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Indian startup valuations are slashed by global investors

Markdowns approach 50% for edtech firm Byju's and food delivery service Swiggy

Invesco and BlackRock cut their valuations of Byju's from $22 billion to $11.5 billion.   © AFP/Jiji

BENGALURU -- Global asset managers are slashing their valuations of high-profile Indian startups in their portfolios, with write-downs approaching 50% for former investor favorites such as tutoring firm Byju's and food delivery service Swiggy, U.S. securities filings show.

The new estimates highlight the changing fortunes of Indian startups after a boom in 2021 and early 2022 created 60 "unicorns" valued at more than $1 billion. They also set the stage at loss-making companies for so-called down rounds, in which financings are done at lower valuations than before.

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