[shehjar]

My guess is, late stage investors are bringing money from a different class of LPs, who aren’t looking for asset classes that grow 20x.

[ashishb]

Leave 20X. My concern is that some of these can't even retain their valuations (Oyo and Byju are valued below their total funding amounts already).

[shehjar]

You are right and I am simply putting myself in the shoes of the late stage investors. Perhaps they have been sold a story the drives confidence in a 2X return. When the story doesn’t hold up, there isn’t much of a multiples buffer to prevent losing money.