‘India may see 10 startup IPOs in 3 years’

India could see at least 10 internet companies going public in 2-3 years. This, after the financials of startups became more real and viable in the long term with less dependence on equity capital funding, according to one of India’s top venture ...

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Besides Khandhuja, other MDs at Elevation include Mukul Arora, Mridul Arora and Vivek Mathur.
Bengaluru: India could see at least 10 internet companies going public in 2-3 years. This, after the financials of startups became more real and viable in the long term with less dependence on equity capital funding, according to one of India’s top venture capital investors.

Ravi Adusumalli, the managing partner at Elevation Capital, which was till recently known as SAIF Partners, said 3-5 companies from its India portfolio could go for an initial public offering (IPO), without naming any firm. The development comes at a time when the Indian government is easing overseas listing norms for domestic companies and startups in markets like the US, the UK and Japan.

Elevation has closed its seventh fund of $400 million to double down on India bets. This takes total assets under management to $2.4 billion. “India is long overdue for companies to go public. There are enough compelling businesses that will go public in the next 2-3 years. We would probably see 3-5 companies from the Elevation portfolio (going public),” Adusumalli said.


Elevation’s India portfolio includes several billion-dollar valuation startups and brands like Paytm, Swiggy, UrbanClap (now Urban Company), Firstcry, Unacademy, BookMyShow and Rivigo. It was also the early backer of MakeMyTrip and Just Dial, among the few listed Indian internet companies, besides investing in IndiaMart during its IPO last year. In the US, major startups like Airbnb and Stripe have also reportedly begun the process of going public, while India has seen firms like Zomato outlining the IPO deadline.
‘India may see 10 startup IPOs in 3 yrs’
Mayank Khanduja, one of the MDs at the fund, said the recent ban by the Indian government on Chinese capital hasn’t led to a dramatic fall in deal activity and that a different pool of capital is coming from investors in other geographies. “Second, on the app ban, it’s been a tailwind for a lot of startups, especially in the content space. ShareChat for us has been a big beneficiary with a massive uptick in the end-user base. I think that gives a good opportunity to Indian startups to innovate and launch new products without the constant pressure of extreme cash burn that was done by the Chinese,” said Khanduja. SAIF is an early backer of ShareChat.

Besides Khandhuja, other MDs at Elevation include Mukul Arora, Mridul Arora and Vivek Mathur.
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