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The construction material supply firm’s scale and profitability may appear shiny, but hide a stark truth. Its use of equity to fund working capital is playing with fire when bigger fish are eyeing its business.

SEBI has lowered the bar for loss-making startups to list. In that context, a company like Zepto redefines the meaning of risk in public market investing.
The 15-year-old company has bought one brand after another in the hope of growing fast. That plan has fallen flat on its face, but there’s no stopping Wingreens.
Most business-to-business companies waiting to list on the public markets have a problem that prospective investors should be aware of: severe indebtedness.