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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 e-commerce platform appears to have put on a good show in FY26, outpacing itself on most fronts. However, the margins tell a different story, one that investors should pay close attention to.
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 country’s top VC funds are flush with new fundraises. They must now find opportunities to invest, but that’s easier said than done.