List Of 15 Indian Startups In 2024 Which Lost The Maximum Valuation

Here are 15 Indian startups in 2024 that have experienced significant valuation losses:

Byju’s: This edtech giant saw its valuation plummet from $22 billion to below $3 billion due to multiple financial and operational challenges, including missed loan payments and board resignations​ .​​ 

Byju‘s, the brainchild of Byju Raveendran, began in 2011 as an offline coaching center for competitive exams in India. Raveendran, a former engineer, started by helping friends prepare for the Common Admission Test (CAT). His innovative teaching methods and high success rates quickly gained popularity, leading him to formalize his efforts into a business. In 2015, Byju’s launched its flagship product, a learning app, which significantly expanded its reach and impact​.

Business Model:

Byju’s operates on a freemium model, offering free content alongside premium, subscription-based services. The platform provides interactive video lessons, live classes, and personalized learning journeys for students from kindergarten to high school. Additionally, it offers courses for competitive exams like the IIT-JEE, NEET, CAT, and others. The company leverages data analytics to tailor educational experiences to individual learners, enhancing engagement and effectiveness​.

Revenue Streams:

Byju’s generates revenue through multiple channels:

1. Subscription Fees: Students pay for premium access to advanced learning modules and live classes.
2. Course Sales: The company sells specialized courses for competitive exams and higher education.
3. Partnerships: Byju’s collaborates with educational institutions and corporate entities for bulk sales and co-branded content.
4. Advertising: Monetizing its extensive user base through targeted advertising​ .

Funding and Main Investors:

Byju’s has raised over $5.8 billion from a wide array of investors. Key investors include:

• Sequoia Capital India
• Chan Zuckerberg Initiative
• Naspers (Prosus Ventures)
• Silver Lake
• Owl Ventures
• General Atlantic
• Tiger Global Management
• Bond Capital​ .​​ .

IPO Plans:

Byju’s has been planning an initial public offering (IPO) for several years. However, market conditions and internal challenges have delayed these plans. The company aims to list in both Indian and international markets, seeking to raise additional capital to fuel its growth and expansion plans​ .

Controversies and Legal Issues:

Byju’s has faced numerous controversies and legal troubles:

1. Financial Irregularities: Delays in filing audited financials for FY21 and FY22 raised concerns among investors and regulators. The 2020-21 results revealed significant losses, prompting scrutiny​ .
2. Foreign Exchange Management Act (FEMA) Investigation: The Enforcement Directorate (ED) investigated Byju’s for potential violations related to foreign funding. This led to searches of its premises and heightened regulatory pressure​ .
3. Missed Loan Payments: Byju’s defaulted on a $40 million interest payment for a Term Loan B, leading to a legal dispute with its lenders​ .​.

Scams and Frauds:

Reports have surfaced about aggressive sales tactics and misrepresentation of product efficacy. Customers have complained about misleading information and high-pressure sales environments, resulting in public backlash and legal challenges​ .

Public Outrage:

The combination of financial mismanagement, aggressive sales practices, and legal troubles has led to significant public outrage. Many parents and students, who were early adopters of the platform, have expressed dissatisfaction with the company’s direction and transparency​ .​​ .

Valuation Loss:

Byju’s was once valued at $22 billion but has seen a dramatic decrease to below $3 billion. This massive devaluation is attributed to several factors:

• Operational Mismanagement: Persistent delays in financial reporting and high-profile resignations from the board eroded investor confidence.
• Regulatory Scrutiny: Investigations and legal challenges have raised questions about the company’s governance and compliance.
• Market Conditions: The post-pandemic economic environment and tighter funding conditions globally have also impacted Byju’s valuation​ .​​ .

 

Ola: The ride-hailing company faced a 35% valuation cut, bringing it down to $4.8 billion, as a result of market conditions and reduced investor confidence​ .

