Progress comes in layers

The 'Silent Transformation of India' is now maturing, creating a fertile ground for growth of new businesses

Just funding doesn’t a business make. Last week, in the first part of a four-part series on the discovery of 100 unicorns in India, we discussed the important role of private equity and venture capital in providing the risk capital that catalysed growth for these firms. That said, capital is only an enabler of growth, valua­t­i­ons can be volatile, and invest­ors in private markets are as susceptible to herd behaviour as those in listed stocks. Eventually, business opportunities must exist or be created. If there is no promise of future growth in profits, backed by evidence of other firms and