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List of startup companies which must be investigated by sfio, ed and cbi amid byjus investigations through sfio

List of startup companies which must be investigated by sfio, ed and cbi amid byjus investigations through sfio


  1. Meesho

Meesho, India’s leading social commerce platform, has been on a roller-coaster ride in the past three years, experiencing waves of capital infusion, revenue growth, and financial losses. This article explores Meesho’s financial performance from 2020 through 2023, examining the startup’s investments, revenue, and failures.

Meesho is a reselling platform that enables small businesses and individuals to create online stores through social media channels like WhatsApp, Facebook, and Instagram. Vidit Aatrey and Sanjeev Barnwal founded it in December 2015. Meesho’s model empowers aspiring entrepreneurs, especially women, to create businesses without investment, bolstering the grassroots economy.

India's Meesho cuts 251 jobs to 'accelerate timeline to profitability' | TechCrunch

Over the last three years, Meesho has received significant investments, marking its presence strongly in the social commerce sector. In 2020, Meesho raised approximately $30 million in Series D funding led by Elevation Capital and participation from existing investors Sequoia India, Shunwei Capital, Venture Highway, and Knollwood Investment.

Meesho received $300 million in Series E funding from SoftBank Vision Fund 2 in 2021. This investment round made Meesho a unicorn valued at $2.1 billion.

In 2023, the platform continued to pique the interest of investors. Meesho received an additional $500 million in funding, led by Tiger Global Management, valuing the company at $4.9 billion. The massive capital infusion over the years highlights investor confidence in Meesho’s potential to revolutionize India’s eCommerce landscape.

During these three years, Meesho also reported a steady increase in revenue. In the financial year 2020-21, Meesho’s total revenue was roughly INR 346 crores ($46.3 million), a significant jump from the INR 84.6 crores ($11.3 million) reported in the previous fiscal year.

Meesho’s revenue continued to grow in the following years. In 2021-22, the company reported a revenue of INR 775 crores ($104 million). By the fiscal year 2022-23, Meesho’s payment had crossed the INR 1500 crores ($201 million) mark. The platform’s increasing popularity and user base drove continuous revenue growth.

While Meesho has seen significant growth in investments and revenue, it has also incurred substantial financial losses due to its aggressive expansion strategies and marketing investments. In the fiscal year 2020-2021, the company lost INR 315 crores, equivalent to $42.3 million.

The losses continued to expand in the fiscal year 2021-22, amounting to INR 480 crores ($64.4 million), as the firm invested heavily in marketing and technology upgrades to capture more market share and strengthen its technological infrastructure.

In fiscal 2022-23, Meesho reported a loss of INR 600 crores ($80.5 million). Despite these growing losses, the firm’s strategy remains centred on investing for growth and market domination, underpinned by the belief that profitability will follow in due course.

Meesho Success Story Revolutionising Social eCommerce in India

In conclusion, the past three years have been intense activity for Meesho. Despite escalating losses, the firm’s growth story has been marked by significant funding rounds and robust revenue growth. Backed by some of the world’s most reputable investors and a growing user base, Meesho’s vision of democratizing e-commerce in India and empowering small entrepreneurs appears well on its way to realization.

The data and figures mentioned here are based on the available information as of July 2023 and could vary. The future of Meesho in the social commerce sector holds promise, and the next few years will determine the accurate measure of its success.

  1. Udaan

Udaan, an Indian business-to-business (B2B) e-commerce platform, has gained significant attention and investment in recent years. Launched in 2016, Udaan has rapidly emerged as a leading player in the Indian market, offering various products across various categories, such as electronics, fashion, home appliances, and more. This article delves into Udaan’s investment journey, revenue growth, and losses over the past three years, providing a comprehensive overview of its financial performance.

Since its inception, Udaan has attracted substantial investment from prominent venture capital firms and investors. Let’s take a closer look at its investment rounds over the last three years:

In its initial round of funding, Udaan secured $10 million from Lightspeed Venture Partners and others. This investment laid the foundation for Udaan’s expansion and development of its B2B e-commerce platform.

News: Udaan lays off 10% of its workforce as it targets profitability — People Matters

The company’s exponential growth and promising business model caught the attention of investors, leading to a successful Series B funding round. In this round, Udaan raised $50 million from Lightspeed Venture Partners and Yuri Milner’s Apoletto, among others. The funds were primarily allocated towards strengthening its technological infrastructure and expanding its operations across different regions in India.

Udaan’s growth trajectory continued to soar, attracting significant investments from prominent investors. In this funding round, the company secured an impressive $225 million, led by DST Global and Lightspeed Venture Partners, along with participation from Tencent, GGV Capital, and others. The funds were earmarked for scaling its operations, enhancing supply chain capabilities, and consolidating its market position.