Ola was founded in December 2010 by Bhavish Aggarwal and Ankit Bhati. Initially conceptualized as an online cab aggregator in Mumbai, Ola quickly expanded its services to other Indian cities. The idea was born out of Aggarwal’s personal frustration with unreliable taxi services. The duo aimed to address the inefficiencies in urban transportation by leveraging technology to connect passengers with drivers through a mobile app​ .

Business Model:

Ola operates as a ride-hailing platform, connecting drivers with passengers via its app. It offers a variety of ride options, including:

• Ola Micro and Mini: Affordable, everyday rides.
• Ola Prime: Premium cars for comfortable travel.
• Ola Auto: Auto-rickshaw services.
• Ola Bike: Motorcycle rides for quick commutes.
• Ola Share: Carpooling service to reduce costs and traffic congestion.
• Ola Electric: Recently launched electric vehicle services.

The platform also extends into logistics with Ola Fleet, food delivery through Ola Foods, and financial services under Ola Financial Services​ .

Revenue Streams:

Ola generates revenue through multiple channels:

1. Ride Commissions: Charging a commission on each ride booked through the app.
2. Subscription Fees: Ola Select and Ola Play offer premium services and entertainment options for a subscription fee.
3. Advertising: In-app advertisements and partnerships with brands.
4. Leasing and Fleet Management: Ola Fleet provides leasing options for drivers who do not own vehicles.
5. Electric Vehicle Services: Revenue from its electric vehicle segment and related charging infrastructure​ .

Funding and Main Investors:

Ola has raised over $4.3 billion in funding from various investors, including:

• SoftBank Group
• Tiger Global Management
• Tencent Holdings
• Matrix Partners India
• Temasek Holdings
• DST Global
• Steadview Capital
• Hyundai Motor Company​ . .​.

IPO Plans:

Ola has been planning an IPO to raise capital and provide liquidity to its investors. Initially expected in 2022, the IPO was postponed due to market conditions and internal restructuring. The company aims to list in both Indian and international markets to leverage global investor interest​ .​.

Controversies and Legal Issues:

Ola has faced several controversies and legal issues:

1. Regulatory Scrutiny: Multiple state governments have scrutinized Ola for operating without proper licenses and violating transport regulations.
2. Data Privacy: Concerns over user data privacy and security have led to investigations by regulatory bodies.
3. Labor Disputes: Drivers have protested against high commission rates and poor working conditions, leading to strikes and legal challenges.
4. Environmental Concerns: Criticism over the environmental impact of its fleet, prompting the launch of Ola Electric​ . .​.

Scams and Frauds:

There have been instances of fraudulent activities involving drivers manipulating the app to inflate fares or engaging in illegal practices. Ola has taken measures to enhance security and reduce fraud through rigorous background checks and app updates​ .​.

Public Outrage:

Public dissatisfaction has often centered around surge pricing, driver behavior, and safety issues. Reports of harassment and misconduct by drivers have led to significant public outcry and calls for stricter regulations​ .

Valuation Loss:

Ola’s valuation has seen a considerable drop, from an estimated $10 billion to around $4.8 billion. This decline can be attributed to:

• Market Conditions: A broader market downturn and cautious investor sentiment.
• Operational Challenges: Regulatory issues and driver protests have impacted operations.
• Competitive Pressure: Intense competition from rivals like Uber and local startups.
• Pandemic Impact: The COVID-19 pandemic severely affected the ride-hailing industry, reducing demand and revenues​ . .​.

 

Pine Labs: This fintech startup experienced a 40% reduction in its valuation to $3.1 billion, impacted by a broader downturn in tech valuations​ .

Pine Labs was founded in 1998 by Rajul Garg and initially focused on smart card-based payment and loyalty solutions for the retail petroleum industry. In 2004, Lokvir Kapoor joined Pine Labs and shifted the company’s focus towards providing merchant payment solutions, which marked the beginning of its journey in the point-of-sale (POS) technology space. Over the years, Pine Labs has evolved to become a leading merchant commerce platform, offering a range of financial and technological services to retailers​ . .​.

