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India is positioned as the leading growth story of the 21st century, having strategic advantages over China and other emerging markets and is a top destination for equity investments, said a report by Bay Capital, an India-focused investment management firm.

Gupta set up IvyCap in 2011 on the back of a belief in immense potential within the domestic market, with a concept revolving around the IIT alumni ecosystem.

Startups may also have other factors to raise capital at this stage such as overseas expansion, inorganic acquisition, bolstering existing technology teams, CXO level hiring, or even when aiming for a benchmark valuation for IPO in a few years, Honagudi explained.

According to SEBI, the funds have been defunct and have stopped registering themselves in their jurisdictions. SEBI also found that FVCIs had stopped publishing their quarterly reports.