India, Nov. 24 -- As 2025 winds down to a close, India's tech startups leave behind a year of windfall gains from the market. They raked in approximately INR 33,573 Cr from 15 listings until November, surpassing nearly INR 29,070 Cr raised a year back.

The market was rather a damp squib in the early half of 2025, but it later shrugged off the sentiment and helped startups garner billions of dollars from the public markets. The startling rally drove the inescapable comparison with the dot-com era of the late 1990s, when many internet companies saw their stocks zoom despite sinking into losses.

And given the high valuations of some of the startups that have gone public, are we staring at a bubble waiting to burst?

"Certainly, not," asser...