While the stock performances of tech IPOs, compared to other consumer companies, witness a steeper crash, India is poised to see more than 100 large-scale profitable/path-to-profitability startups in the next five years. With about 20 of them already being listed, about 80 start-ups have the potential to look at an IPO journey, according to a report by Redseer Strategy Consultants with HSBC. The learning is that there may be more time, maybe a few quarters, for the markets to recover. “We always see IPOs bouncing back post downturns,” the report added. In India, with about a $3.9 trillion market capitalisation, only about 1 per cent can be attributed to tech/new age companies. There are a lot of metrics here that the start-up will need to focus on in their IPO journey, including market leadership, clearly visible TAM, moats/multiple use cases, diversified, consumer love, predictable revenues, high operating leverage, achieved sustainable unit economics and a clear path to profitability.