Spice Route Legal is pleased to have advised Sahamati, the licensed Self-Regulatory Organisation (SRO) for Indian open data ecosystem, on its capital raise from over 30 leading financial sector institutions. The transaction marks a significant milestone in the evolution of India’s consent-based data-sharing ecosystem and is widely regarded as a first-of-its-kind institutional investment round in India’s digital public infrastructure landscape. 

Investors in the round include State Bank of India (SBI), SBI Funds Management, ICICI Bank, Tata Capital, Bajaj Finserv, Zerodha, Dhan, entities of the Aditya Birla Group, Axis Bank, Axis Asset Management Company, Axis Securities, IDFC First Bank, Yes Bank, South Indian Bank, DMI Finance, KFin Technologies (KFin RTA), Dezerv, Angel One, INDmoney, Gromor Finance Private Limited, Innofin Solutions Private Limited (LendenClub), Fee Only Investment Advisers LLP, Narendra Finance Company Private Limited (Kosh), and Abbakus Asset Manager. Participating Account Aggregators included OneMoney, Finvu, CAMS, and OMS.

The investment represents a coordinated industry commitment towards strengthening a regulated digital public infrastructure layer for consent-based financial data sharing and financial empowerment. By bringing together banks, NBFCs, fintechs and ecosystem enablers, the transaction reflects a collective approach to governance, interoperability and ecosystem standards.

The Legal500, the world’s leading directory of lawyers, has this to say about our financial services regulatory expertise, “The fintech and financial services regulatory practice at Spice Route Legal offers a ‘mission-aligned, execution-obsessed’ service that is deeply attuned to emerging and innovative areas of the fintech sector. Called upon by prominent global financial services institutions, technology companies and fast-growing businesses, the team advises on digital assets, fintech regulation, fraud management, digital lending, tokenisation solutions and crypto offerings. Ankita Hariramani and Mathew Chacko lead the Mumbai and Bengaluru teams, respectively, with Hariramani bringing strong expertise in fintech regulatory issues, and Chacko also noted for his experience in financial services regulations and cross-border matters. Promoted in April 2025, Aadya Misra is recognised for her work in financial-sector data privacy matters, while Karthik Somasundram is a seasoned practitioner in contentious and regulatory matters before the RBI, SEBI, and various courts concerning financial services issues.”

The work was similar to our representation of 18 banks in the joint venture that established IBBIC, and involved sophisticated navigation of India’s financial services regulations, corporate law, technology regulations, and competition law considerations.

The Spice Route Legal team advising on the transaction was led by Partners Mathew Chacko and Ankita Hariramani, with support from Senior Associate Harsh Kumra and Associates Layba Yaseen, and Deval Garg.