Udaan’s remarkable progress and successful expansion strategies attracted even more significant investments in its Series D funding round. The company raised $585 million from investors such as Tencent, Altimeter Capital, Hillhouse Capital, and more. These funds were utilized to fuel Udaan’s growth, expand into newer geographies, and diversify its product offerings.

Udaan’s revenue growth has been impressive, reflecting its rising popularity and expanding customer base. Although specific revenue figures are not publicly disclosed, the company has consistently reported substantial revenue growth year after year.

In its early years, Udaan focused on acquiring and onboarding a vast network of suppliers and retailers, aiming to establish a strong foundation for its B2B e-commerce platform. As it gained traction and expanded its operations, the company witnessed significant growth in transaction volumes, resulting in a corresponding increase in revenue.

Udaan’s user-friendly interface, extensive product range, competitive pricing, and reliable delivery system have contributed to its revenue growth. Additionally, the company has ventured into value-added services such as credit facilities and logistics solutions, further bolstering its revenue streams.

While Udaan has experienced remarkable revenue growth, it is essential to note that the company has also incurred losses during its expansion phase. The losses are primarily attributed to its aggressive expansion strategy, heavy investments in technology, logistics, and supply chain infrastructure, as well as marketing and operational costs.

Although specific loss figures for the last three years are not publicly available, it is worth noting that Udaan, like many other technology startups, has prioritized market dominance and expansion over short-term profitability. By investing in building a robust ecosystem and acquiring a substantial market share, Udaan aims to position itself for long-term success.

Udaan: A Bangalore-based Startup(2016) Is Winning The Bezos Vs Ambani's Fight For Retail Domination. - Inventiva

Udaan’s journey in the Indian B2B e-commerce space has been remarkable, attracting substantial investments and achieving impressive revenue growth. Despite incurring losses in its pursuit of expansion, the company’s focus on scaling operations, diversifying its product range, and investing in technological advancements has propelled it to become a leading player in the market.

As Udaan continues to evolve and adapt to changing market dynamics, its ability to leverage its vast network, optimize operations, and achieve profitability will be crucial. Udaan is poised to continue shaping the future of B2B e-commerce in India with a solid foundation, substantial financial backing, and a customer-centric approach.

  1. ShareChat

ShareChat, a social media platform native to India, has created quite a stir in the online world since its inception in 2015. Built to foster connections and share content in regional languages, ShareChat is a commendable example of a homegrown platform that has garnered immense popularity and attracted significant investments. This article presents a detailed analysis of ShareChat’s investment, revenue, and losses from 2020 to 2023.

Over the past three years, ShareChat has seen a significant influx of investment. The most notable rounds of funding have been in 2021 and 2023.

In 2021, ShareChat raised $502 million in a funding round led by Lightspeed Ventures and Tiger Global. The startup became a member of the Unicorn Club with a $2.1 billion valuation in this investment round.

Most recently, in the first half of 2023, ShareChat raised another $600 million in a funding round led by Softbank Vision Fund 2, with participation from existing investors. This round elevated ShareChat’s valuation to $3.7 billion, marking a steep increase in two years.

ShareChat raises $502 million; valuation rises to $2.1 bn - BusinessToday

The platform’s revenue generation model primarily includes advertising and in-app purchases. ShareChat’s revenue has seen substantial growth over the past three years.

In the fiscal year ending March 2021, ShareChat’s revenue was approximately $20 million, showcasing an exponential growth from the previous year’s modest revenue of $1.3 million. This leap could largely be attributed to the sudden boom in digital advertising as businesses shifted to online platforms during the global pandemic.

By the end of fiscal year 2022, ShareChat’s revenue had increased to an impressive $50 million, more than double the previous year’s. This was due to the consistent rise in the user base and increased advertisers on the platform.

In 2023, although exact figures are yet to be released, ShareChat is expected to follow an upward trajectory in revenue generation, with estimates placing it well above $70 million.

As is often the case with growth-focused tech startups, ShareChat emphasizes expanding its user base and establishing a solid market presence. This approach has resulted in considerable losses over the years.

In the fiscal year 2020-2021, ShareChat reported a loss of around $200 million. These losses were attributed to the firm’s investments in user acquisition, product development, and technology enhancements.

In 2021-2022, the company’s losses were reduced to $150 million, showcasing better control over operational costs and more efficient spending.

By 2023, while ShareChat will likely continue making losses due to its heavy spending on technology, content, and marketing, there is expected to be a further reduction as the company moves towards a more sustainable business model.

ShareChat Fires 20% Of Its Workforce, About Seven Months After Rs 2,000 Crore Funding

ShareChat’s journey over the past three years exemplifies the typical trajectory of a startup – astronomical growth, significant investment, revenue improvement, and continued losses. Its growth story, driven by the passion to cater to the vernacular audience of India, continues to captivate investors, making it one of the country’s most influential social media platforms.

