As IPO momentum fades, VCs embrace partial exits and M&A

This background helps explain why investors are expanding the exit scenario. Mint He spoke to venture capitalists who said secondary funds are becoming more active in India and investors are increasingly looking at partial exits and other liquidity options.

Nao Murakami, founder and general partner of Incubate Fund Asia, said IPOs in India remain an important goal for founders, but investors can no longer rely on them as the only exit route. As public listings take longer and secondary opportunities become more relevant, the firm now treats partial exits and other liquidity options as part of normal portfolio management.