The last decade has truly catapulted startups into mainstream businesses, introduced new consumer behaviour, made the market more competitive and even harder to monetise. However, 2019 was a year that defined the next phase of the startup ecosystem. Why do I say that? With the Flipkart exit labelled as the largest global e-commerce exit in 2018 and the increasing number of startups offering ESOP secondaries to their employees, the startup ecosystem has delivered value, wealth and given birth to the Indian “startup mafia”. The flywheel seems to have turned one complete cycle.
2020 will be about the beginning of the next phase of this flywheel. And, here I believe we will see the following take place:
- Angel investing in India has passed the “MVP stage” and will find “Product Market Fit” in 2020-2021
- 2020 will see syndicates become mainstream
- Indian rupee capital will begin to dominate private markets
- Global secondary funds will cement their position in India
- Incubators who only offer funding will be passé. Smart capital will become the new norm.
In our annual report we’ve talked about why and how each of these will pan out in the year to come and our endeavour at LetsVenture will always be to keep the wheel of capital churning at every stage of the investment cycle as we set about organising the private market in India.
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