How secondary transactions are evolving in Indian start-up ecosystem

In this episode of the EY India Insights podcast, we explore the evolving dynamics of secondary transactions in Indian start-ups and how they are reshaping valuation benchmarks in the ecosystem.

Navin Vohra, Leader, Valuation, Modeling and Economics, EY India, shares perspectives on the shifting landscape, challenging the long-held view that secondary transactions are typically priced at a discount. The conversation highlights how, increasingly, secondary deals are aligning with primary valuations—signaling growing investor confidence, stronger demand in high‑growth ventures, and a maturing market environment.

Key takeaways:

• Secondary transactions in Indian start-ups are increasingly aligned with primary valuations, reflecting stronger investor confidence and enhanced market maturity.
• In high‑growth start-ups, strong demand and performance often outweigh investor rights, reducing the need for discounts in secondary transactions.
• Absence of discount in secondaries signals better liquidity, fair value and an evolved start-up ecosystem for founders and investors.

Tune in to understand how the narrowing valuation gap between primary and secondary transactions reflects a more resilient, transparent and mature Indian start-up ecosystem.