Fintech Brief — May 20, 2026

Vodafone Idea Posts Surprise Profit Amid 5G Expansion

Vodafone Idea reported a profit after tax of INR345 billion for FY2026, defying expectations of another annual loss. The telco accelerated 4G and 5G deployments, expanding 5G coverage to more than 80 cities across all 17 telecom circles and increasing 4G population coverage to 86%. The turnaround follows accelerated network investments and fresh capital support from the Aditya Birla Group, positioning Vodafone Idea as a key infrastructure player in India’s digital payments ecosystem.

MakeMyTrip Advances India IPO Plans

Online travel giant MakeMyTrip reiterated its intent to evaluate a potential listing of its India business at the appropriate stage. The company is restructuring operations and merging key brands as it navigates India’s regulatory environment, which prohibits dual listings. A MakeMyTrip IPO could signal a reset for India’s longer IPO queue, with Reliance’s Jio and the National Stock Exchange among other heavyweights banking on improved investor sentiment in coming months.

Workday Expands Indian Footprint with AI Investments

Workday announced plans to sustain workforce expansion in India while deepening AI investments and opening new offices. The HR and enterprise software maker serves more than 1,800 customers in India, including Target, Netflix, and Nvidia. As Indian companies transition from AI pilots to wider adoption of “agentic” systems like Agentforce and Agentforce 360, Workday is strengthening its position in the enterprise software market serving fintech and banking clients.

Salesforce India Workforce Surpasses 17,000

Salesforce reported its India workforce surpassed 17,000 in 2026, with regional revenue rising 47% to US$1.5 billion. The company named Tata Realty as a new customer and announced plans for its first Salesforce Tower in Bengaluru. The growth reflects increasing enterprise adoption of Salesforce’s AI-native platforms, including tools for autonomous task handling and customer relationship management.

Microsoft’s Largest India Data Center on Track for Mid-2026 Launch

Microsoft’s biggest data center in India is on track to open by mid-2026, with the tech giant investing heavily to bolster its position in one of the world’s largest markets for AI services. With more than 1 billion internet users and deep tech talent, Microsoft views India as a potentially profitable market for AI infrastructure. The data center expansion supports growing demand from Indian fintech companies and enterprises for cloud-based AI capabilities.

The US Justice Department sought to drop criminal charges against Indian billionaire Gautam Adani, bringing legal proceedings closer to resolution. Adani Enterprises also agreed to pay $275 million to settle a probe by the Treasury Department’s Office of Foreign Assets Control regarding Iranian sanctions violations. The settlements follow the SEC’s earlier civil fraud case resolution, potentially clearing the path for the Adani Group’s continued expansion in energy, infrastructure, and digital services.