VALUATION MARKDOWN
PB Fintech's maiden profit; another markdown for Meesho
Policybazaar parent PB Fintech on Tuesday reported its first ever net profit on the back of strong revenue growth for the quarter ended December 2023. This and more in today’s ETtech Top 5.
Udaan valuation dives to $1.8 billion in down round
Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Udaan’s valuation plummets; draft rules for fintech self-regulatory bodies
Business-to-business (B2B) ecommerce platform Udaan has taken a major hit with its valuation being chopped by nearly half to $1.8 billion in a down round. This and more in today’s ETtech Morning Dispatch.
From $22 billion to $1 billion: Byju’s valuation at BlackRock bottom
Previously, BlackRock had valued Byju's at $8.2 billion at the end of the March quarter of 2023. For Byju's, this is not the first valuation markdown. Last year, Prosus cut Byju’s valuation to below $3 billion, while Peak XV Partners, formerly Sequoia Capital India, told its limited partners (LPs) it would have to significantly mark down the value of its holding.
Byju’s big valuation cut by BlackRock; HCLTech, Wipro earnings a mixed bag
Happy Friday! Beleaguered edtech company Byju’s valuation has been slashed again – this time to $1 billion – by BlackRock, the world’s largest asset manager. This and more in today’s ETtech Top 5.
Elon Musk’s X worth 'less than a third of purchase price': Fidelity
Fidelity cut by a further 11% the value of its holding in X as of the end of November, the report said, citing the latest portfolio update for its Blue Chip Growth Fund.
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Tiger Global’s biggest venture fund has 18% loss after markdowns
The nearly $13 billion Private Investment Partners 15 fund marked down AI-powered email company Superhuman by 45% and cut its valuation for privacy search engine platform DuckDuckGo by 72%.
Prosus cuts Byju's valuation to under $3 billion; PayU India, Swiggy H1 financials
Technology investor Prosus has slashed Byju’s valuation to below $3 billion from its peak of $22 billion. This and more in today’s ETtech Top 5.
Byju Raveendran among big names exiting 2023 Hurun India Rich List
Raveendran's exit was attributed to markdowns by the company's investors. A few days earlier, there were reports in the media that that online higher education platform Great Learning is making efforts to buy back the company from Byju's.
Zomato shares hit 52-week high of Rs 105.90; m-cap nears $ 11 billion
The stock's value has surged in the last eight months. Mutual funds have increased their investments in Zomato, making it one of the top buys of domestic fund houses in August, with purchases exceeding 80 million shares.
Changes in PB ratio calculation make Nifty valuations cheaper
The National Stock Exchange (NSE) has changed the methodology for calculating the Price to Book (PB) ratio of the Nifty index, leading to a decrease in its valuation measure. The PB ratio dropped by nearly 20% without the index falling, making Nifty's valuations cheaper. The change involves factoring in the net worth of each index constituent at the consolidated level in the annual financials, as opposed to standalone earnings. The PB ratio compares market price per share to book value per share and helps investors determine whether a stock is overvalued or undervalued.
Baron Capital raises Swiggy, Pine Labs valuation; Jio to bring AI to everyone, everywhere: Mukesh Ambani
US-based asset management firm Baron Capital has marked up the valuation of Swiggy and Pine Labs while slashing the valuation of edtech major Byju’s by almost half. This comes at a time when several Indian startups have faced valuation markdowns in the past few months.
Markdown detour slows fresh funds delivery to Dunzo
Reliance Retail, the largest investor with 26% stake in Dunzo, is averse to the idea of slashing the valuation of the startup by nearly 50% in a fresh funding deal being stitched together by a set of existing investors.
US investment firm Vanguard slashes Ola’s valuation again by more than 50% to $3.5 billion
The valuation cut comes at a time when a number of headline investors in multiple Indian startups have done the same, amid a global rout across public and private technology markets.
Fidelity halves Gupshup’s valuation to roughly $697 million
Fidelity Blue Chip Growth Fund’s stake in the San Francisco-headquartered startup was valued at nearly $11.09 million as of April 30, 2023, which it successively marked down.
