That backdrop helps explain why investors are widening the exit playbook. Mint spoke with VCs, who said secondary funds are becoming more active in India and that investors are increasingly looking at partial exits and other liquidity options.
Nao Murakami, founder and general partner of Incubate Fund Asia, said Indian IPOs remain a key ambition for founders, but investors can no longer rely on them as the sole exit route. With public listings taking longer and secondary opportunities becoming more relevant, the firm is now treating partial exits and other liquidity options as part of normal portfolio management.