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Startups of all hues are lining up to hit the IPO market like never before, even as the economy sends distress signals. Can the equity market absorb this type of supply?

SEBI has lowered the bar for loss-making startups to list. In that context, a company like Zepto redefines the meaning of risk in public market investing.
While the payments company saw its first full year of profitability in FY26, the real progress will depend on whether it can continue to prove that it’s more than a POS company.
As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.