Plan significant Byju’s markdown over lack of visibility on audited financials: Peak XV tells limited partners
Peak XV told LPs that GV Ravishankar’s resignation from Byju’s board on June 6 was due to the fund’s dissatisfaction with the company’s management on issues including internal processes, governance and audit.
Significant valuation markdown coming for Byju’s, Peak XV tells LPs; Myntra rejig to lay off 50
Hello, happy hump day, but maybe not for Byju’s. Peak XV Partners, formerly Sequoia India, has told its investors that it will have to significantly mark down the value of its holding in Byju’s as it was in the dark about the company’s finances. This and more in today’s ETtech Morning Dispatch.
Byju's aftermath: VC firm Blume Ventures cutting back on “frivolous” investments
Blume Ventures, which manages $625 million in assets, is cutting back on “frivolous” investments as it pushes portfolio companies to increasingly shift focus to profitability.
Prosus cuts Byju’s valuation to $5.1 billion, writes off ZestMoney investment
Prosus, earlier Naspers, owns little over 9% in Byju’s and readjusted the fair value of its investment in the firm to $493 million as of March 2023. For ZestMoney, Prosus has marked its investment in Primrose Hill (ZestMoney) to nil as against $38 million in FY22.
What is really happening with digital credit in India, and other top stories this week
The aftermath of Covid-19 and the subsequent moratorium on loan repayments burnt a massive hole in the loan books of lenders. While the large players managed their books somehow, fintech non-banking financial companies (NBFC) have grappled with ballooning non-performing assets (NPAs).
Global asset manager Janus Henderson cuts PharmEasy valuation further to $2.7 billion
As of March 31, 2023, funds managed by Janus Henderson valued their stake in the startup at $2.7 billion – less than half of the $5.6 billion valuation that was ascribed to PharmEasy at the time of its last fundraise in September 2021. Janus Henderson had participated in the funding round.
Byju’s, Meesho face valuation cuts; electric two-wheeler beneficiaries’ tally under FAME slashed
On Tuesday, BlackRock further marked down the valuation of edtech firm Byju’s, while Fidelity Investments slashed Meesho’s valuation by 10%. This and more in today’s ETtech Top 5.
Fidelity Investments cuts Meesho's valuation by 10% to $4.4 billion
Notably, Fidelity’s funds had valued Meesho at $4.98 billion as of December 2022. Prior to that, as of September 2022, the investor had ascribed a valuation of $4.29 billion to Meesho.
System of a down round: valuation markdowns hit Indian startups; to affect fundraising, IPO plans
Some of India’s biggest startup stars have seen their valuations slashed, and fallout is likely to impact fundraising, public offerings and employee morale in the entire ecosystem
ETtech’s top stories this week: Razorpay, Byju’s, ONDC vs Zomato and Swiggy
From exclusives and scoops to in-depth analysis, read ETtech’s most important stories from the week gone by.
Exclusive: Pine Labs, PharmEasy face markdowns by Neuberger Berman as tech valuations tumble
The chill in the consumer Internet investment ecosystem and the subsequent cooling down in startups’ growth in India are now being felt through a series of markdowns by US institutional investors of their investment in late-stage companies.
Valuation markdowns hit Pine Labs, PharmEasy; Paytm’s boost to ONDC; and Netflix India under tax net
Continuing with the trend of valuation markdowns at large tech companies, fintech firm Pine Labs and online pharmacy PharmEasy became the latest to join the growing list. This and more in today’s ETtech Morning Dispatch.
Invesco slashes Swiggy’s valuation by 33% to $5.5 billion
This is the second time Invesco has cut down its valuation in the food delivery firm. We reported last month that Invesco had marked down its investment in food delivery firm Swiggy by 23%.
Abu Dhabi Fund 10X AD, Apollo Global in talks to invest in Byju’s parent or Aakash
It’s not clear if 10X AD will lead an investor consortium of family offices and ultra-high-net-worth individuals in Abu Dhabi or go it alone and invest $150-200 million
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