There may be no hard crash, but later stage valuations are at risk

Suresh Shanmugham is managing partner and co-founder of Saama Capital, a venture capital firm that has invested in over 30 companies in India, including Snapdeal, Paytm, LendingKart, Hotelogix, JiffleNow and Chai Point. Saama is a relatively small fund, but has taken some risky early bets, like in Snapdeal and Paytm, that have paid off handsomely.