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As retail interest in public issuances fades, mutual funds are filling the gap—funding promoter exits and delivering subpar returns to the very investors they represent.

The home services startup has had a disastrous quarter. It has sunk into losses largely on the back of burning its precious cash to chase the instant domestic help business.
India is ramping up focus on defence drones, and the decade-old startup wants public money to seize the opportunity. But the track record of listed peers offers a cautionary tale.
Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.