The market capitalisation of Indian venture capital-backed companies that went public crossed $50 billion in 2023, highlighted Arjun Sethi, Co-Founder, Managing Director and CIO at Tribe Capital.
“As we’ve continued monitoring and diving into the Indian VC ecosystem, one of our investment indicators – total market capitalisation of VC-backed companies public in India - crossed $50 billion,” said Sethi, in a post made on LinkedIn.
Sethi shared a list of about 20 Indian VC-backed companies, including Zomato, Nykaa, Paytm, Policybazaar, Mapmyindia and Delhivery among others whose market capitalisation totals $50 billion.
The total market capitalisation of these companies was at a high of $65 billion during the stock market peak in 2022. Other companies in the group include Onmobile Global Ltd, IndiaMART, Happiest Minds Technologies Ltd, Stove Kraft Ltd, and Nazara Technologies Ltd.
However, Sethi added that the share of global VC investment in India has declined.
“We also believe this remarkable achievement hasn’t caused global VCs to reconsider India’s potential. The share of global VC investment into India was 5.5 percent in 2019 when VC-backed Indian public companies held only $4.9 billion market capitalisation. That share shrank to 4.7 percent in 2021 and is 3.3 percent for 2023,” he added.
Founded in 2018, Tribe Capital is a venture capital firm based in Menlo Park, California. The firm majorly invests in companies operating in the software as a service, cybersecurity, digital health, e-commerce, fintech, and technology sectors.
In its India portfolio, Tribe Capital’s investment portfolio includes BlackBuck, Shiprocket, and Khatabook.
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