I suppose in theory, but does anyone know of a reliable Indian bitcoin exchange that is easy for Indian businesses to use?

Edit. A quick check suggests this is a very expensive way to go given the price of bitcoins in India. Also to buy bitcoins in India you basically have to set up a bank account and go through the whole KYC process. This does not look like a low friction option for Indian companies.

Localbitcoins should allow you to buy BTC other than with a bank account.

https://localbitcoins.com/country/IN

This is not really a low friction or cheap solution.

Why not?

I answered it in the response to the OP. A wire transfer would be cheaper and have lower friction.

That's bullshit. Banks are the ones with the highest friction and fees.

The bitcoin spread is over 25% right now in India. That combined with the paperwork requirement needed for a business to buy bitcoins does not make for a low friction experience.

What paperwork do you need as a business to buy bitcoin?

Thanks to the RBI you need to go through the full KYC process - basically the same as setting up a business bank account. This in not low friction.

With banks you always go through KYC/AML, this is nothing to do with bitcoin, and everything to do with banks.

Well everything to do with the RBI regulations on bitcoin in India. The end outcome is that bitcoin is not a viable option to solve the India payment problem.

If your legal system is fucked, that's not bitcoin's fault.