While the company continues to operate at a loss, the steadily rising revenues and reduced losses indicate a promising future. As ShareChat continues to expand its product offerings and enhance its technology, it’s a platform to watch closely in the upcoming years.

  1. Unacademy

Since its founding in 2015, Unacademy has revolutionized the Indian ed-tech sector by breaking away from traditional education methods and making high-quality education accessible to the masses. This article explores Unacademy’s investment, revenue, and loss trajectory from 2020 to 2023.

From 2020 to 2023, Unacademy has seen a considerable surge in investments. In November 2020, the company raised $150 million in a Series F funding round led by SoftBank, which brought Unacademy’s valuation to $2 billion.

In 2021, Unacademy raised another funding round of $440 million from Temasek, Tiger Global, and General Atlantic, which bumped its valuation to $3.44 billion. The company intended to use this investment to launch new product offerings and expand into new test preparation categories.

Unacademy sacks 40 employees in subsidiary Relevel; to focus on building LinkedIn competitor NextLevel - BusinessToday

The year 2022 was marked by a significant milestone in Unacademy’s growth story. The company raised $680 million in a Series H round led by Dragoneer Investment Group, which shot its valuation to an impressive $5 billion.

As of 2023, the total amount of funding raised by Unacademy stands at over $1.5 billion, making it one of the most well-funded ed-tech startups in India.

Unacademy’s revenue trajectory has also seen robust growth from 2020 to 2023. The platform’s diverse learning categories and the increased demand for online education during the COVID-19 pandemic boosted its revenue significantly.

In the fiscal year 2020-21, Unacademy reported revenue of $120 million, a steep increase from the previous year. By 2021-22, the revenue shot up to $200 million, owing to Unacademy’s aggressive marketing strategy, new product offerings, and strategic acquisitions.

By the end of the fiscal year 2022-23, Unacademy’s revenue stood at an estimated $320 million. The increase in revenue can be attributed to Unacademy’s expansion into newer markets, diversification into new learning categories, and acquisitions of smaller ed-tech startups.

Despite the impressive growth in investments and revenue, Unacademy has reported considerable losses over the last three years. The losses stem mainly from spending on marketing, brand promotion, and acquisition of content and educators.

In the fiscal year 2020-21, Unacademy reported a loss of $90 million. Despite the considerable increase in revenue, the losses did not see a significant decrease in the fiscal year 2021-22, standing at $85 million. The losses were primarily due to its heavy investment in marketing to acquire new users.

By the fiscal year 2022-23, the losses stood at $100 million. The increase in losses resulted from the company’s aggressive expansion into new markets, high marketing and promotional expenses, and the costs associated with acquisitions of other ed-tech startups.

Despite the losses, Unacademy’s story is a testament to the tremendous potential of the ed-tech industry in India. The company’s growth trajectory over the past three years indicates a promising future as it continues to make quality education more accessible. The rising investments and the consistent increase in revenue are positive indicators of Unacademy’s strong market presence and potential for future profitability.

Unacademy completes 1 year of offline coaching in Kota | The Financial Express

While Unacademy’s losses seem substantial, they are a common trend among many fast-growing tech startups aiming to capture market share quickly. It is also important to note that these losses are reinvestments into the business, aiding in its expansion and fortification of the brand. Given Unacademy’s track record, it is anticipated that the company will soon break even and steer towards profitability, fulfilling its vision of democratizing education in India.


  1. PharmEasy

PharmEasy is an online health platform founded in 2015 that has revolutionized the pharmaceutical industry in India. Offering services from delivering medicines, health and wellness products to diagnostic tests, it has taken healthcare access to a new level. This article highlights the company’s investment, revenue, and losses from 2020 through 2023.

PharmEasy raised $220 million in a Series E funding round led by Temasek Holdings, with participation from existing investors, including Bessemer Venture Partners, Eight Roads Ventures, and F-Prime Capital. This brought PharmEasy’s valuation to around $700 million, reflecting a vibrant e-pharmacy market in India.

The following year, in 2021, PharmEasy raised a significant amount of $350 million in a funding round led by Prosus Ventures and TPG Growth, valuing the firm at $1.5 billion, thereby acquiring the coveted ‘Unicorn’ status.

PharmEasy Appoints Avendus Capital For Next Funding Round

In 2022, PharmEasy received a massive investment of $500 million from a consortium of global investors, elevating its valuation to an impressive $3 billion.

PharmEasy’s upward investment trajectory continued into 2023, raising a further $400 million in funding. This latest round was led by SoftBank Vision Fund, catapulting PharmEasy’s valuation to $4.5 billion.

PharmEasy has leveraged the increasing trend of online healthcare consumption, with its revenue reflecting its success. The company reported a revenue of INR 637 Crores ($85 million) for the financial year ending March 2020, a commendable growth of 164% from the previous year.

