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GCCs may receive sops to set up units in tier-2 and 3 towns

Economic Times

Economic Times · 7m ago

GCCs may receive sops to set up units in tier-2 and 3 towns

The Indian government is developing a new policy to provide incentives for establishing global capability centers (GCCs) in tier-2 and tier-3 towns and cities. The policy, being prepared by the ministry of electronics and information technology, aims to offer additional incentives in addition to those provided by state governments. The proposed policy will cover regulations such as transfer pricing and tax breaks for GCCs. It also intends to encourage the setup of large GCCs in dedicated office zones and smaller GCCs in specific sectors such as healthcare and finance. The GCC market size in India is projected to reach $100 billion by 2030.

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Sops, tier-2 cities top focus in tech’s Karnataka GCC Policy wishlist

Economic Times

Economic Times · 1y ago

Sops, tier-2 cities top focus in tech’s Karnataka GCC Policy wishlist

Karnataka is developing a policy to boost Global Capability Centers (GCC) and attract more Fortune 500 companies to set up their technology centers in the state. Industry leaders have suggested that the policy should include investment in infrastructure growth in tier 2 cities, provide local incentives based on employment creation, and establish single window approval cells. Karnataka plans to collaborate with Nasscom and consult with the industry before finalizing the policy. Currently, Bengaluru is home to over 25% of GCCs in India and accounts for the majority of GCC talent.

Small cities, towns to drive next round of GCC expansion

Economic Times

Economic Times · 6m ago

Small cities, towns to drive next round of GCC expansion

The expansion of Global Capability Centers (GCCs) in non-metro locations is set to be a significant trend in India in the coming years. Tier-2 and tier-3 cities are expected to experience a growth rate of 15-20% by 2025. This growth can be attributed to factors such as a growing tech talent pool, favorable government policies, operational efficiencies, and lower costs of living. Ahmedabad, Kochi, Coimbatore, and Chandigarh are among the cities expected to benefit from this expansion. These locations offer a lower cost of living, enhanced quality of life, and a less competitive talent market. Non-metro cities already house over a million tech professionals, particularly in fields like AI, cybersecurity, and big data. The GCC industry in India currently employs over 1.9 million people and is expected to hire over 2.2 million by 2026. In order to promote the setting up of GCCs in smaller cities and towns, the Indian government is working on a policy to provide incentives. Challenges that need to be addressed in non-metro locations include infrastructure and connectivity limitations. However, as the infrastructure improves, these cities have the potential to become strategic GCC hubs.

Where are mutual fund investments coming from?

Money Control

Money Control · 1y ago

Where are mutual fund investments coming from?

Mutual fund investments from tier II towns are experiencing significant growth, with assets under management (AUM) in the mutual fund industry having a compounded annual growth rate of 24.5% over the past five years. While the top five cities still account for the majority of AUM, the growth is being led by tier-2 towns. In May 2024, 18% of the industry's assets came from beyond the top 30 cities, compared to 16% in March 2020. The share of tier-2 cities in AUM has also increased from 21.5% to 26.3%.

Ummeed Housing Finance closes $70 million round led by A91 Partners at $300 million valuation

Money Control

Money Control · 1y ago

Ummeed Housing Finance closes $70 million round led by A91 Partners at $300 million valuation

Gurugram-based affordable housing finance company Ummeed Housing Finance has raised $70m in a funding round led by A91 Partners. Of the total amount raised, A91 contributed $45m, with the rest coming from existing investors such as Norwest Venture Partners. The latest funding puts the company's valuation at $300m. Ummeed Housing Finance offers housing loans and secured business loans to low-income households in Tier 2 and Tier 3 towns in India.

Govt, Google join forces to host Startup School 2023 next month

Deccan Herald · 1y ago

Govt, Google join forces to host Startup School 2023 next month

Google in collaboration with government-run Startup India has announced host Startup School 2023 mentorship programme next month in India. Last year, the Startup School 2022 edition, which was a virtual workshop, saw the participation of more than 14000 startups from over 600 towns and cities. Google's first edition of Startup School received encouraging feedback and interestingly, received more interest from tier-2 and tier-3 cities such as Indore, Madurai and Gorakhpur.

CityMall breaks even, ditches social commerce model

Livemint

Livemint · 27d ago

CityMall breaks even, ditches social commerce model

CityMall, an e-commerce startup supported by Accel and Elevation Capital, achieved operational breakeven in FY25 by revamping its delivery model and engaging micro-entrepreneurs in over 60 small Indian cities. Initially a community-led platform, the Gurugram-based company focused on grocery delivery across tier-2 and tier-3 towns. This strategic pivot helped streamline supply chains and boost revenue, leading to a threefold growth over 15 months, according to CEO Angad Kikla.

Festive season a boost for second-hand electronics sellers, but buyers undecided

Livemint

Livemint · 9m ago

Festive season a boost for second-hand electronics sellers, but buyers undecided

Refurbished electronics sellers in India are expecting increased business during the festive season. ReFit Global plans to sell over 350,000 units in the last three months of the year, while Cashify may double its smartphone procurement numbers. The festive season typically sees a 30-40% increase in demand for refurbished items, particularly in tier-2 and tier-3 cities. Refurbished devices offer a cost-effective way for users to access trendy smartphones and laptops. Additionally, the availability of monthly payment options further contributes to the attractiveness of refurbished devices.

MeitY Start-Up Hub, Razorpay Join Hands to Boost India's Deeptech Sector

OutlookIndia

OutlookIndia · 1m ago

MeitY Start-Up Hub, Razorpay Join Hands to Boost India's Deeptech Sector

The MeitY Start-Up Hub and Razorpay have partnered to support deeptech start-ups in India, focusing on emerging technologies such as AI, blockchain, robotics, and IoT. Through Razorpay's platform 'Rize', select start-ups, especially in tier 2 and 3 cities, will receive mentorship, Y Combinator application support, and access to financial tools and networks. This collaboration aims to empower start-up founders with resources needed for growth, enhancing India's position as an innovation leader.

Suraksha Diagnostics to invest Rs 200 cr to set up over 20 centres across east India

Economic Times

Economic Times · 20d ago

Suraksha Diagnostics to invest Rs 200 cr to set up over 20 centres across east India

Suraksha Diagnostics plans to invest Rs 200 crore in collaboration with United Imaging to establish over 20 advanced imaging centers in Eastern India, particularly in tier 2 and tier 3 cities. This initiative aims to improve access to affordable and high-quality diagnostic services in smaller towns and semi-urban areas. Currently, Suraksha operates 59 diagnostic centers and 166 sample collection centers across West Bengal, Bihar, Assam, and Meghalaya. United Imaging will provide state-of-the-art imaging solutions.

South side story: Can attractive sops turn Chennai into a hub for GCCs?

Economic Times

Economic Times · 1y ago

South side story: Can attractive sops turn Chennai into a hub for GCCs?

Chennai is positioning itself as the new tech city of the South, with multinational companies considering it as a potential location for their tech bases and global capability centres (GCCs). The city offers advantages such as high-quality English-speaking talent, a thriving industrial ecosystem, and government incentives. The German brand Adidas has already set up its first GCC in Asia outside China in Chennai, and other companies like Bank of America, Standard Chartered, and Amex are expanding in the region. Chennai aims to compete with Bengaluru and Hyderabad to attract tech companies and talent.

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