Future Outlook

The Indian early-stage ecosystem continues to be a hotbed of innovation and continues to attract significant new investment from global investors. 4QFY24 inflows maintained the levels of the previous quarter leading us to be hopeful of a bottom formation. Our first hand interactions and on-the-ground research indicates that most businesses remain focused on operational metrics. Lower interest rates and stable geopolitics are still considered the key factors for thawing the global funding winter. Despite the environment, our portfolio companies have demonstrated resilience and possess sufficient runway to maintain growth trajectories while enhancing metrics and achieving further expansion. We remain optimistic as this seems to be the best time to deploy capital.