For a while, India seemed poised to become a major hub for technology startups. Now, however, the country’s leading tech companies are facing significant difficulties, and it’s becoming harder for new ventures to secure funding.
The once-promising prospects have drastically diminished. Byju’s, a frontrunner in online education and previously India’s most valuable startup at $22 billion, has seen its valuation plummet by more than 90% from its peak. Paytm, a digital payments company, conducted what was then India’s largest initial public offering in 2021, only to see its stock value decline by approximately 80%. Oyo Hotels, a prominent lodging business, has experienced a 75% drop in its valuation due to accounting issues and disagreements with partners. The combined market value lost by these three major companies alone exceeds $45 billion. Furthermore, research indicates that over 35,000 startups ceased operations last year.
