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India
Intelligence for Better Decision Making
IIFL Fintech Fund Closes $55 Million Round as Investor Interest Surges in India’s Fintech Sector
Jan. 22, 2026 | Financial SystemIndia’s fintech sector is attracting substantial capital, with investors showing particular interest in generative AI applications within financial services.
**IIFL Fintech Fund, backed by the IIFL Group, has closed its second fundraising round at Rs 500 crore (approximately $55 million), focusing on early- to growth-stage fintech startups.**
The fund secured commitments primarily from domestic family offices and high-net-worth individuals and intends to deploy capital across 20–25 portfolio companies. It will reserve 20–25 percent of its corpus for follow-on investments in the top performers from its inaugural fund. After a first close at Rs 200 crore, the vehicle has already invested in five companies—GrayQuest, Fundamento, Knight Fintech—and acquired secondary shares in Leegality.
Founded in 2021, IIFL Fintech completed its first fund at Rs 200 crore in 2022, building an initial portfolio that includes Leegality, FinBox, DataSutram, Insurance Samadhan, and TrustCheckr, which was later acquired by Truecaller.
**Fintech in India is growing rapidly as digital adoption rises, financial inclusion expands, and innovation accelerates across payments, lending, and wealth management.**
Investor interest remains robust at all stages, supported by dedicated funds such as Quona Capital and Cedar-IBSi Capital. More broadly, private equity and venture capital firms in India raised $10.97 billion by December 17, 2025, up nearly 52 percent from $7.19 billion in 2024.
Delhi-NCR Eases Air Quality Restrictions Amid Persistent Enforcement Shortfalls
Jan. 22, 2026 | EnvironmentDelhi and its neighbouring states have adjusted policy and infrastructure measures to address persistent air quality challenges in the Delhi-NCR region.
**On January 20, 2026, the Commission for Air Quality Management revoked Stage IV of the Graded Response Action Plan for Delhi-NCR after the region’s Air Quality Index improved slightly to 378 (“Very Poor”) and was expected to remain stable.**
Although Stage IV measures, triggered when AQI exceeds 450, were lifted, the commission confirmed that measures under Stages I (AQI 201–300), II (301–400) and III (401–450) remain mandatory to prevent further deterioration, particularly given challenging winter meteorological conditions.
**However, a review of reports from the Delhi Pollution Control Committee and the State Pollution Control Boards of Haryana and Uttar Pradesh exposed widespread enforcement failures.**
Authorities fell short on 7 percent to 99.6 percent of critical pollution control measures. Inspections at construction and demolition sites were especially deficient, with Delhi reporting an 87 percent shortfall and Haryana districts in NCR registering 99.6 percent. Mechanical road sweeping and other road dust control measures also saw inadequate implementation in both Delhi and Haryana.
**Moreover, compliance did not improve during the period when Stage IV was in force.**
On December 24, when air quality reached “Severe” or “Severe+,” some NCR states recorded 100 percent inspection shortfalls. Public grievance redressal mechanisms similarly underperformed: 68 percent to 81 percent of complaints across Delhi, Haryana and Uttar Pradesh remained unresolved. The commission warned that such enforcement lapses seriously undermine efforts to improve air quality and reiterated that GRAP provisions are legally binding at all times.
**Under the continuing Stage III restrictions, authorities require schools up to grade 5 to shift to hybrid or online learning where feasible, impose strict controls on dust-producing construction and demolition activities (including earthwork, piling, open-trench utility laying, brickwork, painting and roadworks), and regulate movement of dust-generating materials and traffic on unpaved roads.**
They have also limited use of BS-III petrol and BS-IV diesel vehicles—except for persons with disabilities—and maintained the ban on non-essential BS-IV or older diesel medium goods vehicles in Delhi. State authorities may allow 50 percent on-site staffing in offices while the remainder work remotely.
Monitored Intelligence for India - Jan. 23, 2026
News
Media
160
Government
Releases
7
City/State
Releases
0
Embassy
Releases
1
Foreign
Service
Advisories
0
Service
Advisories
0
Academic/
Think
Tank
5
Think
Tank
5
Podcasts
0
Videos
0
Social
Media
0
Business
Releases
0
Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.
The goal is to provide intelligence that allows decision makers to avoid being blindsided by what they may have missed, while informing them to make better decisions as well.
