Bengaluru, Feb. 16 -- For long, Indian startups were celebrated for chasing growth at any cost, which meant they were free to burn through bales of investor money to acquire customers even as losses mounted. Then covid and the funding winter that followed forced mature startups to focus on profitability-a recalibration that's trickling down to early-stage startups.

Over the next two years, most early-stage startups in India expect to break even, while several late-stage firms have already turned profitable, according to a recent survey by venture debt firm Innoven Capital.

The survey, which covered over 100 founders across sectors, underscores a trend reversal over the past 12-18 months. Investors are placing a premium on sustainable bu...