India’s listed digital firms’ market in early days as ‘reverse flipping’ gains steam: Bay Capital
June 3rd, 2025
The white paper noted that publicly listed digital-first companies in India are now valued at over $90 billion. As more businesses turn profitable and scale up, the overall value of India’s digital sector is expected to rise steadily, it added.
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.
“With more businesses reaching profitability and scale, the overall value of India’s digital sector is expected to rise steadily,” the report said. “What was once seen as risky or speculative is now increasingly recognised as a credible, long-term investment opportunity — grounded in real business models and good governance,” it said.
Excerpts from the interview have been covered here on the Economic Times website :-
Posted by Siddharth Mehta, Founder & Managing Partner
