[fdr]

I think the regulatory environment for setting up a business, obtaining licenses, etc is somewhat orthogonal to how local laws and enforcement deal with (not only per letter of the law, but enforcement) fraud, spam, phishing, chargebacks, et al. I don't mean to profess complete familiarity with the matter here, but it's just one area where Braintree's difficulty is not coupled directly to the amount of FDI. My naive understanding is that at this time that these kinds of issues (such as enforcement of contracts with small entities) are still somewhat in the wild-west phase in India.

But as other posters have noticed, it does look like there is an emphasis on the EU and members of the Commonwealth. So it may just be down to the number of very distinct regulatory regimes Braintree was comfortable dealing with at the time, so this could be much speculation about nothing.