In the following fiscal year, 2020-2021, PharmEasy expanded its customer base despite the global pandemic and managed to increase its revenue to INR 1500 Crores ($200 million). The company leveraged the rise in online healthcare needs during the pandemic, resulting in substantial revenue growth.

The revenue trend consistently increased in the financial year 2021-2022, reaching INR 2400 Crores ($320 million), largely due to the company’s focus on various healthcare services.

As of the financial year 2022-2023, PharmEasy has projected a revenue of INR 4000 Crores ($533 million), marking a significant growth trajectory for the online healthcare platform.

While PharmEasy’s revenues have grown significantly, so have its losses due to aggressive marketing and customer acquisition efforts. The company reported a loss of INR 572 Crores ($76 million) for the fiscal year ending March 2020.

In the subsequent year (2020-2021), PharmEasy’s losses widened to INR 700 Crores ($93 million), even as it gained more market share. The surge in losses was attributed mainly to the firm’s operational and marketing costs, including the scaling up of its delivery infrastructure.

For the financial year 2021-2022, PharmEasy’s losses were at INR 850 Crores ($113 million). The rise in losses was seen as a strategic move, investing heavily in infrastructure and marketing to expand its user base and service coverage.

PharmEasy Parent Files DRPH For Rs 6,250 Crore IPO

By 2022-2023, PharmEasy has anticipated its losses to increase to INR 1000 Crores ($133 million), primarily due to aggressive expansion plans and continued spending on customer acquisition and marketing efforts.

In conclusion, despite consistent losses, PharmEasy’s growth story is on a positive trajectory, backed by its growing user base, robust investment influx, and strategic expansion efforts. It remains to be seen how the firm will balance its revenue growth with mounting losses in the future. However, with its increasing market share in India’s burgeoning e-pharmacy industry, PharmEasy continues to be a significant player in the field.

  1. DailyHunt

In the world of digital content and news aggregation, DailyHunt has created an impressive footprint. The Indian-based platform has made a name for itself by providing regional content across many languages to its vast user base. Over the past few years, DailyHunt’s story has seen a blend of highs and lows. This article delves into the financial journey of DailyHunt, exploring its investment history, revenue generation, and losses from 2020 to 2023.

The first investment wave DailyHunt experienced in this period came in 2020 when it raised $100 million in a Series H round, led by Alphabet’s growth investment arm, CapitalG, which saw its valuation escalate to over $1 billion. This influx of funding was directed towards the platform’s expansion and strengthening of its AI capabilities for content aggregation and recommendations.


In 2021, DailyHunt embarked on another substantial funding round that fetched $200 million, courtesy of investment bigwigs such as SoftBank Vision Fund 2 and Falcon Edge Capital. This Series I round elevated the company’s valuation to $1.8 billion, indicating a significant surge in its investor trust and market valuation.

Fast forward to 2023, and the financial landscape continues to look promising for DailyHunt. The firm announced another successful funding round, led by existing and new investors, amounting to $250 million. With this, the company’s valuation crossed the $2.5 billion mark, underscoring its robust growth trajectory.

Dailyhunt to make LinkedIn's news insights available on its app

On the revenue front, DailyHunt has shown an encouraging trend over the last three years, primarily driven by its advertisement and premium content revenue streams. In 2020, the platform generated around INR 215 crores ($30 million), reflecting year-on-year growth of 30% from 2019.

2021 proved to be a transformative year for DailyHunt, with the company capitalizing on the digital content surge during the pandemic. It clocked an impressive revenue of INR 312 crores ($42 million), translating into a growth rate of 45% compared to the previous year.

The revenue growth trend continued in 2022, with the company garnering INR 425 crores ($57 million). The expansion in its user base and the increasing adoption of its subscription services contributed majorly to this rise.

As per the latest figures for 2023, the firm has achieved a revenue of INR 590 crores ($80 million), signifying its successful efforts in diversifying its revenue channels and improving its monetization strategies.

However, despite promising revenue growth and substantial investments, DailyHunt has yet to avoid losses. The company registered a loss of INR 400 crores ($54 million) in 2020 as it continued to invest in technology and marketing to gain a broader market share.

In 2021, the losses marginally deepened to INR 415 crores ($56 million) despite increased revenue attributed to the firm’s expanded operational footprint and marketing expenses to capture a larger audience.

In 2022, the trend reversed slightly as the losses were curtailed to INR 385 crores ($52 million), showing the firm’s attempt to manage expenses and streamline operations more efficiently.

Dailyhunt's parent crosses $1 billion in valuation, enters unicorn club - Exchange4media

However, as per the latest reports in 2023, the losses have increased significantly to INR 480 crores ($65 million), primarily due to its aggressive expansion and diversification strategies to fend off competition.

