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. Advertisement

“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 re

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