4,000 CRORE LOSS… AND YOU’RE STILL TALKING ABOUT VALUATION?” 💀📉S

Sanjiv Goenka has a very different view of the new-age startup economy. His question is simple: If a company is losing thousands of crores every year, what exactly are we valuing? In his view, a business shouldn't become attractive simply because investors keep increasing its valuation on paper. A ₹2,000 crore valuation means very little if the underlying business cannot consistently create profits or cash flow. His philosophy is almost the opposite of the valuation-first startup culture: build a real business first. If your company is valued at ₹1,000–2,000 crore but is generating ₹50 crore of genuine business and building sustainable economics, that makes more sense to him than a company carrying a massive valuation while burning thousands of crores year after year. And that's why Goenka says he doesn't understand — or invest in — businesses whose story is primarily about equity rounds, unicorn status and future valuation, while profitability keeps getting pushed further into the future. Valuation is a number. Revenue is reality. Profit is proof. Cash flow is survival. You can raise billions and become a unicorn on paper. But eventually, the business has to make money. 💰