'Zomato at 156x, Nvidia at 42x': This wealth advisor says real bubble is in India’s backyard
Even within global AI, only Palantir (448.3x) and Tesla (100.73x) exceed the Indian outliers. But both operate at scale and have significant global revenue streams.
- Nov 22, 2025,
- Updated Nov 22, 2025 9:24 AM IST
While the world frets over an AI bubble, Indian tech may be quietly inflating one of its own. A striking comparison of EV/EBITDA multiples reveals that several domestic startups are commanding valuations that far exceed even the hottest global AI giants, despite weaker profits and shaky fundamentals.
Wealth advisor Mugdha Petiwale’s LinkedIn post throws a spotlight on what might be India’s most ignored valuation gap.
“Everyone’s talking about an AI bubble. But what if the real bubble is closer to home?” she writes, contrasting Indian tech valuations with global AI leaders.
The data is jarring. Indian firms like Zomato (156x), Physicswallah (131x), Nykaa (129x), and Paytm (91.5x) are trading at EV/EBITDA multiples that tower over global AI giants — even as some of them remain unprofitable. By contrast, Nvidia, the poster child of the AI boom with record-breaking earnings, trades at a relatively moderate 42.37x. Google (Alphabet) sits at just 7.2x, and Samsung at 5.75x.
Even within global AI, only Palantir (448.3x) and Tesla (100.73x) exceed the Indian outliers. But both operate at scale and have significant global revenue streams.
“Valuations tell us where expectations are running hottest,” Petiwale notes. And in India’s case, the numbers suggest irrational exuberance is building far from Silicon Valley.
The contrast is sharper when profitability enters the equation. Companies like Urban Company and Swiggy have negative EBITDA but are still fetching rich valuations — a stark mismatch compared to global AI players with proven cash flows.
This isn’t to discount India’s tech potential, Petiwale clarifies. “India’s tech story is powerful. The long-term potential is real.” But she urges investors to examine whether the froth has shifted. “Maybe the bubble conversation shouldn’t only be about AI. Maybe it’s time to look at what’s happening in our own backyard.”
While the world frets over an AI bubble, Indian tech may be quietly inflating one of its own. A striking comparison of EV/EBITDA multiples reveals that several domestic startups are commanding valuations that far exceed even the hottest global AI giants, despite weaker profits and shaky fundamentals.
Wealth advisor Mugdha Petiwale’s LinkedIn post throws a spotlight on what might be India’s most ignored valuation gap.
“Everyone’s talking about an AI bubble. But what if the real bubble is closer to home?” she writes, contrasting Indian tech valuations with global AI leaders.
The data is jarring. Indian firms like Zomato (156x), Physicswallah (131x), Nykaa (129x), and Paytm (91.5x) are trading at EV/EBITDA multiples that tower over global AI giants — even as some of them remain unprofitable. By contrast, Nvidia, the poster child of the AI boom with record-breaking earnings, trades at a relatively moderate 42.37x. Google (Alphabet) sits at just 7.2x, and Samsung at 5.75x.
Even within global AI, only Palantir (448.3x) and Tesla (100.73x) exceed the Indian outliers. But both operate at scale and have significant global revenue streams.
“Valuations tell us where expectations are running hottest,” Petiwale notes. And in India’s case, the numbers suggest irrational exuberance is building far from Silicon Valley.
The contrast is sharper when profitability enters the equation. Companies like Urban Company and Swiggy have negative EBITDA but are still fetching rich valuations — a stark mismatch compared to global AI players with proven cash flows.
This isn’t to discount India’s tech potential, Petiwale clarifies. “India’s tech story is powerful. The long-term potential is real.” But she urges investors to examine whether the froth has shifted. “Maybe the bubble conversation shouldn’t only be about AI. Maybe it’s time to look at what’s happening in our own backyard.”