At the India Today Conclave in Mumbai, Business Today Editor Sourav Majumdar engaged in a thought-provoking conversation with Radhika Gupta, MD & CEO of Edelweiss Mutual Fund, about the changing landscape of Indian markets. Gupta highlighted the growing concentration of market capitalization at the top and the expanding universe of billion-dollar companies. India’s vibrant IPO market has attracted significant private capital over the last decade, and Gupta predicted that this trend will continue as more companies migrate from the unlisted to the listed market. She emphasised that the IPO market has matured, with companies like Zomato and other new-age businesses learning critical lessons about sustainability and profitability in the public space. Gupta believes that this new wave of listings will be met with enthusiasm as markets have adjusted their expectations. Additionally, she discussed the evolution of small and mid-cap companies. The average market cap of small-cap firms has grown exponentially since 2000, from under ₹100 crore to nearly ₹14,000 crore. Gupta argued that these companies are not just emerging players but are evolving into market leaders, reflecting the structural growth of India's economic landscape. This transformation signifies the continued growth and potential of India's capital markets.