Krishna Patwari of Wealth Wisdom India on Decoding India’s Unlisted Market, Building Transparency with PRIMEX 40, and Shaping Informed Private Market Investing

StartupTalky presents Recap'25, a series of exclusive interviews where we connect with founders and industry leaders to reflect on their journey in 2025 and discuss their vision for the future.

In this edition of Recap’25, StartupTalky speaks with Krishna Patwari, Founder & Managing Director of Wealth Wisdom India Pvt Ltd (WWIPL), who reflects on the remarkable evolution of India’s unlisted and pre-IPO market over the past two decades. From a fragmented, opaque ecosystem dominated by physical share certificates and limited information, Patwari traces how technology, data access, and investor awareness have transformed private market investing into a more structured and credible asset class.

He goes on to discuss the launch of PRIMEX 40, India’s first live private market index, and why benchmarking, transparency, and real-time visibility were long overdue in the unlisted space. The conversation explores shifting investor behaviour, the growing preference for early-stage value creation over post-IPO maturity, and the importance of discipline, patience, and due diligence in private market investing. Patwari also shares insights into emerging sector trends for 2025, the role of governance and profitability in shaping valuations, and practical advice for first-time investors navigating India’s evolving private market landscape.

StartupTalky: WWIPL has been operating in the unlisted and pre-IPO market for nearly two decades. How has this market evolved over the years, and what major shifts have you observed recently?

Krishna Patwari: The unlisted and pre-IPO market has changed tremendously over the past two decades. Back in the day, investing in private company shares was tough as people simply didn’t have access to reliable information or data. Physical share certificates were common, most investors weren’t familiar with demat accounts, and the market lacked transparency.

Prices were scattered, the gap between buyers and sellers was huge, and everything was slow and manual. But over time, technology started to shift the landscape as people got instant information just with a few taps on the phone and investors began to access information more easily. Transparency improved, people became more informed, and the market slowly opened up. And with this, we see private market growth in the last few years, driven by digital adoption and investor awareness. And this is where WWIPL comes - to bring structure, trust, and easy access to this evolving market.

StartupTalky: With the launch of India’s first live private market index, PRIMEX 40, what gap were you aiming to address for investors in the unlisted space?

Krishna Patwari: With the launch of India’s first live private market index, PRIMEX 40, we wanted to solve a simple but critical problem: investors had no way to track or benchmark the private market. There was no index, no trendline, no reference point. Primex 40 fills that gap by following 40 of the most active unlisted and delisted companies, giving real-time visibility into valuations, market movements, and trends. Our aim was to bring transparency and structure to a space that’s long been opaque, helping investors make more informed decisions.

StartupTalky: What factors should investors carefully evaluate before investing in unlisted or pre-IPO shares, especially in today’s volatile market environment?

Krishna Patwari: Before investing in unlisted or pre-IPO shares, my advice is simple: really understand the business. If you’re not comfortable with the company’s business model, strategy, management, or even the sector it’s in, it’s better to step back. Investing without clarity almost always leads to mistakes, and clarity only comes from understanding.

Don’t get caught up in hype or trends, or invest just because others are excited. Focus on doing your homework—look at the numbers - profits, financials and more, the risks, and think long-term. Learn to separate noise from meaningful news. Real wealth comes from backing businesses you truly understand and believe in.

StartupTalky: Transparency and pricing are often concerns in the OTC and unlisted markets. How does WWIPL ensure trust, fair valuation, and execution for its investors?

Krishna Patwari: At WWIPL, our mission is simple: empower investors to make informed decisions. We ensure trust by providing authentic historic price charts, real-time rate updates, and free access to annual reports and corporate actions. Investors can see exactly what they are paying for and track the performance of their investments through our Private Market Portfolio Tracker and Return Calculator. When it comes to pricing, we offer the best prices in the industry, with zero brokerage and no hidden charges. And when an investor places an order, our fastest turnaround in just about 12 working hours ensures that execution is quick and reliable. On top of that, our PRIMEX 40 Index provides real-time insights into India’s private market, helping investors make informed decisions by following the trend. In an otherwise opaque segment, we bring speed, accuracy, and transparency so our investors can focus on investment opportunities.

StartupTalky: How do you see investor behaviour changing in India when it comes to private market investments compared to traditional listed equities?

Krishna Patwari: Indian investor behaviour is undergoing a structural shift. Traditionally, investors focused almost exclusively on listed equities, entering only after a company had gone public and most of the early value had already been captured.

Today, investors are increasingly looking up the value chain. There is a growing recognition that private markets offer earlier entry points, often at more rational valuations, and provide exposure to a company’s growth phase rather than its maturity phase.

This shift is also driven by a deeper understanding of long-term wealth creation. Investors are becoming more patient, more analytical, and more willing to accept lower liquidity in exchange for higher potential value creation. Improved access to data, better transparency, and technology-driven platforms have further reduced information asymmetry, making private markets a credible alternative to traditional listed equities.

Overall, this evolution reflects a more mature and informed investor mindset, where capital allocation is based on fundamentals and lifecycle positioning rather than short-term market movements.

StartupTalky: Looking at 2025, what trends do you expect to shape the unlisted and pre-IPO market in India, and which sectors appear most promising?

Krishna Patwari: This year, the unlisted market has seen a diverse investor interest. The focus is no longer on hype, but on profitability, transparency, and clean governance. A strong pre-IPO pipeline and better regulation are creating healthier valuations, with sectors like financial services and e-commerce standing out.

StartupTalky: Based on your experience, what practical advice would you give to first-time investors exploring unlisted shares and private market opportunities?

Krishna Patwari: From my experience, unlisted shares reward informed and patient investors. The first step is to understand the business thoroughly—its revenue model, management quality, competitive position, and long-term strategy. If you don’t fully understand the company or are uncomfortable with the sector, it’s better to stay away.

Avoid rumours and market hype. Private markets often lack instant price discovery, so decisions driven by hearsay can be costly. Always focus on verified information, realistic valuations, and transparent pricing.

Liquidity in unlisted shares can take time, so invest only capital you are comfortable holding for the long term. Patience is not optional—it is part of the investment thesis.

Finally, work with trusted platforms and advisors, ask questions, verify data, and remember that in private markets, discipline and due diligence matter far more than speed.

Explore more Recap'25 interviews here.