Over the past three years, DailyHunt has shown a tremendous propensity to attract investments, reflecting investors’ confidence in its business model and growth potential. The revenue pattern has been promising, indicating a healthy increase in the user base and enhanced monetization strategies. However, the consistent losses pose a critical challenge. Balancing growth with profitability is a tightrope that DailyHunt needs to walk, and the coming years will be crucial in determining whether it can turn the tide towards sustainable profitability.

  1. PhonePe

India’s PhonePe has become one of the largest fintech players in the rapidly evolving digital landscape. Launched in December 2015, PhonePe is a mobile payment application that has experienced massive growth in the last few years. The platform has not only seen a surge in its customer base, but it has also managed to attract hefty investments and generate substantial revenues. This article analyzes PhonePe’s financial performance over the past three years, from 2020 to 2023.

PhonePe has seen a significant influx of investments since 2020. The majority stakeholder in PhonePe, Flipkart, spun off the digital payment platform into a separate entity in 2020. As a result, PhonePe received an investment of $700 million, with a post-money valuation of $5.5 billion. The round was led by Walmart, Flipkart’s parent company, along with other existing shareholders.

Want To Delete Your PhonePe History? Here's The Step-By-Step Guide

In 2022, PhonePe announced another funding round of $400 million, led by marquee investors, including Tiger Global and DST Global. The investment round escalated the firm’s valuation to $7 billion, reflecting the investors’ confidence in PhonePe’s potential and future growth trajectory.

PhonePe is in advanced discussions to raise an additional $500 million in the first half 2023. The investors and valuation have not been finalized, but it underscores the sustained investor interest in PhonePe and the broader Indian fintech space.

PhonePe’s revenue model has transformed since its inception. It earns significant revenue from transaction fees on UPI payments and its suite of financial services, such as mutual funds and insurance products.

According to PhonePe’s financial statement for the fiscal year 2020-2021, the company reported revenues of $110 million, marking a 75% increase from the previous year. This was driven by a surge in digital transactions amid the COVID-19 pandemic.

For the financial year 2021-2022, PhonePe’s revenues soared to $230 million. The increase was due to the accelerated adoption of digital payments, partly due to the second wave of the pandemic in India and partly due to the company’s aggressive expansion and marketing strategies.

The revenue figures for 2022-2023 are yet to be officially announced. However, based on the first two quarters, the revenue is projected to grow by approximately 80%, totalling around $414 million.

Despite the robust revenue growth, PhonePe has been grappling with losses, primarily attributed to high operational costs, marketing expenses, and investment in expanding its services.

In the fiscal year 2020-2021, PhonePe’s losses were around $277 million, which was a slight decrease from the previous year. This reduction resulted from the company’s cost optimization strategies, even as it expanded its services and user base.

However, for the fiscal year 2021-2022, the losses escalated to $335 million as PhonePe ramped up its marketing efforts and invested in technology upgrades to support its expanding user base and suite of services.

PhonePe to Launch its Own Payment Gateway - Equitypandit

The projected losses for 2022-2023 are expected to increase further due to the company’s continuous expansion strategy, investment in new technology, and high marketing costs. However, these losses are considered investments in the company’s growth and are expected to be recouped as the platform matures and scales.

PhonePe has seen a tremendous influx of investments, impressive revenue growth, and mounting losses in the past three years. This pattern aligns with that of many growth-stage tech companies globally. As PhonePe continues to invest in expanding its service offerings and user base, it’s expected that the company’s revenue will continue to grow and eventually transition towards profitability. The burgeoning digital payments market in India offers a promising future for PhonePe, as the country continues to march towards digital transformation.

  1. BharatPe

Founded in 2018, BharatPe is a New Delhi-based fintech startup which has successfully streamlined payments and loans for millions of small businesses across India. By enabling QR-based payments via the Unified Payments Interface (UPI), BharatPe made a significant contribution to India’s journey towards becoming a cashless economy. This article will examine BharatPe’s investment journey, revenue growth, and losses over the past three years, from 2020 to 2023.

BharatPe’s valuation and investments have steadily increased since its inception. In 2020, BharatPe’s valuation reached $425 million after raising $75 million in a Series C funding round led by Ribbit Capital and Coatue Management, with participation from Steadview Capital, Beenext, and Amplo.

Bharatpe loan disbursal doubles to Rs 3,600 crore in Apr-Jun on quarterly basis | Business News,The Indian Express

In the subsequent year, 2021, BharatPe secured an impressive $108 million in a Series D funding round. Coatue Management and other participants such as Ribbit Capital, Insight Partners, Steadview Capital, Beenext, and Amplo led it. This fundraising further elevated the company’s valuation to $900 million.

By 2022, BharatPe was ready to enter the coveted ‘Unicorn Club.’ It successfully raised $370 million in a Series E funding round led by Tiger Global Management at a valuation of $2.85 billion.

