What’s next? This existential question never leaves our side — whether in the realm of personal ambition or the boardrooms of high-growth enterprises. For India’s crop of ambitious founders, that “what next” is invariably linked to public listing, once heralded as the capstone of business achievement. Yet, the tide is turning. While going public still offers massive opportunities, remaining private is increasingly regarded as a strategic masterstroke in today’s dynamic global and Indian environment.

The traditional narrative was straightforward: start, scale, list. However, according to KPMG, while 80 Indian companies debuted on the main boards in FY25 — raising a record ₹1,630 billion — the Indian startup ecosystem is witnessing growing hesitance among founders about the rush to go publi

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