In this teaching case, we consider the challenges and opportunities faced by Cybage, one of the many players in the Indian software and information technology (IT) services sector, as it co-evolved with India’s knowledge economy. Despite its small size and a last-mover disadvantage, since its founding in 1994, Cybage had enjoyed growth rates higher than rest of the industry. Had Cybage developed a set of capabilities that differentiated the company from its peers and enabled it to expand from a handful of IT practitioners to a company with nearly 4,000 professionals and a global footprint? Or did Cybage’s growth merely reflect the general expansion of India’s knowledge economy? In this case , we overview the Indian IT industry’s evolution and highlight the concepts of entry timing, IT capabilities, service-dominant logic, and value co-creation by considering questions regarding Cybage’s key differentiators and capabilities, avenues of future growth, and the applicability of Cybage’s current capabilities to other domains of IT service provisioning