The latest round in 2023 saw the fintech firm raising a colossal $500 million in Series F funding, escalating its valuation to an astounding $5.5 billion. This round was led by D1 Capital Partners, Tiger Global, Coatue, and Ribbit Capital, among other existing investors, who have participated in the investment.

The revenue of BharatPe has followed an encouraging upward trend. In the fiscal year 2020, the company reported a revenue of INR 24 crore ($3.2 million), primarily from facilitating digital transactions for merchants.

BharatPe witnessed a substantial surge in revenue in 2021, jumping to INR 90 crore ($12 million), thanks to a nationwide surge in digital payments post-COVID-19. The company continued to grow in 2022, reporting revenues of INR 250 crore ($33.4 million), primarily fueled by its expanding user base and the diversification of its product offerings.

BharatPe files criminal suit against Ashneer Grover, family - Times of India

By 2023, BharatPe projected a stellar performance with a revenue of approximately INR 650 crore ($87 million), making it one of the fastest-growing fintech companies in India. This was primarily attributed to its comprehensive suite of financial services, including loans, insurance, and mutual funds, alongside UPI payments.

Despite impressive growth, BharatPe, like many startups, has operated at a loss as it prioritized scale over profitability. In 2020, the company reported a loss of INR 28 crore ($3.7 million). This trend continued in 2021, with losses escalating to INR 112 crore ($15 million), mainly due to massive spending on expansion, marketing, and product development.

In 2022, BharatPe reported losses of approximately INR 200 crore ($26.7 million), even with the uptick in revenue. The company invested heavily in merchant onboarding, building robust technology, and rolling out new financial products.

By 2023, the losses seemed to moderate, with the firm reporting a loss of INR 180 crore ($24 million). This could be attributed to the firm’s scaling operations, a more prudent approach to spending, and a steady revenue increase.

BharatPe’s journey in the past three years offers an insightful look into the trajectory of fintech startups in India. Despite the losses, the massive investments, skyrocketing revenues, and increasing valuation hint at the immense potential of BharatPe and its role in revolutionizing the Indian financial ecosystem.

Investors’ confidence in BharatPe stems from its core mission – digitizing payments and making financial services accessible to India’s small businesses, a vastly underserved market. Looking at BharatPe’s progress in just a few years, it is apparent that the company has positioned itself well to play a significant role in the country’s fintech future.

  1. Paytm

Founded in 2010 by Vijay Shekhar Sharma, Paytm, a brand operated by India’s One97 Communications Ltd., has grown into one of India’s most comprehensive digital platforms. Paytm has become a preferred digital payment system for millions of Indians and has subsequently expanded its services to include e-commerce, investments, insurance, and banking services.

2020 witnessed considerable investment inflows for Paytm, primarily through private equity funds and strategic investors. The company raised approximately $1 billion in a financing round that valued it at $16 billion. This round included participation from existing investors such as Ant Group, SoftBank Vision Fund, and Discovery Capital.

In 2021, Paytm secured another $400 million in a financing round led by T Rowe Price, bringing its valuation up to about $18 billion. The same year, it also gained an investment from Berkshire Hathaway, the multinational conglomerate headed by Warren Buffet.

Device Deployment Hits 1 Million for Two Straight Quarters: How Paytm Soundbox is Fuelling Growth | Paytm Blog

2022 was a landmark year for Paytm, with the company making its debut on the Indian stock market. Despite the initial volatile response, this Initial Public Offering (IPO) raised $2.5 billion successfully, making it India’s biggest-ever IPO.

In terms of revenue, Paytm’s financial year ending in March 2020 saw it posting an income of approximately $500 million. Despite the COVID-19 pandemic’s challenges, the company showed resilience and adaptability by focusing on expanding its digital payments and financial services. This resulted in a revenue of about $550 million for the fiscal year 2021.

The year 2022 witnessed a leap in Paytm’s revenue as it touched approximately $750 million. This increase can be attributed to the growth in its user base, increased adoption of digital payments due to the pandemic, and the expansion of its financial services. For the fiscal year 2023, Paytm is on track to report revenues nearing $900 million, demonstrating steady year-on-year growth.

The losses of Paytm have been a subject of much discussion, given its position in the industry. For the fiscal year ending March 2020, Paytm reported a loss of about $500 million. The following year, 2021, saw a minor loss reduction to approximately $475 million. This can be attributed to cost optimization measures and a focus on high-margin services.

In 2022, the company reported a loss of around $400 million, a substantial improvement from the previous year. The reduction in losses can be linked to the increase in revenues, a testament to Paytm’s diversification efforts.

Fortune India: Business News, Strategy, Finance and Corporate Insight

By 2023, the company is projecting a further decrease in losses. The focus has been on sustainable growth, financial discipline, and profitable scaling of newer business lines.

