The narrative of the India-Israel relationship has undergone a fundamental transformation. In 2021, we were talking about trade; in 2026, we are talking about co-ownership. As the "Special Strategic Partnership" officially takes root this year, we look back at the most significant moves that have defined the last five years. For the Israeli startup community, these deals aren't just history — they are the blueprint for your future exit or expansion.
1. The Acquisition Wave: Buying the Future
In the last five years, Indian conglomerates have stopped being "customers" and started becoming "owners." The goal? Securing the IP needed to drive India's 2047 industrial vision.
Notable M&As (2021–2026)
| Indian Acquirer | Israeli Target | Year | Vertical | Strategic Significance |
|---|---|---|---|---|
| Reliance Global | Scentech Medical | 2026 | MedTech | The flagship acquisition for the new EZRA Group. |
| Reliance Global | Enquantum | 2026 | Cyber | A majority stake in post-quantum cryptography. |
| Adani Group | Haifa Port | 2023 | Infra | A $1.2B deal securing the Mediterranean gateway. |
| Wipro Enterprises | H.R. Givon | 2021 | Aerospace | Integrating high-end metallic aerostructures. |
| Sun Pharma | Taro Pharma | 2024 | Pharma | Consolidating the long-term stake into full control. |
2. The Investment Engine: Strategic VC & Corporate Capital
Passive investment is out. Strategic capital — where Indian firms provide the cash plus the pilot site (Beta sites) — is in.
Key Investments (2021–2026)
Launched Fund II ($150M) in 2021, continuing its streak with startups like Kognitos (AI) and SquareX (Browser Security) in 2025.
Focused heavily on "Critical Tech," investing in ForSight Robotics (Surgical AI) and a massive $10B framework with Tower Semiconductor.
Has pivoted toward InsurTech and AI, specifically scaling Atidot through global client access.
Continues to lead through Ramot (Tel Aviv University), funding early-stage deep-tech in water and energy.
3. The 2026 "Special Strategic" Reality
If you are an Israeli founder today, the landscape has changed because of three new institutional pillars:
A. The EZRA Model (Reliance)
The formation of EZRA International Group by Reliance Global in early 2026 is a game-changer. It is a dedicated vehicle designed to acquire controlling stakes in Israeli startups. Their mandate is simple: Acquire in Israel, scale in India, exit on the Global Markets.
B. The "2+2" I4F Mandate
The India-Israel Industrial R&D Fund (I4F) now requires a "2+2" consortium for its Strategic Programs (like the current $5M Smart Mobility call). You must now have an Indian industrial partner and an Indian academic partner. This isn't a hurdle; it's a built-in market entry strategy.
C. The UPI-MASAV Corridor
By linking the payment rails of both countries, the 2026 government pact has effectively removed the "SME friction." You can now bill an Indian client in Tel Aviv as easily as you would a local one.