Business Model:

Pine Labs operates on a B2B (business-to-business) model, providing payment and merchant commerce solutions. Its services include:

• Point-of-Sale (POS) Terminals: Offering POS terminals that enable merchants to accept payments via credit/debit cards, QR codes, and digital wallets.
• Merchant Lending: Providing working capital loans and other financial services to merchants through partnerships with financial institutions.
• Prepaid and Gift Cards: Issuing and managing gift cards and prepaid card solutions for retailers and corporates.
• Loyalty Programs: Enabling merchants to run customer loyalty programs and manage rewards.
• Analytics and Insights: Offering data analytics tools to help merchants understand consumer behavior and optimize operations​ . .​.

Revenue Streams:

Pine Labs generates revenue through various channels:

1. Transaction Fees: Charging merchants a fee for each transaction processed through its POS terminals.
2. Subscription Fees: Monthly or annual subscription fees for access to its software and services.
3. Merchant Lending: Earning interest and fees from loans provided to merchants.
4. Gift Card Sales: Revenue from issuing and managing prepaid and gift card programs.
5. Value-Added Services: Fees for additional services such as analytics, loyalty programs, and marketing tools​ . .​.

Funding and Main Investors:

Pine Labs has raised over $1 billion in funding from several prominent investors, including:

• Sequoia Capital India
• Temasek Holdings
• PayPal Ventures
• SBI Investment
• Actis Capital
• Mastercard
• Ally Bridge Group
• Sofina​ . .​.

IPO Plans:

Pine Labs has been considering an initial public offering (IPO) to further expand its business and provide an exit opportunity for its investors. The company has not yet set a definitive timeline for the IPO but aims to list on both Indian and international stock exchanges to attract a broad investor base​ .

Controversies and Legal Issues:

Pine Labs has faced several controversies and legal issues, including:

1. Regulatory Scrutiny: The company has been scrutinized for compliance with payment industry regulations and standards.
2. Competition Issues: Legal disputes with competitors over market practices and intellectual property have occasionally surfaced​ .​​ .

Scams and Frauds:

There have been isolated incidents where Pine Labs’ POS terminals were reportedly used in fraudulent transactions. The company has since strengthened its security protocols and implemented measures to prevent such occurrences​ .​.

Public Outrage:

Public dissatisfaction has mainly centered around technical glitches and downtime of POS systems, affecting merchant operations. Pine Labs has been working on improving its technology infrastructure to minimize such issues​ .

Valuation Loss:

Pine Labs, once valued at around $5 billion, has seen its valuation drop to approximately $3.1 billion. The primary reasons for this decline include:

• Market Conditions: A general downturn in tech valuations and cautious investor sentiment.
• Operational Challenges: Issues with scaling operations and maintaining service quality amid rapid expansion.
• Competitive Pressure: Intense competition from other fintech companies and payment solution providers​.

Swiggy: The food delivery service has also seen a substantial decline in valuation due to decreased demand post-pandemic and intense competition​ .

Swiggy was founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini. The idea originated from the founders’ desire to address the inefficiencies in the food delivery market in India. Initially based in Bengaluru, Swiggy quickly expanded to other major cities by offering a seamless online food ordering and delivery experience. The company’s focus on technology and logistics helped it stand out in the competitive food tech industry​ .​​ .

Business Model:

Swiggy operates on a three-sided marketplace model involving customers, restaurants, and delivery partners. Its business model includes:

• Food Delivery: Partnering with restaurants to deliver food to customers.
• Swiggy Instamart: A quick-commerce platform for grocery and essential item delivery.
• Swiggy Genie: A pick-up and drop service for various items within a city.
• Swiggy Access: Providing kitchen spaces to restaurants for delivery-only operations in high-demand areas.
• Swiggy Daily: A platform for ordering daily meals and tiffins.

Swiggy uses technology to optimize delivery routes, manage orders, and ensure timely delivery, making it one of the most reliable food delivery services in India​ . .​.