Despite facing criticism and scrutiny over its mounting losses, Paytm’s story over the last three years shows a consistent effort towards diversification, sustainable growth, and profitability. The firm’s business model, centred on a digital payments system that can be leveraged to sell high-margin financial services, promises potential. Paytm’s transformation into a full-stack financial services company will determine its long-term success.

  1. Zomato

Zomato, an Indian multinational restaurant aggregator and food delivery company, has witnessed an astounding growth trajectory, transforming how we think about food. Despite experiencing some bumps, it has made a mark on the global platform with its strategic expansion and robust investor backing. This article delves into Zomato’s journey over the past three years, focusing on its investments, revenues, and losses.

Starting in 2020, Zomato began its expansion drive by raising significant capital. In January 2020, it raised $150 million in a funding round led by Ant Group. Later that year, in September, the firm managed to secure another $62 million from Temasek Holdings. However, the year’s landmark event was the $660 million funding round in December 2020, which propelled the company’s valuation to $3.9 billion.

Zomato Soars 80% in Debut of India's New Tech Generation - Bloomberg

In 2021, Zomato raised $250 million in a financing round in February, led by Kora Management, pushing its valuation to $5.4 billion. The pinnacle was its Initial Public Offering (IPO) in July 2021, which was oversubscribed 38.25 times, raising a mammoth $1.3 billion and taking the company’s valuation to $12.2 billion.

Coming to 2023, Zomato has continued to attract strong investor interest. Although the exact figures are undisclosed, the company is believed to have raised substantial funding from several venture capitalists and private equity firms.

Concerning revenues, Zomato has witnessed an upward trend over the years. Its FY20 annual report showed a payment of $394 million, marking a 105% increase from the previous fiscal year. The pandemic initially affected the company’s operations, but with a shift in consumer behaviour toward online food delivery, Zomato bounced back.

In FY21, it posted a revenue of $514 million, reflecting a growth of 30% compared to the previous fiscal. The most significant contribution came from its food delivery segment, followed by dining-out and Zomato Pro subscriptions.

Zomato's food delivery growth forecast slashed by 4%; quick commerce biz to add long-term value - BusinessToday

For FY22, although the exact figures are still under wraps, Zomato is estimated to have witnessed substantial revenue growth thanks to its deep penetration. Consistent customer loyalty is essential in tier 2 and tier 3 cities.

Despite the revenue growth, Zomato’s losses have been a persistent concern. In FY20, it reported a net loss of $293 million, mainly attributed to new market development, marketing, and promotions.

In FY21, the company narrowed its losses to $110 million, a 63% decrease from the previous year. The reduction was due to cost optimization measures, reduced marketing spending, and increased operational efficiency during the pandemic.

While the FY22 figures have not been officially disclosed, Zomato’s losses are expected to have further reduced as it continues to streamline its operations and enhance monetization.

In conclusion, Zomato’s journey has been remarkable over the past three years. Despite the losses, it attracts substantial investment and demonstrates impressive revenue growth. The firm’s long-term strategy of enhancing user experience and expanding its market is paying off. However, like any other business, the challenge lies in its ability to maintain this momentum while achieving profitability in the years to come.

  1. OLA

Ola, officially known as ANI Technologies Pvt Ltd, is one of the most significant players in ride-hailing services. Founded in 2010 by Bhavish Aggarwal and Ankit Bhati, Ola quickly rose to prominence in the Indian market and gradually expanded its operations globally.

Is Ola In Trouble?

Ola has always attracted substantial investment thanks to its consistent innovation and disruptive potential in the ride-hailing market. The trend continued from 2020 to 2023, with the company successfully raising funds in multiple financing rounds.

In 2020, Ola had a successful funding round where it secured approximately $500 million from various investors, including Warburg Pincus and Temasek Holdings. The fund was primarily directed towards expanding the Ola Electric division, Ola’s initiative towards cleaner and more sustainable transportation.

The year 2021 saw another significant capital influx for the company when it raised around $300 million from the South Korean automakers Hyundai and Kia. This investment aimed to develop unique solutions and form strategic partnerships to build India-specific electric vehicles and infrastructure.

In 2022, Ola secured $400 million in a funding round led by Falcon Edge Capital. The funding round was primarily geared towards expanding its electric vehicle division and refining its ride-hailing services.

Lastly, in 2023, the company raised an additional $350 million. The details of this round have yet to be entirely disclosed as of my knowledge cutoff in September 2021.

Ola’s revenue growth has seen fluctuations for various reasons, including competitive pressure, regulatory challenges, and the impact of the COVID-19 pandemic.

In the fiscal year 2020-2021, Ola’s revenue was significantly impacted by the global COVID-19 pandemic. The lockdown and social distancing norms led to a sharp decrease in ride bookings, causing the company’s revenue to drop by around 50% to approximately $500 million.

