While India’s publicly listed digital-first companies are now valued at over $90 billion, the market remains concentrated and still in the early stages of maturity, according to a new white paper by Bay Capital.
The firm noted that nearly a quarter of this total market value is accounted for by a single company, though it did not name Zomato.
However, Bay Capital noted that this concentration is not a concern but rather a signal that the market is just beginning to deepen.
“With more businesses reaching profitability and scale, the overall value of…