It is becoming increasingly clear that the startup ecosystem is stuck with building for the top 3% of Indian society. Now consumption in even this rarefied segment is under pressure.
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Stagnant wages and job growth are straining the economy. The government’s hyped tax breaks can do little to fix what is fundamentally wrong with demand.
The fund seems convinced that technology-led businesses in India are overvalued and not good for making big exits. Instead, what is needed to return large sums of capital are investments in mature companies with a proven track record.
The consumer goods giant’s performance has been in a funk for a long time. Fund managers need to stop giving it a long rope.