We break down:
• MoEngage’s $100M round → 60% primary, 40% secondary, at a ~$700M blended valuation
• Who exited (rumoured: early angels, Z47) and why this aligns with the “T–3 to IPO” liquidity window
• How half-a-billion–to–billion–dollar companies are becoming reliable $10–40M exit engines
• Spacewood’s ₹300 Cr raise at a ~₹1200 Cr post-money — and how A91 is replicating its IntrCity playbook
• Why pre-IPO secondaries are starting earlier, and why growth funds are now buying 15–25% stakes, not 2–3%
Plus: the latest DRHPs from Capillary, Pine Labs, Physics Wallah, Groww, SEDEMAC, MPIS, and what they signal for India’s 2026 IPO pipeline.
If you track Indian exits, secondaries, and pre-IPO deal flow—this is your monthly must-watch.