We have moved from a world where money had zero price to a point where money does come at a price, according to Uday Kotak, MD&CEO, Kotak Mahindra Bank. Kotak wrote in an address to shareholders that in the past few years, much private capital, supported by liberal printing of money by central banks, has chased a host of new-age companies, with an intent to create value through access, affordability, efficiency and usually an asset-light model hinged on technology.
The valuations have been off the charts, he pointed out, with investors chasing unicorns, gazelles and anything that can resemble a disruptor of traditional business models.
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