Lost in valuation:Global investors don't value these Indian startups as highly as they did

May 18, 2023

By: Anagh Pal

What is a valuation markdown?

A markdown of a company refers to a situation where the current potential selling price of the company is lower than its valuation in the most recent round of fundraising.

Credit: Canva

​Who determines a valuation markdown? ​

​Startup markdown valuations are determined by investors, such as venture capital firms. If they believe the company's value has decreased since the last funding round, they may assign a lower valuation. We look at Indian startups that have undergone recent valuation markdowns. ​

Credit: Canva


​E-pharmacy company Pharmeasy saw its valuation slashed to $5.6 billion at its latest fund raise, to ₹4.4 billion for a second time, by Neuberger Berman, an investment management firm. ​

Credit: Pharmeasy


Janus Henderson, an US-based investor, had reduced the valuation of API Holdings, the parent company of PharmEasy, by 50 percent to $2.8 billion. The startup’s plans to raise funds via an IPO fizzled out last year.

Credit: Pharmeasy

​Pine Labs ​

​Investment management firm Neuberger Berman recently submitted a regulatory document to the US Securities and Exchange Commission stating that merchant platform Pine Labs' valuation was reduced from $5 billion to $3.1 billion. ​

Credit: Pine Labs


​Vanguard, a US investment management company, lowered the valuation of Ola's parent firm, ANI Technologies, by 35 percent to $4.8 billion. Ola, based in Bengaluru, was previously valued at $7.4 billion.​

Credit: Ola


​Asset Management Invesco, in its second valuation adjustment within four months, has reduced Swiggy's valuation to $5.5 billion from ₹8.2 billion. ​

Credit: BCCL


​US-based asset management firm Baron Capital Group also cut Swiggy's valuation by 34 percent to $7.1 billion, in December 2022, according to SEC filings.​

Credit: Swiggy

​BYJU’s ​

BlackRock, a US-based asset manager, has significantly reduced the valuation of the edtech major by almost 50 percent to $11.5 billion. This marks a substantial markdown from the previous valuation of $22 billion in 2022.

Credit: BYJU's


​Softbank, the largest shareholder in the hotel-booking firm Oyo, had lowered its estimated value to Oyo to $2.7 billion from $3.4 billion, in September 2022, after comparing it with industry peers.​

Credit: Oyo Rooms

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