Ad-Tech in India: Stack-Native Wins, Wrappers Stall
India's ad-tech market splits into two architectures: businesses built on India Stack primitives (Aadhaar, UPI, consent), and legacy wrappers grafting Western playbooks onto fragmented Indian data. Stack-native firms own unit economics at scale. Wrappers plateau at $50M ARR.
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Amit Tyagi
Founder, AletheiaAI & GP, Fitoor Capital
Veteran of India's startup ecosystem. Writing about fundraising, investor psychology, and what it takes to build fundable startups in India.
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