Byju’s, once valued at $22 billion, is now deemed worthless by HSBC. Other Indian startups also saw drastic valuation drops in HSBC's report.

Binny Bansal, Flipkart's co-founder, discussed India's tech ecosystem at the SPC event. He praised India's regulatory environment as strong but not unique, noting the government's light involvement.

There is a growing trend among Indian startups to return to their home country. Groww, a popular investment app company with over $3 billion valuation, is now one of the first startups to move its operations from the US back to India.