Increasingly, it is an Indian product, and the capital being invested through private equity is Indian capital,” Jain said.
Profitability has become a renewed focus among startups and private equity-backed companies.“Many entrepreneurs have spent the last two or three years finding a greater balance between revenues and profits,” Jain observed, rejecting the notion of a ‘funding winter.
Despite this, global macroeconomic conditions continue to influence the sector.“If you're a foreign fund, geopolitics and developments in the US have a huge impact because much of the capital invested in India comes from there,” said Vivek Soni, partner at EY.
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