Revenue Streams:

Swiggy generates revenue through multiple channels:

1. Commissions: Charging restaurants a commission for each order processed through its platform.
2. Delivery Fees: Customers pay delivery fees based on distance and order size.
3. Subscription Services: Swiggy Super, a membership program offering benefits like free delivery and discounts.
4. Advertising: Promotional fees from restaurants for better visibility on the app.
5. Swiggy Access and Cloud Kitchens: Leasing kitchen spaces to restaurant partners.
6. Grocery Delivery: Service charges and fees from Instamart deliveries​ .​​ .

Funding and Main Investors:

Swiggy has raised over $3 billion in funding from a diverse group of investors, including:

• Prosus (Naspers)
• Accel Partners
• Wellington Management
• DST Global
• Tencent
• Qatar Investment Authority
• Bessemer Venture Partners
• Norwest Venture Partners​ .​​ .

IPO Plans:

Swiggy has been contemplating an initial public offering (IPO) to raise additional capital and provide liquidity to its investors. Although specific timelines have not been announced, the company is reportedly preparing for a potential listing in the near future, aiming to leverage its market position and growth potential​ .​.

Controversies and Legal Issues:

Swiggy has encountered several controversies and legal issues:

1. Regulatory Scrutiny: Concerns over food safety and hygiene standards have led to regulatory inspections and temporary suspensions of certain restaurant partners.
2. Labor Disputes: Delivery partners have protested against low wages, poor working conditions, and lack of job security, resulting in strikes and legal challenges.
3. Competition Issues: Accusations of anti-competitive practices and unfair treatment of restaurant partners have surfaced, prompting investigations​ . .​.

Scams and Frauds:

There have been instances of fraudulent activities, such as delivery partners manipulating the app to increase earnings and customers exploiting loopholes for refunds. Swiggy has implemented stricter verification processes and technology upgrades to mitigate these issues​ .​

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, incorrect orders, and customer service problems. Additionally, the treatment of delivery partners and surge pricing during high-demand periods have sparked public outrage and calls for better practices​ .

Valuation Loss:

Swiggy, once valued at around $10.7 billion, has seen a decline in its valuation to approximately $5.5 billion. The reasons for this decline include:

• Market Conditions: A broader market downturn and tighter funding conditions.
• Operational Challenges: High operational costs and logistical complexities.
• Competitive Pressure: Intense competition from rivals like Zomato and new entrants.
• Pandemic Impact: The COVID-19 pandemic initially disrupted operations, though it later led to increased demand for delivery services​ . .​.

 

PharmEasy: The health tech startup has faced a steep drop in its valuation, influenced by regulatory challenges and market dynamics​ .​

PharmEasy was founded in 2015 by Dharmil Sheth, Dr. Dhaval Shah, and Mikhil Innani. The idea was conceived to address the challenges in accessing medicines and healthcare services in India. The founders aimed to streamline the process of ordering medicines and healthcare products, making it more convenient and affordable for consumers. Based in Mumbai, PharmEasy quickly gained traction by leveraging technology to connect customers with local pharmacies and diagnostic centers​ .

Business Model:

PharmEasy operates as an online healthcare platform that provides a wide range of services, including:

• Medicine Delivery: Customers can order prescription and over-the-counter medicines through the app or website.
• Diagnostic Tests: Offering home sample collection for lab tests and delivering reports online.
• Healthcare Products: A marketplace for healthcare products like medical devices, wellness products, and personal care items.
• Doctor Consultations: Providing teleconsultation services with qualified doctors.

PharmEasy integrates with local pharmacies and diagnostic centers to fulfill orders, ensuring quick and reliable delivery services across India​ .​

Revenue Streams:

PharmEasy generates revenue through several channels:

1. Commissions: Charging pharmacies and diagnostic centers a commission for each order processed through its platform.
2. Subscription Services: Offering subscription plans for regular medicine deliveries and health check-up packages.
3. Advertising: Providing promotional opportunities for healthcare brands and products on its platform.
4. Consultation Fees: Earning fees from teleconsultation services with healthcare professionals​ .​.

