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The company is aiming for an IPO by August next year. But what exactly is this firm—a financing operation, a tech business, an overvalued minefield of round-tripping or something else entirely?

Most business-to-business companies waiting to list on the public markets have a problem that prospective investors should be aware of: severe indebtedness.
For one of the world’s largest and shrewdest investors to entirely skip putting money in the country is a sign of how quickly the nature of the Indian startup ecosystem has changed.
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.