In today's rapidly evolving global economy, although data intelligence has become a critical capability for firms seeking to thrive in competitive markets, not all firms are inclined to invest in it. Addressing this under-examined aspect, our study examines which firms invest more in data intelligence capabilities. Situating this study in an emerging market context, we predict that the extent of internationalization pursued by emerging economy firms is positively related to their investments in data intelligence capabilities. We further develop competing hypotheses to suggest that the quality of the home country institutions moderates the above-mentioned baseline relationship. We test our predictions on a sample of 3851 Indian firms from 1996 to 2022 and find support for our baseline hypothesis. We also find that with the improvement in the quality of home country institutions, firms with a higher degree of internationalization invest more in data intelligence capabilities. Our findings contribute to research on institutional theory, institutional voids, and the literature on internationalization by emerging economy firms.