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Eight listed tech startups including Zomato, Nykaa, PolicyBazaar lose Rs 38K crore in market value



In a matter of just 16 trading days in 2022, since January 3, the S&P BSE Sensex has seen a huge bout of volatility.

On January 24, at the day’s low of 56,984.01, the 30-stock Sensex was down 1,326.08 points – or 2.27 percent – compared to 2022’s opening value of 58,310.09 on January 3.

Just five trading days back, on January 18, the Sensex had touched 61,475.15 points – its highest in 2022. In comparison, at Monday’s low, the index was down by a whopping 4,491.14 points – or 7.31 percent.

And if one compares the Sensex’s 52-week high (and also its recent life-high) of 62,245.43 points, on October 19 last year, at Monday’s low point, the benchmark index has seen a fall of 5,261.42 points – 8.45 percent – in a matter of just 68 trading days.

Clearly, the recent bout of volatility shows steep moves on the benchmark index, and the same has its bearing on the market performance of eight tech startups that took the public route through their initial public offerings (IPOs) in 2021 – also hailed as the best year ever for IPOs.

On Monday, alongside the 1,545.67 – or 2.62 percent – decline in the S&P BSE Sensex, the eight tech startups witnessed an erosion of Rs 38,171 crore ($5.1 billion) in their total market value.

The total market value of these eight listed companies stood close to Rs 2.70 lakh crore ($36.3 billion) on Monday, as compared to Rs 3.08 lakh crore ($41.4 billion) on Friday.

At YourStory, we analysed these eight tech startups’ listing day closing prices and the value at which the S&P BSE Sensex closed on the respective listing days.

And, after rebasing the closing prices and the Sensex’s close to 10,000 on the respective listing days, we have arrived at the invested value’s performance at the close of trade on January 24 (Monday).

So, if one had invested an amount of Rs 10,000 in these tech startups and the Sensex on the respective listing days, YourStory Research has calculated the value of that amount as of January 24 (Monday).


Online travel player Easy Trip Planner, which operates EaseMyTrip, got listed on March 19 last year, and closed trade at Rs 208.3 a piece on its listing day when the Sensex closed at 49,858.24 points. 

Our calculations indicate that Rs 10,000 invested in EaseMyTrip and the Sensex at the time would have translated to Rs 25,787 and Rs 11,531 each over the 211 trading days until January 24.

On January 24, however, at Rs 537.15 apiece, EaseMyTrip has fallen by Rs 28.25 apiece – or 5.00 percent – compared to its Friday close of Rs 565.4 apiece.


Zomato, the foodtech unicorn which got listed on July 23 last year, quoted Rs 91.4 apiece at close of trade on January 24, down by Rs 22.35 apiece – or 19.65 percent – compared to Rs 113.75 apiece on Friday.

And, Rs 10,000 invested in Zomato and Sensex would have translated to Rs 7,263 and Rs 10,852 respectively, over 127 trading days since Zomato’s listing.


At Rs 768.8 apiece at Monday’s close, Cartrade lost Rs 44.4 apiece – or 5.46 percent – against its Friday close of Rs 813.2 apiece. 

And, in 108 trading days since its listing on August 20 last year, the value of Rs 10,000 would have nearly halved to Rs 5,125 while the same amount invested in the Sensex would have grown to a meagre Rs 10,391.


At Rs 1,734.85 apiece at the close of trading hours on Monday, FSN E-Commerce Ventures, which operates Nykaa, has seen a correction of Rs 257.55 apiece – or 12.93 percent – compared to Rs 1,992.4 apiece on Friday.

In the 53 trading days since November 10, when Nykaa got listed, the Rs 10,000 would have reduced to Rs 7,862 while the same amount invested on the Sensex would have reduced to Rs 9,526.


PB Fintech, which runs PolicyBazaar, quoted Rs 776.6 apiece at Monday’s close, which is a decline of Rs 87.85 apiece – or 10.16 percent – compared to its Friday close of Rs 864.45 apiece.

Listed on November 15 last year, PolicyBazaar would have turned Rs 10,000 into Rs 6,456 while the same amount invested in the Sensex on the same day would have stood reduced to Rs 9,468 on January 24.


