India's startup IPO market is entering a new phase, where public investors are demanding more realistic valuations and smaller fundraises. We explain what it means for the next wave of tech IPOs. Plus, the rate that is likely on UPI MDR transactions. Also in this episode: Nykaa reports a blockbuster Q1 with profit more than tripling as beauty and fashion both gain momentum. The Indian government summons Meta's global team over concerns around child safety, platform accountability and content moderation.
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