Check top startups Byju's, Ola, Swiggy, OYO and others which lost crores in valuation in 2023

Check top startups Byju's, Ola, Swiggy, OYO and others which lost crores in valuation in 2023

Jan 19, 2024

Abhishek Yadav

In 2023, nine Indian unicorns experienced an average value loss of 49%, signalling a shift away from the growth-at-any-cost model for startups.

Byju’s, an ed-tech startup, led the pack with an 86% markdown in its valuation, dropping from $22 billion.

Others such as Ola saw a 35% markdown to $6.7 billion, PharmEasy (90% to $5.6 billion), OYO (72% to $9.6 billion), Meesho (10 % to $4.9 billion), Swiggy (34% to $10.7 billion), etc.

Challenging market conditions prompted 23 unicorns to achieve profitability in 2023, paving the way for potential Initial Public Offerings (IPOs).

Notable profitable unicorns included Zerodha ($350 million profit), Five Star Business Finance ($73 million profit), and MakeMyTrip ($70.3 million profit).

13 unicorns are planning IPOs in 2024, following the trend set by 15 unicorns that went public so far.

India remained the third-largest home to unicorns, taking an average of 5.5 years to achieve unicorn status in 2023, an improvement from the previous four years' average of eight years.

The fastest to attain unicorn status was the roll-up e-commerce company Mensa Brands, taking only six months in November 2021 after raising its first $50 million round in May 2021.

The slowest was NBFC Five Star Business Finance. Founded in 1984, the company took 37 years to reach the unicorn valuation.

Female founders played a significant role in India's unicorn ecosystem, contributing to a notable share of successful startups.

Image source : Pixabay