The playbook behind India’s startup valuation

India’s startup ecosystem is entering a decisive phase. With record venture capital inflows and another wave of IPO-bound companies on the horizon, a fundamental question is resurfacing, does the system reward genuine business strength or clever financial engineering? As valuations soar and profitability takes a back seat, a growing number of founders and investors are beginning to question whether India’s startup boom is built for endurance or simply for exit. 

The startup boom is built on a clever but controversial foundation, a tax structure…