GCCs head to Tier II cities; Older investors bet on crypto

Hello,

The quick commerce game just got more interesting.

According to Bloomberg, Zepto is preparing for an IPO worth $500 million as early as next week, and is expected to submit its draft prospectus through a confidential route. 

The developments come just months after Zepto raised $450 million, valuing the company at $7 billion, giving it a war chest to defend and expand its quick commerce market share.

Meanwhile, Flipkart is flipping its domicile from Singapore to India, inching closer to a public market debut dream.

According to the NCLT order, the approval allows the amalgamation of eight Singapore-incorporated entities with India-based Flipkart Internet. The combined entity will be called Flipkart Internet and will house the company's core businesses in India, including fashion marketplace Myntra and logistics arm Ekart.

Also joining the IPO train is insuretech company Turtlemint, which received SEBI nod to file its IPO using a confidential pre-filing route. 

In other news, Ford Motor expects to write down nearly $19.5 billion in Q4 in special items related to a restructuring of its business priorities and a pullback in its electric vehicle investments. 

According to analysts, for legacy US carmakers, including Ford, the road ahead is a tough one.

In today’s newsletter, we will talk about 

• Tier II cities emerge as GCC destinations
• Older investors bet on crypto
• Meet women redefining what’s possible

Here’s your trivia for today: What 1970s fashion was originally worn by early 1800s sailors?

Year in Review

Tier II cities emerge as GCC destinations

The global capability centre (GCC) story of India is now spreading its roots beyond the top metros of the country into Tier II locations, as corporations seek to reap the benefits of their presence in such cities. 

While metro cities remain hotspots for GCCs, places like Ahmedabad, Vadodara, Indore, Bhubaneswar, Coimbatore, Kochi, Lucknow, Jaipur, Nagpur, and Mysuru are also seeing traction.

Growth:

• In a study titled GCC Tier 2 Report 2025, InCommon, a specialised GCC operator, says that the share of GCCs in Tier II cities has increased from 5% in 2019 to 7% in 2025.
• Gaurav Vasu, Founder and CEO of UnearthInsight, a data intelligence firm, says, “Primary driver for GCCs still remains 20-25% lower operating & talent costs across Tier II cities and availability of specialised talent.”
• Vasu cites the example of a location like Jaipur, which offers rich finance and accounting talent, and Coimbatore, which has engineering, testing, healthcare operations and business process management talent.

<Funding Alert>

Startup: Digantara

Amount: $50M

Round: Series B

Startup: Moxie

Amount: $15M

Round: Undisclosed

Startup: Underneat

Amount: $6M

Round: Pre-Series A

Insight

Older investors bet on crypto

India's cryptocurrency market is witnessing a notable demographic shift as older investors increasingly enter the asset class, signalling a maturation beyond the youth-dominated trading frenzy of early years.

On CoinSwitch, participation among investors aged 36-45 climbed to 19.1% in 2025 from 15.52% in 2024, while the segment comprising investors aged 46 years and above edged up to 10.6% from 10.02%, according to the platform's annual report released this month.

Key takeaways:

• CoinSwitch, which has over 25 million users, shows that the 26-35 age bracket now accounts for 45% of all crypto investors in 2025, up from 40.19% in 2024.
• In 2022, the average user at crypto exchange CoinDCX was 25 years old, driven largely by early adopters experimenting with digital assets.
• Older investors, particularly those aged 36 and above, demonstrate a markedly conservative strategy, with 67% holding their crypto for over six months compared to just 33% of the 18-25 age group, according to Mudrex's survey report.

Inspiration

Meet women redefining what’s possible

For women, age is frequently treated as a boundary rather than a milestone. It’s often assumed that ambition, determination, and reinvention belong to the youth. 

But women are dismantling these assumptions to prove that age is just a number, and you are as old as you feel. They are choosing purpose and adventure and focusing on giving back. HerStory recounts the journey of five such brave women.

News & updates

• Lawsuit: The BBC has vowed to defend itself against the $10 billion lawsuit filed by US President Donald Trump. In a complaint filed on Monday evening, Trump sought $5 billion in damages on two counts, alleging that the BBC defamed him and that it violated Florida’s Deceptive and Unfair Trade Practices Act.
• New chief: Kraft Heinz named industry veteran and former Kellogg's top boss Steve Cahillane as its new CEO, ahead of the packaged goods giant's split into two independent companies–Global Taste Elevation Co and North American Grocery Co–with one focused on sauces and spreads and the other on groceries.
• Report: Google has revealed that its “dark web report” feature will be discontinued starting February 16, 2026. Launched initially about a year and a half ago, this tool aimed to help users monitor their personal information on the dark web.

What 1970s fashion was originally worn by early 1800s sailors?

Answer: Bell-bottom pants.

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