The public markets for tech and digital companies in India is still nascent with the presence of very few companies (excluding Reliance Jio Platforms) whose founders decided to go for an early listing. However, the past 5 years has seen a huge influx of capital ($63B) into the digital start-up ecosystem which has enabled companies to hit critical mass and build quality at scale. From 10 unicorns in 2016, India now has 33 start-ups that have attained the unicorn status.
The recent bull run in global tech stocks has also prompted many of India's tech unicorns to announce IPO plans in 2021/2022. Should some of these companies go public in the next 18-24 months, that would unlock shareholder value to the tune of ~$100B, taking the total market cap of listed Digital and Technology companies in India from <$10B currently to ~$100B (excluding Reliance Jio Platforms). We believe it is an exciting time to be a part of the Indian Digital and Technology growth story especially as the IPO markets start showing signs of creating exponential shareholder value.