India, Feb. 9 -- Once touted as "India's fastest-growing political start-up", the Aam Aadmi Party (AAP) now faces its biggest existential crisis in over a decade, following a crushing defeat in its home turf, Delhi.

In Saturday's election, the Bharatiya Janata Party (BJP) wrested control of the national capital, securing 48 out of 70 seats and reducing AAP to just 22, much below its 2020 poll tally of 62 and the majority mark of 36. The defeat not only stripped AAP of political power but also damaged its once-unassailable reputation that had been built on its success in Delhi.

For the AAP, Delhi has always been the launchpad-its success story and a key source of momentum. With key figures like Arvind Kejriwal losing from New Delhi and o...