{"id":1244322,"date":"2023-04-03T11:32:53","date_gmt":"2023-04-03T06:02:53","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1244322"},"modified":"2023-04-03T11:33:30","modified_gmt":"2023-04-03T06:03:30","slug":"byjus-valuation-slashed-by-48-swiggy-valuation-reduced-by-25","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/byjus-valuation-slashed-by-48-swiggy-valuation-reduced-by-25\/","title":{"rendered":"Byju&#8217;s Valuation Slashed By 48%; Swiggy Valuation Reduced By 25%"},"content":{"rendered":"\n<p>Swiggy and Byju\u2019s investors have marked down the value of their holdings in the firms by 25% and 48%, respectively, continuing the trend of valuation markdowns of unicorn startups.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-1-3-1280x720-1-1024x576.jpeg\" alt=\"Byju's Valuation Slashed By 48%; Swiggy Valuation Reduced By 25%\" class=\"wp-image-1244329\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-1-3-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-1-3-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-1-3-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-1-3-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Sinking ships?<\/strong><\/p>\n\n\n\n<p>TechCrunch reports that BlackRock has slashed Byju\u2019s valuation, India\u2019s most valuable startup, to half \u2014 from $22 billion to $11.5 billion.<\/p>\n\n\n\n<p>Invesco has cut the valuation of Swiggy, India\u2019s most valuable food delivery startup \u2014 from $10.7 billion to about $8 billion.<\/p>\n\n\n\n<p>Other startups, including OYO, Snapdeal, Shopclues, Quikr, Hike and Paytm Mall, have also fallen victim to valuation cuts in the face of the weakening global economy.<\/p>\n\n\n\n<p><strong>OYO<\/strong><\/p>\n\n\n\n<p>Last September Softbank, the largest shareholder in OYO, cut its estimated value for the firm to $2.7 billion in the June quarter.<\/p>\n\n\n\n<p>The figure earlier stood at $3.4 billion.<\/p>\n\n\n\n<p>The revision was made after benchmarking it against peers with similar operations.<\/p>\n\n\n\n<p>This is quite the turn of fortunes- OYO\u2019s valuation had reached $10 billion in a 2019 funding round.<\/p>\n\n\n\n<p><strong>Investors themselves no exception<\/strong><\/p>\n\n\n\n<p>When SoftBank reported mediocre June quarter results last year, it marked down fair valuations of more than 280 of its portfolio firms, which mostly included private startups.<\/p>\n\n\n\n<p>Back then Financial Express had reported that this would set a concerning precedent for Indian fund managers and venture capitalists.<\/p>\n\n\n\n<p><strong>What&#8217;s going on?<\/strong><\/p>\n\n\n\n<p>The markdowns come at a time when the current global economic climate has gone south due to shaky markets and a funding freeze in the startup ecosystem.<\/p>\n\n\n\n<p>India\u2019s startups are no exception, with many having to scale back operations, cut costs, and conduct mass layoffs to stay afloat.<\/p>\n\n\n\n<p><strong>Funding<\/strong><\/p>\n\n\n\n<p>Edtech giant Byju\u2019s recently raised $1 billion in funding from investors, including BlackRock.<\/p>\n\n\n\n<p>Swiggy, meanwhile, has diversified its business into grocery delivery, and had also secured large funding worth $700 million led by investment firm Invesco in January 2022.<\/p>\n\n\n\n<p><strong>Firing after securing funding<\/strong><\/p>\n\n\n\n<p>Both firms laid off staff this year, with Swiggy recently firing around 8-10% of its 6,000-strong workforce.<\/p>\n\n\n\n<p>Similarly Byju\u2019s laid off 900 employees in February, making it the third round of firing in the last year.<\/p>\n\n\n\n<p><strong>Impact<\/strong><\/p>\n\n\n\n<p>It&#8217;s too early to say what this will ultimately result in, however, both companies were expected to go public soon.<\/p>\n\n\n\n<p>This will likely be pushed back in view of ongoing market conditions.<\/p>\n\n\n\n<p>A prolonged funding winter combined with a crash in growth and late-stage deals, may turn out to be a double whammy for unicorns which may have to give up their title as they lose their billion-dollar status.<\/p>\n\n\n\n<p><strong>Unicorns no more<\/strong><\/p>\n\n\n\n<p>Private market tracker Venture Intelligence reports that around seven Indian startups have lost their unicorn status in the last five years.<\/p>\n\n\n\n<p>From CY18 to CY22 (to date), around 105 startups had attained the unicorn status which has now come down to 84 active unicorns.<\/p>\n\n\n\n<p>This can be due to several factors, including seven losing valuations due to investor markdowns and another four getting acquired.<\/p>\n\n\n\n<p>Then around 10 startups were listed in the public markets in the last five years and so were <a href=\"https:\/\/www.financialexpress.com\/industry\/investors-slash-byjus-swiggy-valuation\/3029296\/lite\/?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">excluded <\/a>from Venture Intelligence\u2019s unicorn tracker list.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Swiggy and Byju\u2019s investors have marked down the value of their holdings in the firms by 25% and 48%, respectively, continuing the trend of valuation markdowns of unicorn startups. Sinking ships? TechCrunch reports that BlackRock has slashed Byju\u2019s valuation, India\u2019s most valuable startup, to half \u2014 from $22 billion to $11.5 billion. Invesco has cut [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1244329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[303,336,1288,179,1289],"class_list":["post-1244322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-byjus","tag-ola","tag-startup","tag-swiggy","tag-valuation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Byju&#039;s Valuation Slashed By 48%; Swiggy Valuation Reduced By 25% - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/byjus-valuation-slashed-by-48-swiggy-valuation-reduced-by-25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Byju&#039;s Valuation Slashed By 48%; Swiggy Valuation Reduced By 25% - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Swiggy and Byju\u2019s investors have marked down the value of their holdings in the firms by 25% and 48%, respectively, continuing the trend of valuation markdowns of unicorn startups. 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