One97 Communications, which operates Paytm, has been in the eye of a storm since its listing on November 18 last year.

At Rs 917.35 apiece on Monday, the stock was down by Rs 42.55 apiece – or 4.43 percent – on Monday, as compared to Rs 959.9 apiece at its closing price on Friday. The stock saw decent recovery after touching Monday’s low of Rs 881.5 apiece.

In a matter of 47 trading days, the Rs 10,000 invested on the basis of the closing price of Paytm on November 17 would have fallen to Rs 5,865 while the same amount invested in the Sensex would have reduced to Rs 9,640.


At Rs 401.3 apiece on Monday’s close, RateGainTravel Technologies fell by Rs 30.25 apiece – or 7.01 percent – compared to its Friday close of Rs 431.55 apiece.

However, the good news is that Rs 10,000 invested at RateGain’s closing price, on December 17 last year, would have grown to Rs 11,786 while the same amount invested in Sensex would have increased to just Rs 10,084 in a matter of 27 trading days.


Among the tech startups that went public in 2021, C.E. Info Systems – which operates MapmyIndia – is the oldest. At Rs 1,443.05 apiece on Monday, the stock lost Rs 159.8 apiece – or 9.94 percent – compared to its Friday close of Rs 1,606.85.

MaymyIndia is the third-best performing of the eight — following EaseMyTrip and RateGain — when it comes to the growth in the invested value of Rs 10,000, which would have increased to Rs 10,376 in a matter of 25 trading days since December 21 last year. The Sensex, in the meantime, would have grown to Rs 10,208.

Coming back to the equity markets, the current bout of volatility is here to stay, as February 1 – the unveiling day of the Union Budget for financial year 2022-23 – comes closer.

In the meantime, internationally, technology stocks have been taking a beating in recent weeks as multiple macro-economic factors like inflation and interest rates intertwine.

Given the way secondary markets have been behaving lately, it would be interesting to watch the implications of the same on the primary markets, as a host of companies are still in the queue to get listed.

Investment bankers opine that if secondary markets become conducive around the Budget, we could see many IPOs proceeding as the promoters have planned

“The suspense is still intact around the biggest surprise for the markets – the long-planned IPO of Life Insurance Corporation of India (LIC),” says an investment banker.

There are enough and more chances that the government will make its LIC IPO plans public through the Budget. “The Sensex above 55,000 happens to be a psychological plus-point to proceed with the LIC IPO,” says the I-banker. 

And if that happens sooner, they add that the pipeline of IPOs in 2022 could become a pipedream. “LIC would suck away investor liquidity, and its listing performance would be the defining factor, for equity markets as well as the IPOs in queue.”

Edited by Saheli Sen Gupta

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Dune: Awakening is an open world survival MMO



Dune: Awakening made its debut at The Game Awards as an open world survival massively multiplayer online game.

The game from Funcom and Nukklear looks beautiful, full of very detailed imagery of the desert planet Arrakis, also known as Dune. The game asked for beta signups, but we got no other information. Survival is the key word. Dune is a very deadly world, with sandworms and an unforgiving climate.

You can see places in the trailer like the city of Arakeen by day and night, as well as desert biomes and more. It’s not clear when it is coming. With luck, it will be close to the second Dune movie coming in late 2023.

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Rumors confirmed, Street Fighter 6 kicks off in June 2023



Fighting Game fans are excited now that Capcom announced that Street Fighter 6 is coming to PS5, PS4, Xbox Series X/S and PC on June 2, 2023. The game was initially announced in February 2022, but that reveal did not include a specific release date beyond 2023.

The trailer at The Game Awards focused on new mini games and the international setting. In addition to the 18 previously announced fighter, the trailer also confirms that several new fighters — Dee Jay, Manon, Marisa and JP — that will join the game’s roster.

Notably, the June 2 release date for Street Fighter 6 may be a strategic choice for Capcom. June is the very beginning of Q3.

The last installment of the franchise — Street Fighter V — released nearly seven years ago so fans have been eager for another installment. A day before The Game Awards, the game’s June release date was leaked via the PlayStation Store.

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5 Things to Do Now to Propel Your Business in 2023



Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurship is a daily leap of faith. In times of economic uncertainty, that leap may feel like a dive off a cliff. We are in one of those times. It likely will take months to fully re-adjust to the forces that have pummeled the world’s economy, and to entrepreneurs, months can feel like years.

