The Stability Edge
Katrela Ventures Daily Update · Investment, M&A and Business Innovation Digest · 19 September 2026
Key takeaways
India ranked first among 41 markets in the Global Business Climate Survey 2026 by the Swedish Chamber of Commerce in India and Business Sweden.
73% of Swedish companies rated India's climate good or very good; 44% of firms globally plan to increase capex.
Fujifilm is investing about ₹800 crore with Tata Electronics; NSE raised ₹6,746 crore from 189 anchor investors before its IPO.
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📩 #Read the full update below.
01. TOP STORIES
Fujifilm Partners with Tata Electronics for Semiconductor Plant: Japan's Fujifilm is investing approximately Rs. 800 crs. to establish a semiconductor materials and specialty chemicals plant in the Dholera Special Investment Region (DSIR), Gujarat, with the first stage slated for completion by 2028. The company has signed a strategic memorandum of understanding with Tata Electronics to accelerate local supply chain development around Tata's upcoming Dholera fab, alongside plans to transfer critical quality control technology and manufacturing knowledge to local Indian chemical players.TableSpace Acquires Majority Stake in KMC Solutions: Hillhouse-backed managed workspace operator TableSpace, alongside its promoter Rava Partners, has acquired a majority stake in Philippines-based enterprise services provider KMC Solutions. The undisclosed transaction unites two leading office platforms across India and the Philippines, creating an Asia-Pacific giant with roughly 13 million square feet of managed space as TableSpace gears up for an upcoming IPO targeting a valuation of around $2 billion.
02. QUICK TAKES
India Ranks #1 in Global Business Climate - Ahead of 40+ Markets for the Fourth Straight Year
Ecosystem Scale: Global Rank: #1 of 41 Markets | Swedish Companies Rating India "Good/Very Good": 73% | Firms Planning Capex Increase (Global): 44%
India ranked first in business climate among 41 global markets in the Global Business Climate Survey 2026, published by the Swedish Chamber of Commerce in India (SCCI) alongside Business Sweden - a survey that's run since 2020 and this year covers its largest-ever sample across Western Europe, Asia-Pacific, MEA+, and the Americas. India, Ireland, and Vietnam emerged as the top three global performers, standing out specifically for economic momentum, political stability, and investor confidence - not just cost arbitrage, which is the more common explanation for emerging-market attractiveness.
India's performance is durable, not a one-year spike: it has held a top-three global position for four consecutive years, and 73% of surveyed Swedish companies rated India's operating climate as good or very good. Alongside the Philippines and Poland, India also recorded the highest market-level revenue and growth projections in the entire survey - meaning multinationals aren't just comfortable operating in India, they're actively forecasting outsized returns from it.
Profitability held up even against real geopolitical stress: 64% of Swedish companies globally reported profitability despite shocks like the Middle East conflict, and 80% maintained a neutral or positive operational outlook - resilience data that echoes Moody's own recent upgrade of India's growth forecast citing the economy's ability to absorb external shocks. On investment intent, roughly 44% of Swedish firms globally plan to scale up capex over the next 12 months, with Asia-Pacific leading capital allocation ahead of both Europe and the Americas - positioning India inside the fastest-growing investment region globally, not just as a standalone bright spot.
The survey's own diagnosis of what actually drives profitability abroad is telling: cost discipline, sharp sales execution, and integration into local domestic supply chains were identified as the core differentiators separating profitable foreign enterprises from the rest - not just market size or labor cost, but operational embeddedness in the host economy.
Katrela's Take
➢ A #1 ranking from one survey is a headline four consecutive years in the global top three is a trend. What matters more is why India's winning - Swedish firms cite political stability and economic momentum, not just cheap costs. The real tell is the supply-chain finding: multinationals profiting most are integrating into domestic supply chains, not just extracting output. That's the more durable thesis - India is becoming a place foreign capital builds around, not just builds in.
03. FUNDING BRIEF
National Stock Exchange (NSE) has raised Rs. 6,746 crs. from 189 anchor investors ahead of its IPO opening on September 17, 2026, allotting 3.78 crore equity shares at Rs. 1,785 per share). The anchor book which received bids worth nearly Rs. 1.2 lakh crore (20x subscription) - saw participation from LIC (picking up Rs. 400 crs.), Norway's Government Pension Fund Global (Rs. 250 crs.), Societe Generale (Rs. 316 crs.), ADIA, GIC Singapore, and Fidelity, with foreign portfolio investors (FPIs) contributing 43% (Rs. 2,883 crs.) and domestic investors (including 25+ mutual funds and 11 insurance/pension funds) contributing 53% (Rs. 3,588 crs.). The overall IPO aims to raise Rs. 22,569 crs. through an entirely offer-for-sale (OFS) structure, remaining open for public subscription until September 21, 2026.AI-powered health coaching platform Disha (formerly Curelink) has raised Rs. 43.88 crs. in a Series A funding round led by General Catalyst (investing Rs. 38.20 crs.), with participation from existing investor Elevation Capital (Rs. 5.20 crs.) and Flamel Performing Creatives (Rs. 48 lacs) at a post-money valuation of Rs. 288 crs. (a 52% increase). Founded to offer personalized diet, fitness, and chronic-care support across 15 conditions in Hindi, English, and Hinglish with 24×7 AI coaching, the startup claims 70 lakh sign-ups, 3 lakh active users, and 1.4 crore messages.Mumbai-based beauty, lifestyle, and body care brand MoroMaa has raised Rs. 1.5 crs. from Aviral Bhatnagar of AJVC for a 9% equity stake. Founded in June 2026 by solo founder and CEO Soundous Moufakir, the startup introduces "M Beauty"- bringing Moroccan beauty practices and ingredients sourced directly from Morocco to Indian consumers. Having experienced rapid early demand with key products selling out within two months of launch, the company will deploy the capital to expand its product portfolio, strengthen distribution, and increase its reach across India.
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Frequently asked questions
Where does India rank in the Global Business Climate Survey 2026?
First among 41 markets, and in the global top three for the fourth consecutive year.
Why do foreign companies rate India highly?
Respondents cite political stability and economic momentum rather than low costs alone.
How much did NSE raise from anchor investors?
₹6,746 crore from 189 anchor investors ahead of its IPO opening on 17 September 2026.
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