Multinationality and performance (M-P) relationship has generated mixed empirical results, with conclusions ranging from linear (positive or negative) to non-linear (U- or S-shaped). Thus, scholars have called for more finely-grained research by exploring the boundary conditions of this relationship. This is especially true for emerging market firms (EMF) that may follow a different internationalization path than developed-country firms. We explore 'internationalization speed' and 'added cultural distance' as moderators influencing the process of aggressive internationalization of EMFs. Our findings based on 650 international location choices made by 32 large software companies from India, suggest that speed of internationalization positively moderates the M-P relationship in the case of knowledge-intensive services EMFs, and that the positive relationship is stronger for firms in the later stage of internationalization. We also find support of the “performance-enhancing” argument of cultural distance as a moderator and suggest that MNEs are often able to enter culturally distant markets because of the numerous organizational advantages their foreign operations can provide.