Decoding India's Unicorns

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Our team thrives on inside scoops, facts, and data to bring a 360° view of India’s high-growth companies. [Join Now]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkMSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoIThEUBhBXRwxAFlAOCxY=&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) Premium Reads [Unpacking Oyo and Ritesh Agarwal’s latest debt adventure]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkPSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVAfDUAOSEtaQwFCCxhXVVkQFVUPFQIAUhcVF1teQVpQDAoZUVhFRV0QVQpZTUwY&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) In a first for India’s startup ecosystem, hospitality major Oyo is out raising $600 million in longterm debt. While the company is supposedly testing the waters ahead of a public share listing, the debt-raising allows it to sidestep a perplexing question: what is Oyo’s valuation? [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkPSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVAfDUAOSEtaQwFCCxhXVVkQFVUPFQIAUhcVF1teQVpQDAoZUVhFRV0QVQpZTUwY&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Paytm’s IPO Gambit: Go Big or Go Home]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkOSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVMfElgYEVQeXhReTlJXX1oLFhkEV0sHWQQVC0YVUlccCg5ZXBg=&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) Even as it faces competition from rivals with unlimited access to capital, Paytm has been busy reducing losses the last three years. But with flat revenues and its financial services businesses yet to scale, can Vijay Shekhar Sharma pull off India’s largest IPO? [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkOSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVMfElgYEVQeXhReTlJXX1oLFhkEV0sHWQQVC0YVUlccCg5ZXBg=&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Flipkart returns to chase Big Game]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkBSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVYfBFUIFVJSRRAcEVBCR0oMERkUUQhIXQZMFltLGFlcAxtbVxg=&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) The e-tailer’s strategy for strengthening its market leadership position ahead of its stock listing rests on its ability to regain precious territory it had ceded to Amazon. [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkBSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVYfBFUIFVJSRRAcEVBCR0oMERkUUQhIXQZMFltLGFlcAxtbVxg=&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Swiggy seeks a breakout category in high-speed grocery delivery]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkASQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVEfEU4IAl5KGgNDDFZTQEFPC1oQTAcIURFMSUdIUF1VTwdbVlMbUVEIXRBVS0wY&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) The company is betting on its virtual convenience store Instamart to unlock value beyond meal deliveries, adding to its core business that's rapidly recovering from a major slump last year. [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVwkASQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVEfEU4IAl5KGgNDDFZTQEFPC1oQTAcIURFMSUdIUF1VTwdbVlMbUVEIXRBVS0wY&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Zomato’s $500 mn package for its top guns]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAAJSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVAfGFYMBE1cGlEBUxhbXBUHEVsTFQsEXgJfAVldW0wcDghFTF5SXEAdGQ9AVhhTV1IWXQ9XVBFIAg4bAAhM&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) Apart from CEO Deepinder Goyal, Zomato’s senior most executives are in for a huge bounty as the food delivery company prepares for its historic IPO. They will be dollar-millionaires, with at least five of them expected to own shares worth more than $10 million. [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAAJSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVAfGFYMBE1cGlEBUxhbXBUHEVsTFQsEXgJfAVldW0wcDghFTF5SXEAdGQ9AVhhTV1IWXQ9XVBFIAg4bAAhM&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Fuelled by SoftBank, Meesho shifts into fifth gear in uphill climb]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAAISQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVEfT0oOA01RVgpaTlhTV0sKDRkWVg8RHQZbC1pXWFFSEUxSWEReXFsKGRBZXVBYH1QJWQxWQwAASg==&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) Meesho, which is at least three times larger than its closest competitor by sales, is now looking beyond fashion, experimenting with video commerce, and cautiously exploring overseas markets. But first, it needs to fix its economics. [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAAISQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVEfT0oOA01RVgpaTlhTV0sKDRkWVg8RHQZbC1pXWFFSEUxSWEReXFsKGRBZXVBYH1QJWQxWQwAASg==&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Tata Group preps big incentives to retain BigBasket founders]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAALSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVAfFlgVBBRaWQdUDUFfRF0RT0YGTAcMXk5aDVNaVEtaBxUZX1hDW1ABRhUdUVRFWxoLUQ9cX04BAAAOTg==&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) The conglomerate wants BigBasket's founders to continue running the show as the online grocery plots a valuation hike and an IPO. Its operations are smoothening out under the control of Tata Group, which will also invest $200 million for expansion. [Read Now >>]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAALSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVAfFlgVBBRaWQdUDUFfRF0RT0YGTAcMXk5aDVNaVEtaBxUZX1hDW1ABRhUdUVRFWxoLUQ9cX04BAAAOTg==&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) [Decoding Groww’s unicorn run]( VAEOBUoESBBGD0NNR1ZfVQdYBURYDV1TIQUMBQpYGwZfD0UVF1BAQxZQDldXXlwVC1pbDiYCXQJRCBpbWlVN&ml=UgIKAkoFSFYDVAAKSQ==&sl=I0h6S2NmSDd5MkxVW1wAGQhXT0peFhcWFQ0THU1XWghMUg==&pp=0&&fl=CUBNR0UPG0tADlUUVlZCQwdWDVYfAAoITlBRVlIbBVEfBlwCCl1aWQMcBEdZRU8RT0ENUQUKQg0VFkFWGg==&ext=dXRtX3NvdXJjZT1FbWFpbCZ1dG1fbWVkaXVtPVlTRGF0YQ==) Groww has flipped the playbook by leveraging social media to build a wealthtech platform. This has helped attract customers and marquee investors, bumping its valuation 4x to $1 billion in 6 months. Now it needs to urgently find ways to monetize its growing use base to justify its lofty valuation. 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