The exit scene is very rough actually. Indian investors are conservative and the public markets don’t have much appetite for loss making companies. Silicon Valley accounting chicanery such as “adjusted EBITDA” don’t fly here - investors demand PAT - Profits After Tax.

Many of the current crop of unicorns have been waiting for years for an exit. If the current funding downturn continues, there is a good chance most of these will wind down without ever getting an exit.