The India thesis just printed receipts. Multiple times. In one week.

Mamaearth: 53x. Delhivery: 20x. Go Digit Insurance: 10x. Nykaa: backed at ₹775 Cr, listed near ₹1 lakh Cr.

This isn’t a global tier-1 fund’s track record.

This is one Indian family office. Sharrp Ventures — the investment vehicle of Harsh Mariwala (Marico founder). ₹47,400+ Cr in returns across 13+ listed stocks. Public data. Go look it up.

The India thesis has been “coming” for twenty years in global LP conversations. I’ve heard “India is the next China” at three different points in the last decade. The family offices operating inside the ecosystem were quietly compounding 10-53x returns while global allocators were still “studying the opportunity.”

That asymmetry is closing.

What happened this week:

→ Kissht IPO hit India’s public markets — the first VC-backed consumer lender to graduate. 63M registered users. ₹5,956 Cr AUM. 34 AI sub-models running underwriting decisions. Sub-10-minute loan decisions at scale. The product is genuinely differentiated.

→ HealthKart: ₹37 Cr profit in FY24 → ₹120 Cr in FY25. On ₹1,313 Cr revenue. That’s a 3.2x profit jump in one year, with margins expanding. IPO candidate in 1-2 years — and the trajectory earns that designation.

→ Highness Microelectronics IPO: 193.9x oversubscribed. India’s capital markets just told you, in numerical terms, what they believe about the semiconductor story.

The pattern Manthan’s intelligence system flagged:

Three parallel tracks are converging. Consumer fintech has exit-graduated. D2C/consumer has multi-decade return data now in the public domain. Hardware and semiconductor is activating — not as a government promise, but as a capital market signal.

The gate for India’s public markets is narrow. Profitability + unit economics + execution discipline. Kissht qualified. HealthKart is qualifying. Urban Company — which widened losses 56.7x in Q4 FY26 — did not.

This is selective graduation, not a general India bull run. The market is telling you exactly what it will reward.

What this means:

For global allocators: the returns are now in the public domain. The family offices and early-conviction funds who were there for the 20-53x are already positioned. The question is no longer “should we have India exposure.” It’s “do we have the local intelligence to navigate a selective, profitability-gated market?”

For founders: the exit path just became more real — and the bar just became more explicit.

We track 13,800+ India companies at Tavaga Fund through Manthan Intelligence. The exit window that our intelligence system identified last week is broadening. The next 18 months will produce more India IPOs than any comparable window in the last decade.

But only for the right businesses.

What’s your read on India’s IPO window — are global LPs finally moving from curious to committed?

Mayank Mathur is the founder of Manthan Intelligence (getmanthan.com) and GP of Tavaga Fund — an AI-native investment operation tracking 13,800+ companies across India’s startup and growth ecosystem.

Read more at getmanthan.com

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