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As the EV maker preps to approach the public markets, investors would do well to buckle up for a bumpy ride.

The automaker that virtually created India’s electric car market is forced to offer record discounts, even as rivals surge and competition is set to get fiercer.
The country’s top VC funds are flush with new fundraises. They must now find opportunities to invest, but that’s easier said than done.
While its peers headed for the exit, the fund house doubled down on the falling stock. The contrarian call now looks expensive—and risky.