How WWIPL Brought Structure to India’s Private Markets — Krishna Patwari Speaks

India’s private market has undergone a remarkable transformation over the past two decades, evolving from a largely unstructured, opaque ecosystem into one of the most dynamic investment spaces in the country. At the forefront of this shift is Krishna Patwari, Founder & Managing Director of Wealth Wisdom India Pvt. Ltd. (WWIPL.com), a platform that has played a pivotal role in bringing structure, transparency and technological innovation to the unlisted and delisted share market.

In this conversation, he reflects on the early days of WWIPL, the challenges of building trust in an unfamiliar asset class, the creation of Primex 40 — India’s first live private market index — and his views on the long-term future of India’s private economy.

The insights are shared by Krishna Patwari, Founder & MD of Wealth Wisdom India Pvt. Ltd. (WWIPL.com)

What did the financial landscape look like in 2007 when you founded Wealth Wisdom India Pvt. Ltd. (WWIPL.com), and what made you believe the timing was right?

Krishna Patwari: The financial landscape was completely different from what we see today. Physical share certificates were still widely used, and most investors were unfamiliar with demat processes. The market lacked transparency, and information about unlisted or delisted companies was minimal.

There were very few websites, no real-time pricing, and the buyer–seller gap was extremely wide. Most investors were not tech-friendly, and even basic processes required significant time and manual effort. Slowly, things began to change. With smartphones becoming widespread, mobile data becoming cheaper, and technology improving, the market started opening up. Transparency improved, investors became more informed, and new players began adopting technology-driven methods.

I believed the timing was right because I could clearly see that India was entering a phase in which private markets would grow multifold, supported by digital adoption and rising investor awareness. This conviction pushed me to build WWIPL with the vision of bringing structure, trust and accessibility to private markets.

What were those early years like? Did people understand what WWIPL was doing?

Krishna Patwari: The early years were challenging and full of learning. Most people had never heard of unlisted shares. Many did not understand how the market worked, how transfers were completed, or why these investments existed in the first place.

We spent a lot of time educating investors, resolving their doubts, building trust and showing them real data. Slowly, as they witnessed genuine opportunities and smooth transactions, confidence grew. Those early years laid the foundation for everything WWIPL is today.

What were the biggest challenges in getting people to trust an unlisted-share platform when the concept was new?

Krishna Patwari: Trust was the biggest challenge. The market was unorganised, processes were slow and information was difficult to find. To build trust, we focused on:

• Transparency in pricing
• Authentic financial information
• Investor-first service
• Fast and compliant transactions

We also helped thousands of investors recover old or stuck investments in equity, mutual funds and bonds, which further strengthened our credibility. Over time, investors saw that WWIPL actually delivered on its promises.

What makes WWIPL’s approach to investments truly different, especially when compared to other platforms?

Krishna Patwari: WWIPL stands out because of authentic data, technology and investor empowerment. We provide:

• Authentic historic price charts of most unlisted, delisted and pre-IPO companies
• Real-time rate updates
• Primex 40 – India’s first live private market index
• Private Market Portfolio Tracker
• Return Calculator for unlisted and delisted shares
• Free annual reports and corporate actions
• On-demand research reports

Our goal is to give investors complete clarity. In an opaque segment, WWIPL brings transparency, speed and reliable information that no one else offers.

You’ve set a benchmark with your 12-hour share-transfer process. Can you walk us through the technology and checks that make it so seamless?

Krishna Patwari: Earlier, the transfer process was slow because Delivery Instruction Slips (DIS) had to be filled manually and physically submitted, causing long delays. Sometimes money remained stuck for months. We changed this entirely and were the first in the industry to adopt online share transfers and net-banking payments. Today, our 12-hour process works because of:

• Automated back-end checks
• Digital KYC and compliance validation
• Real-time payment confirmation systems
• A trained operations team monitoring transfers continuously

This combination of technology and human oversight ensures speed without compromising safety.

Many investors are still cautious about unlisted shares. What do you think Indian investors misunderstand about private markets?

Krishna Patwari: It is absolutely fine to be cautious — in fact, caution is essential when making an investment decision. The problem is not caution; it is misunderstanding.

Many Indian investors still believe unlisted shares are “too risky” simply because they are not visible on the stock exchange. But private markets are not inherently riskier — they are just different and require proper data, patience and research.

Another major issue is that investors often get influenced by hype created by brokers, agents or even companies themselves. I always tell investors to remember: Noise and News are completely different. Noise is what the market talks about, whereas news is what the data proves.

Hence, before investing in any private company, investors should study all available data, understand the financials, business model and growth potential, ignore market hype and prioritise clarity over speed.

If the investment amount is large, investors should even physically verify the company they plan to invest in. Transparency, direct verification and thoughtful analysis are the best tools to avoid mistakes in private markets. With the right information and a clear mind, private markets can offer excellent long-term opportunities.

Tell us about the story behind the Primex 40 Index. How did the idea for India’s first live private market index come about?

Krishna Patwari: Primex 40 Index was born from a simple question: “How do we measure the private market’s performance?” Investors had no benchmark — no index, no trendline, no reference point. So, we created India’s first live private market index by tracking 40 of the most active unlisted and delisted companies.

The goal was to bring transparency, insight and structure to a segment that had none. Today, the Primex 40 Index helps investors understand movement, valuation trends and market cycles in real time.

Where do you see this index going in the future? Could it evolve into a benchmark for India’s private economy?

Krishna Patwari: Absolutely. I see Primex 40 Index evolving into the official benchmark for India’s private market, just like NIFTY or Sensex for the listed market. As the private economy grows, more investors — retail and institutional — will look towards standardised tools, and the Primex 40 Index is designed for precisely that. Over time, it can become a reference point for funds, analysts and global investors studying India’s private market movement.

What’s your view of India’s private market boom? Is this a bubble or a long-term shift?

Krishna Patwari: This is clearly a long-term structural shift, not a bubble. India’s private market is expanding rapidly because many strong companies now prefer to stay private for longer and grow at their own pace before listing. What many investors do not realise is that some of India’s biggest, most respected and highest-revenue brands are still unlisted, including:

• Parle Products (Parle-G) – one of India’s largest FMCG brands
• Bharat Serums and Vaccines Ltd. (BSV) – a major pharma and biotech company
• Jio Platforms – a digital powerhouse with global investors
• Flipkart – one of India’s biggest e-commerce companies
• Rapido – a rapidly expanding mobility and logistics platform

These companies operate at enormous scale, generate significant revenue, and have millions of customers — yet they remain unlisted. This proves that India’s private market is not a niche; it is a massive parallel economy with immense potential.

The boom is supported by rising technology adoption, increasing investor awareness and easier access to data and platforms like ours. Companies are also choosing to remain private longer to unlock more value. This shift is sustainable — India’s private market is becoming a major pillar of the economy, and the next decade will see it expand multifold.

If you could give one piece of financial wisdom to India’s next generation of investors, what would it be?

Krishna Patwari: My advice is simple: Always understand the business before you invest. This is the most important principle in investing. If you are not comfortable with a company’s business model, strategy, management style or even the sector it operates in, it is better to stay away. Investing without clarity leads to mistakes, and clarity only comes from understanding.

Do not follow hype, chase trends or invest just because others are excited. Focus on solid research, long-term thinking, analysing all available data, understanding risks and staying disciplined.

Finally, always differentiate between noise and news. Real wealth is created when you invest in businesses you truly understand. Patience, knowledge and conviction are your strongest financial assets.