What I am reading:
A few trips to India ago, I wrote a piece on Deep Kalra of MakeMyTrip.com, an Indian online travel company that I guessed would be the first big Indian ecommerce IPO. Yesterday, the company made good on that—listing on Nasdaq and surging nearly 90%. It fell 5% today, but that’s not bad considering yesterday was the best one-day pop of any American IPO since 2007.
Does that mean a flood of Indian Internet IPOs will follow? Not necessarily. MakeMyTrip is a rare company in India, where Internet penetration is low and more money has been lost than made hoping it would take off faster. Here’s what Indian entrepreneurs should learn from what Kalra did right.
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