Whalesbook
Dekho, pichle kuch saalon se jo startup boom chal raha tha na, woh ab thoda thanda ho gaya hai. Pehle companies sirf 'growth, growth, growth' bolti thi, paisa banao ya na banao. Par ab game change hai.
Yaad hai na Paytm, Policybazaar, Nykaa jaise listings ke baad kya hua tha? Stock seedha neeche. Ab investors ko samajh aa gaya hai ki sirf bade bade revenue numbers kaafi nahi hain. Company ko unit economics strong chahiye, kharcha control mein chahiye, aur future mein paisa kaise banega, uska clear plan chahiye.
Jo 2021 mein 'cash is king' wala mindset tha, woh ab khatam. Ab balance sheets, governance, aur long-term sustainability ko zyada dekha ja raha hai. Matlab, ab sirf market share nahi, asli paisa kamaana zaruri hai.
For example, Zepto ne FY25 mein revenue toh badhaya, par net loss bhi kaafi bada tha. Isse pata chalta hai ki IPO mein jaane se pehle profitability kitni important hai.
Aur is sab mein ek aur bada player hai – Indian investors! Ab Indian mutual funds aur DIIs (Domestic Institutional Investors) foreign investors (FIIs) se bhi aage nikal gaye hain. Unhone new-age tech companies mein apna paisa lagbhag double kar diya hai, ab yeh lagbhag ₹1.77 Trillion ho gaya hai.
Yeh domestic funding ek stable source hai, jisse ecosystem aur 'self-sufficient' ban raha hai. Ab IPOs ko sirf exit nahi, balki growth capital ka source mana ja raha hai. FY25 mein venture-backed startups ne public markets se ₹44,000-45,000 Crore uthaye hain, jo private fundraising se bhi zyada hai. Isse prove hota hai ki public market funding ke liye company ke fundamentals bahut strong hone chahiye.
Lenskart, Groww, PhysicsWallah jaise companies ko ab sirf market reach nahi, balki operational efficiency aur profit ke basis par judge kiya ja raha hai.
Lekin haan, sab kuch itna aasan bhi nahi hai. Yeh profit par zyada focus founders par pressure dal raha hai. Cost cutting ke chakkar mein innovation ruk sakta hai.
Zepto jaise quick commerce companies ke liye toh yeh challenge aur bhi bada hai. Unka loss badhna yehi dikhata hai ki unit economics abhi bhi mushkil hain. Zomato ka Blinkit bhi loss mein chal raha hai.
Agar kisi company ka model complex hai ya usko long-term capital chahiye, toh public market mein validation milna mushkil ho sakta hai. Jo pehle 'cash burn' ko strategic growth bolte the, ab woh 'reckless spending' lag sakta hai.
Agar governance mein gadbad hui ya projections miss hue, toh valuation seedha neeche gir jayega. SEBI bhi governance par sakhti kar raha hai, toh ye sab cheezein IPO journey ko tough bana rahi hain.
Aage dekha jaaye toh, jo companies strong governance, profit ka clear path, aur disciplined growth dikhayengi, wahi IPO market mein successful hongi. Consumer, retail, manufacturing, financial services sector mein demand bani rahegi, kyunki yeh sectors zyada stable hain. Overall, India ka startup funding ecosystem ab aur zyada self-sustaining aur fundamentally strong ban raha hai.