Risk Categories Reported on Today
Risk Category
Items Reported On
Geopolitical Conflict and Disputes
17
Protest, Demonstration, Dissent
1
Communal and Religious Strife
5
Crime
2
Corporate Corruption or Fraud
1
Regulation
11
Terrorism
3
Political Scandal or Corruption
5
Accidents
2
Shifting Geopolitical Alliances
3
Extreme Weather Events
1
Critical Infrastructure Failure
1
Pollution
1
Regulatory Enforcement Actions
1
Erudite Risk also includes operations categories so you can monitor the environment for better decision making. Everything is tied together--what happens in risk affects operations and what happens in the market impacts risk profiles.
We categorize key intelligence into one of 30 different operations intelligence categories.
Different roles and functions within the organization can monitor different key issue areas. HR may monitor employment, wages, regulations, labor and management relations, etc., while P&L leaders may monitor overall developing trends.
Operations Categories Reported on Today
Operations Category
Items Reported On
Operating Results
7
Asset Price Change
4
Bizdev-Partnering
4
Wages and Compensation
1
Financial System Problems
1
Tech Development/Adoption
6
Legal Exposure
2
Economic Growth
6
Politics and Elections
3
Trade Issues and Numbers
2
Investor Sentiment
1
Budgets-Budgeting
1
Supreme Court Rules on Taxability of Capital Gains in India – Denies Mauritius Tax Treaty Benefits and GAAR Grandfathering Protection
AZB & Partners | English | AcademicThink | Jan. 23, 2026 | Regulation
On January 15, 2026, the Supreme Court of India ruled against the Mauritian investment entities of Tiger Global regarding their claim for tax treaty benefits on capital gains from their 2018 sale of Flipkart shares to the Walmart Group. The court emphasized the principle of ‘substance over form’ in the post-GAAR framework introduced in India's Income-tax Act from April 1, 2017.
Tiger Global's Mauritian entities had argued that their gains were tax-exempt under the India-Mauritius DTAA. However, the Supreme Court clarified that DTAA benefits apply only when the transaction is taxable in the non-resident state and rejected the claim for indirect transfer exemptions under Article 13(4) of the DTAA. It was highlighted that the Tax Residency Certificate (TRC) alone does not guarantee treaty benefits, as Indian tax authorities can assess commercial substance beyond the certificate.
The court overturned earlier authorities granting conclusive status to TRCs before GAAR's introduction and established that treaty interpretation must align with domestic anti-abuse laws. GAAR provisions apply even to gains realized after April 1, 2017, regardless of when the original investment was made, and arrangements primarily aimed at tax avoidance without commercial substance can be challenged under GAAR or JAAR.
The Supreme Court found the Tiger Global structure to be prima facie tax-driven, thereby denying DTAA benefits. This judgment underscores heightened scrutiny on treaty benefits and reinforces that substance will prevail over form in tax matters involving cross-border capital gains in India.
India set to release revised Defence Acquisition Procedure 2020 for stakeholder feedback
Hindu Business Line | English | News | Jan. 23, 2026 | Regulation
The Ministry of Defence (MoD) of India is set to release the first draft of the revised Defence Acquisition Procedure (DAP) 2020 within the next 15 days for stakeholder feedback. This revision aims to simplify and shorten the capital acquisition process, targeting a reduction in procurement time to approximately two years by enabling parallel processing of activities. The revised DAP is planned for implementation from April 1, 2026, aligned with the expected increase in the defence budget for FY27.
Key reforms include a gradual scaling of indigenous content requirements for high-technology orders, rather than an upfront high threshold, with potential merging of Buy (Indian) and Buy (Indian-IDDM) categories to simplify procurement processes. The procedure will support ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives, incorporate emerging technologies such as AI and quantum computing, and strengthen indigenous defence manufacturing.
The revised DAP will also provide greater flexibility for foreign direct investment (FDI) in defence, though the current allowance of 100 percent FDI faces opposition from domestic industry for potentially undermining self-reliance goals. Simplified testing procedures will accept certificates of conformance from accredited labs for non-core parameters, and the revised policy will introduce defence space procurement provisions to tap into India’s growing space economy.
The overarching objective of the DAP review is to position India as a global hub for defence manufacturing and Maintenance, Repair, and Overhaul (MRO), promoting design and development across public and private sectors, with a focus on startups, innovators, and private industry involvement.
EU to proceed with security and defence partnership with India: Kallas
Hindu Business Line | English | News | Jan. 23, 2026 | Geopolitical Conflict and Disputes
The European Union has agreed with India to proceed with the signing of a new security and defence partnership. This development was confirmed by EU Foreign Policy Chief Kaja Kallas on January 21, 2026.
The agreement marks a significant step in strengthening the strategic ties between the EU and India in the fields of security and defence. Further details regarding the scope and implementation of this partnership were not disclosed.
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