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The consumer electronics startup jumped through the ranks to become India’s top audio and smartwatch brand. Just as quickly, the IPO-bound company appears to be losing steam and its comeback looks uncertain.

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.
Promoters balk at smaller issues and uncertain pricing, choosing to wait out volatility.