The cost, complexity and chaos of India's venture-capital world is prompting many startups to try to incorporate elsewhere
venture capitalists land at Delhi airport, many head straight to Aerocity, a new development of glass, steel and Starbucks next door that would not look out of place in Silicon Valley, Singapore or Shanghai. Cyber City, another tech enclave 20 minutes away by Uber , swarms with young programmers in-shirts and jeans not unlike the Stanford students plotting the next disruptive app at Philz Coffee in Palo Alto. Many are one and the same.
PitchBook, a research firm, counts 18 unlisted “unicorns”, valued at more than $1bn apiece, grazing in India. They are worth a combined $72bn. Bright engineers and managers now aspire to work for them—or theirbackers—rather than settle for safe careers at a multinational, a bank or a state-run firm. Another 150-odd “soonicorns” may reach the $1bn mark shortly. They promise free cappuccinos, excitement—and, for a lucky few, riches. They may reconfigure parts of the national economy.
Individual companies’ valuations—including Oyo’s, long put at $7.5bn-10bn—are thus increasingly viewed with suspicion. Many are “marked to myth” rather than to market, as local wags put it. That in turn helps explain why clean exits, through a public listing or a private sale, are rare. Walmart’s Flipkart deal accounted for 80% of the ten biggest exits in 2018, according to Bain, a consultancy. Last year’s top ten raked in just $4bn.
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