Falguni Nayar on IPO Strategy

The 2021 IPO's reception — priced at a premium and holding value better than the 2021-22 cohort of Indian tech listings — was read as the market's reward for a unit-economics-first model, contrasting with the growth-at-all-cost framing of peers.

The prospectus disclosed that the firm had reached operating profitability while scaling, a fact that distinguished it from the loss-on-listing profile of most Indian consumer-tech peers and that anchored the IPO's premium pricing.