The Indian startup ecosystem is experiencing a significant shift, with an increasing number of companies achieving unicorn status through multiple funding rounds and achieving substantial valuations before opting for IPOs. This trend is highlighted by the recent IPO blitz, with over Rs 12,000 crore raised in September alone. The success of companies like Zomato has marked an inflection point, attracting global venture capitalists to the market. Additionally, the public market's openness to smaller, profitable companies with sustainable growth, as evidenced by Unicommerce's bumper listing in August, indicates that unicorn status is no longer the only path to a successful IPO. Blume's Vikram and neerajarora of generalcatalyst have noted these trends. Venture capitalists are flush with funds, even amid economic headwinds, and are focusing on quality companies in India and Southeast Asia.