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The two IPO-bound startups are showing signs of a slowdown and will be looking over their shoulders as online B2B marketplaces launched by the conglomerates grow fast.

Most business-to-business companies waiting to list on the public markets have a problem that prospective investors should be aware of: severe indebtedness.
The B2B marketplace has done almost everything right, attracting value investors like Pulak Prasad. Yet, the stock continues to languish.
The platform’s pre-IPO debt funding raises fresh questions about cash flows and SEBI’s role. Investors will do well to take note.