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Indian fi rms are challenged by the latecomer disadvantages faced by emerging-market multinational enterprises ( EMNEs ) in general. These challenges notwithstanding, Indian fi rms are doing crossborder acquisitions ( CBAs ) in developed regions. Analyzing fi rm-level secondary data of two Indian MNEs -namely, Motherson Sumi Systems Limited and Rain Industries Limited-that show signifi cant developed region-based revenues and assets, we link extant and emerging theoretical perspectives on EMNEs ' internationalization with the observed fi rm motives and behaviors of our case fi rms. We propose a framework of multiple contextual settings to understand the context-driven internationalization of the case fi rms. Finally, our article offers a set of propositions emphasizing fi rm-level entrepreneurial orientation and international orientation, when EMNEs internationalize via CBAs in developed regions.