Future Outlook

Early stage businesses have had to grapple through a lot in the recent past. Liquidity conditions have tightened significantly leading to large funding rounds becoming rarer and pricier as globally, interest rates have climbed up rapidly, geopolitical tensions continue to rise with the recent Israel incursions adding to the ongoing Russia-Ukraine fire, and dwindling risk appetite globally as well as in India as large family offices and institutions recalibrate risk in their portfolios. Business conditions, however, are robust as businesses built on strong architecture and having ample liquidity continue to grow. Tough times create strong businesses and we are firmly amidst such times. We continue to back our portfolio companies and believe this is the time to dedicate our efforts to identify sustainable businesses.