Valuations on Trial

The current rush of Indian startups entering the public markets marks a defining phase in the evolution of the country’s entrepreneurial ecosystem.

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What was once a venture capital-driven domain of speculative growth and soft landings is now transitioning into a marketplace where profitability, governance, and investor accountability are increasingly shaping the narrative. The recent listings of Lenskart, Groww, and Pine Labs exemplify this shift ~ startups once known for their aggressive expansion and private valuations are now facing the test of public scrutiny.

Much of the current frenzy stems from a post-pandemic appetite for growth stories amid limited traditional investment avenues. Yet, these IPOs are not just market events ~ they are psychological milestones for a generation of investors seeking to convert India’s tech promise into tangible public wealth, often without fully weighing its risks.