With the right playbook, entrepreneurs can survive and thrive in whatever economic scenario. Here are five things you can do to propel your business ahead now and through the difficulties of business cycles for years to come.

1. Learn the lessons of more challenging times

A rocky economy presents a unique opportunity to make tough decisions about the business plan. Everything is open to reexamination. How has the market changed? Are your customers facing challenges that create new opportunities for your solutions? How do new conditions change your assumptions, and what actions do you need to take in response?

Critically evaluate your product roadmap. Is this the time to pivot or become more aggressive with your current plans? Prioritize the highest margin features that are achievable in the next twelve months. Push out projects that don’t make that list, and re-assign resources accordingly. Re-assess pricing. Even as inflation tiptoes back from the highest levels in forty years, raw material and transportation costs remain way up. What will impact your customers if you adjust the pricing or add surcharges to offset these costs, at least temporarily?

It’s been a rough year for hiring. Many companies took the talent they could get. If there are employees or gig workers who would fare better in a different job, now is the time to let them go. Make tough-minded corrections that will pay off overall — corrections that might be avoidable in less challenging times.

Related: How to Turn Inflation and Recession into Your Largest Business Opportunity

2. Tighten your grip on cash

Venture capitalists are pulling back. In the third quarter, Crunchbase reported that funding for startups in U.S. and Canada fell 50% year-over-year. Valuations are down across the board. If you are fortunate enough to be a later-stage startup that benefited from VC largess in 2021, make your last raise last longer than intended.

Keep your dry powder dry, and put off going for another round until the markets even out. Reemphasize the basics for early-stage companies with less market validation and greater distance between now and a potential exit. Delay all capital expenditures. Leverage the hybrid work model if possible, to reduce rent and other office expenses. Continue with Zoom or Google Meet. Now is not the time to rack up travel costs. Re-negotiate fees and terms with service providers. Seek credit terms with key suppliers, in a word, bootstrap.

3. Talk to customers, in person. Now.

How have the business needs of your customers — whether paying or beta — changed over the last 18 months? Are there benefits to your solution that have more recognized value now? Nearly every business, for example, from corporates to startups, has been forced to re-learn the lessons of supply chain management. Startups that can help their customers make better business decisions based on artificial intelligence (AI), reduce costs by improving inventory management or protect against out-of-stock scenarios by identifying and building relationships with new, more local sources of supply will have an edge.

Related: Finding Validation in Serving Customers

4. Non-dilutive capital

According to PitchBook, venture capitalists are showing greater interest in portfolio companies “whose satellite, robotics and software tools can do double duty” in military and commercial markets. International conflicts are one reason, of course.

Another is that the defense and military security industries are generally viewed as recession-proof. Our firm routinely encourages portfolio companies to consider non-dilutive funding from the Small Business Administration — grants to support cutting-edge technologies range from $150,000 to more than $1 million.

Navigating the application process isn’t for the faint of heart. A startup must be realistic about the work involved, but in many states, there are resources to help. Besides the funding, severe responses to agency requests for proposals are reviewed and evaluated by technologists. At a minimum, this can be terrific feedback and a great source of industry contacts.

5. Blue-chip cultures attract blue-chip talent

Company culture can be an asset or a liability. An inclusive, rich culture helps key hires say yes. Finding stakeholders that believe what you believe and are aligned with your team’s values significantly improves the odds that they will stick with you in good times or bad.

After months of “great resignation” fever, the over-heated demand for talent may be cooling off. Maybe offers aren’t as fast or grand as they were a year ago. Maybe Twitter won’t be the only advanced technology business to let people go. Regardless, the search for great talent isn’t a faucet that a young company turns off and on. A startup might modulate the timing or the number of hires but stand at the ready to recruit and filter for culture fit.

Related: 3 Ways to Stay Competitive in the War for Talent

With the right mindset and intentional approach, an entrepreneur can make 2023 a year to strive and thrive. As Yogi Berra, my favorite baseball player of all time, said, “Swing at the strikes.” In business, like baseball, the right swing can turn even the most challenging pitch into a hit.

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