At the start of the year, we knew that the IPO momentum was going to be super strong among Indian startups. Some of the most noted companies in the country — PhonePe, Urban Company, OYO, Pine Labs, Zepto and others — are on the cusp of going public and naturally, there was a lot of confidence among investors about exits and maturity in the startup ecosystem.
But in the past month or so, there is also a new wave of caution. Under the President Donald Trump administration in the US, global trade has been shaken to quite some extent, and…

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