Twitter makes its first Indian acquisition.

Alibaba sinks about $500m into a local digital payments company. Silicon Valley venture capital funds write ever-larger cheques to Bangalore-based start-ups. And all this after Amazon pumped $2bn into the country last year, while domestic rival Flipkart was valued at about $11bn at its most recent fundraising. India’s technology scene may not be in bubble mode, but it is certainly getting frothy.

The bull case for all this investment is easy to make. India had about 300m internet users last year, but most analysts think the total will exceed 500m by 2020, second only to China. Most of these will be on handheld devices. Already the fastest-growing smartphone market in Asia, India’s mobile growth is set to be especially rapid — part of the reason Twitter bought ZipDial, a mobile marketing start-up, last month.