The floodgate for New Age Technology Company IPOs was opened by Zomato Ltd. So much so, there was no dearth of capital/cash flow required to fill in for the IPOs rather it was the lack of quality or number in terms of merchant bankers and distribution networks for managing the IPOs. Zomato Ltd. is pioneer in this space for taking the risk, for being the first one to build a book for IPO for a loss making entity. Zomato still stands from others in a rather peculiar way (will talk about it another piece). Exactly after its successful listing, the floodgates opened. Compounded by the liquidity in the international markets, and dearth of investing products in India, especially with the dwindling rates of debt market products. After Zomato, CarTrade, Nykaa, Paytm, PB Fintech, the list goes on and on. So much so that Nykaa’s peak valuation ($ 14.8 Billion) exceeded the total industry size ($ 13.50 Billion) of cosmetics market in India. It’s not the case that cosmetic industry is doubling eve...