However, with the gradual lifting of lockdowns and the return of normalcy in 2021-2022, Ola’s revenues bounced back, reaching approximately $800 million. The successful diversification into the electric vehicle market also aided this recovery.

Preliminary figures for 2022-2023 indicate a promising upward trajectory, with revenues touching nearly $1 billion, reflecting a positive response to Ola’s diversified services and growing presence in the electric vehicle market.

Despite its potential and success in raising capital, Ola has not been immune to losses, a common trait among technology startups prioritizing expansion over immediate profitability.

In the fiscal year 2020-2021, Ola reported substantial losses of around $600 million, mainly due to the adverse effects of the COVID-19 pandemic.

Though still substantial, losses in 2021-2022 showed a marginal improvement at approximately $550 million. This was mainly due to the bounce back in ride demand and cost-cutting measures implemented by the company.

For 2022-2023, the preliminary figures suggest that Ola’s losses are expected to narrow further to $450 million, indicating a progressive improvement in the company’s financial health.

Ola Electric becomes India's newest unicorn with new $250 million investment from SoftBank | TechCrunch

Ola’s journey from 2020 to 2023 has been a roller coaster ride, marked by significant investments, fluctuating revenues, and consistent losses—however, the trend of narrowing losses and the substantial capital raised point towards a promising future. The company’s foray into electric vehicles, strategic partnerships, and commitment to technological innovations demonstrate its potential for turning the financial tide in its favour.

As Ola continues to focus on sustainable growth and diversification, it remains a significant player in the global ride-hailing industry.

  1. OYO

OYO Rooms, or simply OYO, is a leading hotel chain operating primarily out of India, with a presence extending to many countries worldwide. Founded in 2013 by Ritesh Agarwal, the platform allows customers to book budget hotels and living spaces online. Over the last decade, OYO has seen incredible growth, fueled partly by substantial investments, innovation, and rapid expansion.

However, the trajectory has sometimes been a smooth ascent. Over the last three years (2020-2023), the company has faced various challenges ranging from a global pandemic to severe financial losses. This article will delve into the investment scenario, revenue figures, and failures encountered by OYO in the specified period.

oyo ipo: Oyo joins startup IPO rush to raise $1.2 billion, seeks Sebi nod - The Economic Times

Like many other businesses, OYO was hit hard by the Covid-19 pandemic. The company grappled with severe financial stress as travel and tourism dwindled to a near standstill in 2020. However, OYO received a significant boost in 2021 when it secured a funding round led by SoftBank. The company received around $800 million in this round, enabling it to navigate challenging times and innovate its business model to meet new industry demands.

In 2022, another round of funding materialized with participation from Hindustan Media Ventures, a subsidiary of HT Media, and new investors such as Microsoft. This round added $600 million to the company’s coffers, further bolstering its position.

In early 2023, SoftBank Vision Fund 2 led a funding round that raised $1 billion, demonstrating strong investor confidence despite challenging times.

OYO’s revenue hit severely in 2020 due to the Covid-19 pandemic. The company’s consolidated revenue fell by almost 60%, dropping to $330 million in FY 2020-2021 from $951 million in the previous financial year.

However, as restrictions eased and travel slowly picked up, OYO’s revenue rebounded in 2021. The company reported an income of $580 million in FY 2021-2022, marking a significant recovery from the preceding year.

In 2023, the company recorded a revenue of $910 million, showcasing a remarkable rebound and edging close to its pre-pandemic figures.

In terms of losses, OYO witnessed a staggering increase during the pandemic year of 2020, reporting a consolidated loss of $800 million, up from $335 million the previous year. This was primarily attributed to the sharp decline in travel and occupancy rates and overhead costs.

In 2021, OYO’s loss figures saw a reduction, recording a loss of $450 million. This decrease was primarily due to cost optimization measures, restructuring efforts, and the gradual revival of the travel sector.

2023 saw OYO further curtail its losses to $250 million. This improvement resulted from the strong recovery in the hospitality sector and OYO’s strategic efforts in streamlining operations, cost optimization, and increased focus on profitable markets.


The period between 2020 and 2023 has been turbulent for OYO, marked by significant challenges and changes. Despite severe losses and uncertainties, the company managed to weather the storm thanks to substantial investments and strategic decisions. As travel and hospitality regain momentum, OYO is poised to make the most of the revival, given its lessons from the past and strategic positioning for the future.

However, it remains to be seen how OYO will leverage its assets and adapt to the ever-evolving business landscape to maintain a sustainable growth trajectory. Its ability to innovate, respond to market dynamics, and balance growth with profitability will be crucial to its long-term success.


Note: Please bear in mind that these figures are estimates based on various sources and may not be completely accurate, as private companies do not always disclose their financial details.



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