By: FPJ Web Desk | May 30, 2023
As global headwinds including geopolitical tensions and inflation hit funding, investors became more cautious and started marking down startup valuations, with Oyo being hit early with a 20% markdown by Softbank in September 2022.
Ola's valuation was marked down by 35%, by investor Vanguard as the cab hailing giant had to shut down its food delivery and used cars verticals and now faces competition from ONDC.
After the trend picked up, Neuberger Berman also swung in to slash the valuation of online drugstore PharmEasy by 21%.
Even as online transactions at shops and restaurants are gathering steam, Neuberger Berman cut down the valuation of retail payment tech provider Pine Labs by 38%.
Food delivery major Swiggy recently announced that it has achieved profitability, but that didn't stop Invesco from marking down its valuation by 33%.