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In the world of private market investing, the thrill of the build is often matched only by the triumph of the exit. For the past 12 years, finding quality Indian startups well-poised for growth has been deeply rewarding. The ecosystem is brimming with outstanding founders and teams, blending technical brilliance with a drive to solve critical, real-world problems. From my vantage point as a GP, it’s been a privilege to witness this evolution firsthand.

Over the years, I’ve witnessed how the Indian ecosystem has evolved—from long waits for secondary exits to the rise of IPOs as the crown jewel of liquidity events. If the last decade was about laying foundations, the past few years have been about reaping the rewards. Indian public market exits have taken centre stage, unlocking value for private investors like never before.

2023: A Record-Breaking Year for IPOs

2023 stood out as a landmark for Indian capital markets, showcasing immense opportunity. With 179 SME IPOs & 60 main bourse IPOs, the year marked a new high in public listings. Thirty of these listings were PE/VC backed, reflecting the increasing appetite for professionally managed businesses. For private investors, IPOs have increasingly become a viable exit option, offering faster and more predictable liquidity windows.

It’s heartening to see the growing appetite for tech-based IPOs. Public markets have become very receptive to venture-backed tech companies, with recent examples like Zomato, Swiggy, Policy Bazaar, E2E Networks, and Digit getting massively oversubscribed.

The enthusiasm for public market listings is reflected in our portfolio as well. Three of our companies are preparing for IPOs in 2025/2026: one on the SME board and two on the main exchanges. These developments demonstrate the growing reliability of public markets as a robust and rewarding exit avenue for PE/VC investors!

Looking Ahead

Given the momentum so far, I’m excited about the opportunities that lie before us. We may be at the start of a new phase, where the potential for successful exits is stronger than ever. The recent momentum in IPOs suggests that the best opportunities for private market investors are yet to come. We’re hopeful about the future, not just for our portfolio but for the broader investment landscape.

If you’re in Bangalore and want to discuss our new fund or how our portfolio companies are ready to take the next leap, I’d love to catch up over coffee. We can also connect virtually—just reply to this email, and we’ll set it up.