For a brief period, India appeared to be the next major hub for technology startups. However, the country's leading startups are now struggling to stay afloat, and funding for upcoming entrepreneurs is dwindling. Promising profits have turned into significant losses. Byju’s, once valued at $22 billion as India’s most valuable startup, has seen its valuation plummet by over 90%. Paytm, which achieved the largest initial public offering in India's history in 2021, has experienced an 80% drop in its stock value. Oyo Hotels, a well-known lodging business, has faced a valuation decline of approximately 75% due to accounting issues and conflicts with partners. These three prominent companies alone have collectively lost a significant portion of their market value.
The $45 billion collapse of India's startup sector raises concerns about the future of its technology industry.
Updated: Aug 1
Comentarios