Good Morning,
The financial year 2021-22 has proved to be a stellar one for the Indian startup ecosystem with the emergence of a record number of unicorns, and many technology companies such as Zomato, Paytm, Nykaa, and PolicyBazaar going for IPOs.
However, sunny days may be over as value correction for the stocks of the newly listed tech stocks and volatility in the global markets have dampened these spirits. Many startups are on the back foot as value corrections have made retail investors wary.
Foodtech major Zomato closed March 2 at Rs 82.15 per share — down from its peak of Rs 169.10 on November 16, 2021. The company’s market cap stood at $8.51 billion as compared to its $12 billion public market debut.
Meanwhile, PB Fintech Ltd, the parent entity of PolicyBazaar, closed the day at Rs 659.45 per share on Thursday — nowhere close to its offer price of Rs 980 per share set during the IPO. The current market cap of the company stood at $1.09 billion, a sharp decline since its public market debut.
Click here to look at the performance of the new-age technology stocks listed in FY 2021-22 and where they stand today.
Editor’s Pick: How Russia-Ukraine conflict will affect SMBs
As World Bank earlier noted, the ongoing Russia-Ukraine conflict will have economic ramifications across the globe. At present, the Indian import and export industry has been severely affected due to the crisis. However, industries across textiles, plastics, steel, pharma, and Compressed Natural Gas (CNG) are also threatened.
The disrupted supply chain, unexpected price rise, blocked inventory, and uncertainty has also shaken India’s small businesses and MSMEs. Read more.
Startup Spotlight
Building sustainable blockchain ecosystem
Pratik Gauri and Prateek Dwivedi both had a common vision to build a sustainable decentralised network that was aligned with the United Nations Sustainable Development Goals (SDGs).
Along with Vilma Mattila, they built 5ire, a Web3 project to build a user-centric, sustainability-driven ecosystem around 5irechain (a Layer 1 blockchain). Read more.
News & Updates
- CRED on Friday said its revenue jumped nearly 170X (16,800 percent) to Rs 88 crore in the financial year ending March 31, 2021, mostly as it started monetising its platform in mid-2020. In the corresponding year-ago period, the startup recorded revenue of Rs 52 lakh.
- Electric scooter sales touched a new high of 3.3 percent in February 2022, according to a report published by Credit Suisse. The sales were higher in comparison to 2.7 percent sales in January 2022, and 1.9 percent in the third quarter of FY22.
- SoftBank Group Corp has restructured its senior leadership after Chief Operating Officer Marcelo Claure handed in his resignation in January. Rajeev Misra, CEO of SoftBank Investment Advisers, will now take charge of the company’s Latin America Funds.
- According to the Korn Ferry India Annual Rewards Survey - December 2021 report, the actual salary offered by Indian companies was predicted to increase to 9.3 percent in order to retain employees.
Before you go, stay inspired with…
“When you're doing the first pitch, you're asking people to believe in an idea..and that YOU are the people that can execute this idea.”
— Vasanth Kamath, Co-founder and CEO, smallcase
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