India’s startup ecosystem, the world’s third-largest with 195,065 DPIIT-recognized ventures and a $450 billion digital economy, is a tale of meteoric rises and sobering resets—112 unicorns valued at $350 billion, yet marred by governance scandals and markdowns that expose a transparency void. From Byju’s 99% valuation plunge to $250 million amid fraud allegations to Paytm’s …