ASYMMETRIC Urban Company DRHP, Tariffs & Dark Patterns in India’s Startup Landscape with Tushar Behl
May 9, 2025
Tushar Behl, Principal at Glade Brook Capital, shares insights from his extensive background in private equity investing in India. He discusses the impact of tariffs on innovation and the evolving IPO landscape in India, highlighting the need for strategic reforms. The conversation also delves into challenges Indian brands face as they expand globally and the disruptive potential of Urban Company’s services. Tushar offers a nuanced perspective on valuation insights for service companies, emphasizing the importance of consumer trust and brand loyalty in a competitive market.
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Supply-Demand Drove India's IPO Boom
- India’s recent equity rally was driven by domestic demand far outpacing public supply, creating a tight IPO window.
- FY26 shows supply rising and the supply-demand gap normalizing, reducing the froth in listings.
Go Public When Ready, Not To Time Markets
- Don't try to time the market for an IPO; list when the business is ready.
- Stay private only if your shareholders can and the company truly needs more time.
Cash-Rich Privates Replace IPO Exits
- Some US private companies generate so much cash they run regular tender offers instead of listing.
- That creates a class of durable private companies with shrinking public float and concentrated founder ownership.