t imply lack of presence — it reflects the ongoing need for courageous visibility and institutional support.

Change is Afoot 

And yet, not all is lost. Change is not only possible—it’s already unfolding. What we’re seeing in India’s GCCs is not just a culture shift—it’s a blueprint. A model for how operational centres can become transformation engines. By embedding LGBTQIA+ inclusion into business strategies, leadership scorecards, and daily behaviours, these organisations are proving that equity doesn’t slow down performance; it powers it.

As the Pride flags come down at the end of June, what will matter most is what stays up — policies, protections, pipelines, and pride that lives beyond a month. Because the measure of inclusion is not visibility in moments of celebration, but continuity in moments of silence.

GCCs have the reach, the resources, and increasingly, the resolve to lead this charge—not just within their organisations, but across India’s corporate landscape. In doing so, they’re not only strengthening every step—they’re setting the pace.

The most interesting transformation in India’s Global Capability Center (GCC) landscape today isn’t being driven by the usual Fortune 500 suspects. It’s mid-market firms – agile, ambitious, and increasingly global in mindset – that are steering the next wave.

What’s equally, if not more striking is this: nearly 45% of the country’s 1,760 GCCs are now run by mid-market firms – companies with revenues between US$100 million and US$5 billion, according to a report by ANSR.

According to data from Everest Group, these centers collectively employ 220,000 professionals, and over 120 new ones are expected to spring up by next year.

This isn’t just another footnote in India’s GCC story. It’s a shift in power.

For decades, India’s GCC landscape has been led by multinationals, global banks, tech companies, and consumer brands. They first used India as a base for back-office work, and later for digital transformation and R&D. But what we’re witnessing now is a recalibration. Mid-tier companies are no longer just “scaling” their India operations, they’re designing their entire competitive strategies around it. 

The Shape of the Mid-Market Surge

Zinnov estimates that 35% of all new GCC activity in India in the last five years is from the mid-market GCC players. The revenue figures echo this momentum. As per Everest Group, these centers are expected to grow from US$6.5 billion in 2024 to between US$7.5 and US$7.8 billion by 2026, reflecting a strong 15–20% growth trajectory in just two years.

Unlike their larger peers, mid-market GCCs aren’t weighed down by scale. Many operate like internal start-ups, agile, focused, and deeply embedded in their parent firms’ product and innovation engines. Zinnov notes that they’re 1.3x more likely to function as digital innovation hubs and are responsible for driving over 60% of enterprise product and platform portfolios.

According to a recent PwC report, there has been a surge in Neo Banks and Mid-sized Banks, also increasingly opening GCCs in India, with the neo-banking market projected to reach a value of US$395 billion by 2026, a value of US$395 billion by 2026, a huge jump from US$19 billion in 2018.

The India Advantage – Still a Winning Formula

So, what’s fuelling this growth? According to a report by Inductus GCC, India’s enduring advantages continue to be a major draw, an expansive tech talent pool of 5 million professionals, over 1 million engineering graduates every year, and operating costs that are 25%–30% lower in Tier I and Tier II cities. But mid-market firms are also tapping into newer advantages: a maturing start-up ecosystem, academia partnerships, and state-level incentives like Karnataka’s tax breaks and expedited regulatory approvals.

Models like COPO – Company Owned, Partner Operated – are also helping these firms scale efficiently. As noted by Inductus GCC, this model lets mid-sized firms operate lean while staying in control of operations and IP, avoiding the heavier capex associated with wholly owned subsidiaries.

Innovation at the Core

Mid-market GCCs aren’t just competing on cost, they’re setting the pace on innovation. According to Zinnov, many of these centers are accelerating internal leadership development pipelines up to 20% faster than their larger peers, while doubling down on high-impact domains like AI/ML, cloud computing, cybersecurity, and health analytics.

An SEO analyst at Inductus recently highlighted several mid-market GCCs driving innovation in India. FactSet Research Systems, for instance, runs a Hyderabad-based GCC that plays a pivotal role in financial analytics and technology innovation. In Bangalore, IQVIA is leading the charge in AI-driven health insights that inform critical global decisions. Fintech firm Broadridge operates out of both Bangalore and Hyderabad, driving digital transformation across capital markets. And in Pune, Envista Holdings manages engineering operations for dental and life sciences, underscoring both the sectoral diversity and strategic depth of mid-market GCCs in India.

The Giants Are Watching

It’s not that the large players are slowing down, 70% of Fortune 500 companies are expected to expand their GCCs in India by 2030, according to a report by Nasscom and Zinnov titled ‘India GCC Landscape Report: The 5-year Journey’. But what’s changing is the degree to which mid-market companies are able to compete for the same talent, build similar capabilities, and even outpace the bigger firms in specific niche areas.

As Sindhu Gangadharan, Chairperson of NASSCOM, puts it, “GCCs have rapidly evolved from being operational hubs to becoming true engines of innovation and strategic growth.” That evolution is no longer limited to the usual suspects. It now includes hundreds of ambitious, mid-sized global companies that see India not just as a support function, but as central to their future.

Challenges Remain, But So Does the Momentum

Of course, it’s not without hurdles. Mid-market GCCs face stiff competition from deep-pocketed MNCs for talent and real estate. Global macroeconomic uncertainties–tariffs, geopolitical tensions, regulatory shifts–can disproportionately impact firms with thinner buffers.

But what they lack in scale, they make up for in speed. Their ability to experiment, pivot, and build fast has kept them resilient. And increasingly, they’re building Centres of Excellence (CoEs) in fields where rapid innovation cycles are critical, think fintech, digital health, and supply chain analytics.

Looking Ahead

According to the Nasscom and Zinnov report, by 2030, India’s total GCC count is expected to reach 2,100–2,200, with combined revenues of US$99–US$105 billion and a workforce of up to 2.8 million. Of this, a significant share will come from the mid-market. These firms are no longer in the shadows of the multinationals, they’re standing shoulder to shoulder, competing not just on cost, but on capability and vision.

In many ways, India has become the ultimate test market for global ambition. And mid-market GCCs, once the underdogs, are now emerging as its most dynamic contenders.

Game on.