EvoluteIQ To Expand Presence In India With Focus On GCCs

SUMMARY

EvoluteIQ has raised $53 Mn (about INR 465.5 Cr) in a growth capital round led by Baird Capital with a focus to further boost R&D operations at its Bengaluru centre and give a push to its India expansion plans

Founded in 2019 by Gupte, Sanjay Koppikar, Deepak Kinger, Arun Hiremath, and Naveen Prabhu, EvoluteIQ helps businesses automate their business processes with the help of its AI agents, GenAI tech stack and data analytics for better decision making

The startup’s cofounder and CEO Sameet Gupte said that the Stockholm-based startup is seeing an increased traction in the Indian market for its agentic AI solutions, particularly from GCCs

Global software companies are rushing towards India to tap India’s rich talent in technology and cost effective R&D environment. This has led to many large corporations like Microsoft, Amazon, Deloitte and PwC among others to set up global capability centres (GCCs) in the country to deliver its business functions and technology for global operations.

According to an EY report, the GCC market in India is expected to be a $110 Bn market by 2030 and will have more than 2,400 such capability centres by 2030.

To cash on this growth, Stockholm-based enterprise tech startup EvoluteIQ will be doubling down on the Indian market to target the growing GCC sector.

The startup has raised $53 Mn (about INR 465.5 Cr) in a growth capital round led by Baird Capital with a focus to further boost R&D operations at its Bengaluru centre and give a push to its India expansion plans. Further, the startup will also expand its team in India to tap the growing market.

“In the past few quarters, because of the massive traction of the GCCs, we are seeing India becoming a very important market for us. GCCs are the central nervous system for any global organisation and are also the largest consumers of the technology,” EvoluteIQ’s cofounder and CEO Sameet Gupte told Inc42.

Founded in 2019 by Gupte, Sanjay Koppikar, Deepak Kinger, Arun Hiremath, and Naveen Prabhu, EvoluteIQ is an enterprise tech startup that leverages GenAI to help organisations streamline complex business processes.

Its platform combines process orchestration, data integration, and GenAI-powered decision-making within a single Low-Code/No-Code/Pro-Code environment, enabling end-to-end automation. Built for large enterprises, EvoluteIQ eliminates fragmented toolchains, allowing companies to design, deploy, and scale AI-driven processes more efficiently.

The startup has its core tech team in India and also has employees in other geographies such as the US, Sweden and UK, where its clientele is present.

EvoluteIQ’s focus on GCCs in India comes at a time when the sector is expanding rapidly. As per the Economic Survey 2024-25, the number of GCCs in India surged 18% to 1,700 in FY24 from 1,430 in FY19. During this time, India has seen the establishment of more than 400 new GCCs and around 1,100 new units.

More than 86% of Indian GCCs were using AI and ML for predictive analytics, process automation and hyper personalisation at scale in the fiscal year FY24. Besides, cloud computing became foundational infrastructure for 82% of the centres.