Funding and Main Investors:

PharmEasy has raised over $1.6 billion in funding from various investors, including:

• Temasek Holdings
• TPG Growth
• Prosus Ventures (Naspers)
• B Capital Group
• Eight Roads Ventures
• F-Prime Capital
• Trifecta Capital
• CDPQ​

IPO Plans:

PharmEasy has been planning an initial public offering (IPO) to raise additional capital and provide liquidity to its investors. The IPO, initially slated for 2022, has been delayed due to market conditions and internal restructuring. The company aims to list on the Indian stock exchanges to leverage domestic investor interest and expand its market reach​ .​.

Controversies and Legal Issues:

PharmEasy has faced several controversies and legal challenges, including:

1. Regulatory Scrutiny: Issues with compliance to pharmacy regulations and handling of prescription medicines have led to scrutiny by regulatory authorities.
2. Data Privacy: Concerns over the security and privacy of customer health data have prompted investigations and calls for stricter data protection measures.
3. Market Practices: Accusations of predatory pricing and anti-competitive behavior have surfaced, leading to legal disputes with traditional pharmacies​ .

Scams and Frauds:

There have been isolated incidents of fraudulent activities involving fake prescriptions and unauthorized sellers on the platform. PharmEasy has implemented stringent verification processes and security measures to mitigate these risks and ensure the authenticity of medicines and healthcare services provided through its platform​

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, incorrect orders, and customer service problems. Additionally, concerns about the handling of sensitive health data and the impact of the company’s practices on small, independent pharmacies have sparked public debate and outrage​ .

Valuation Loss:

PharmEasy, once valued at around $5.6 billion, has seen a decline in its valuation to approximately $3.1 billion. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the healthcare and tech sectors.
• Operational Challenges: High operational costs and logistical complexities associated with scaling the business.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​

 

Meesho: This social commerce platform has encountered valuation markdowns amid increasing competition and market saturation​

Meesho was founded in December 2015 by Vidit Aatrey and Sanjeev Barnwal, both alumni of IIT Delhi. The company started as a platform to enable small businesses and individuals to sell products online through social media channels like WhatsApp, Facebook, and Instagram. The founders aimed to empower women and homemakers by providing them with an easy-to-use platform to start their own online businesses without any upfront investment​

Business Model:

Meesho operates as a social commerce platform, primarily targeting small businesses and individual resellers. Its business model includes:

• Marketplace: Connecting suppliers with resellers who promote products through social media channels.
• Dropshipping: Resellers do not need to maintain inventory; they only place orders with suppliers after making a sale.
• Logistics and Payments: Handling logistics, payments, and returns to simplify the process for resellers.

This model allows Meesho to tap into the vast network of social media users in India, leveraging their connections to drive sales​ .​​ .

Revenue Streams:

Meesho generates revenue through several channels:

1. Commission Fees: Charging a commission on each sale made through the platform.
2. Advertising: Offering promotional opportunities for suppliers to increase their visibility on the platform.
3. Logistics Fees: Earning fees for handling the shipping and delivery of products.
4. Premium Services: Providing additional services such as faster delivery and premium packaging for a fee​ .

Funding and Main Investors:

Meesho has raised over $1 billion in funding from a diverse group of investors, including:

• SoftBank Vision Fund
• Sequoia Capital India
• Facebook
• Prosus Ventures (Naspers)
• Shunwei Capital
• RPS Ventures
• SAIF Partners
• Venture Highway​ .​​ .

IPO Plans:

Meesho has been contemplating an initial public offering (IPO) to raise additional capital and provide liquidity to its investors. While the exact timeline for the IPO has not been disclosed, the company aims to list on the Indian stock exchanges, leveraging its strong market position and growth potential​ .

Controversies and Legal Issues:

Meesho has faced several controversies and legal challenges:

1. Quality Control Issues: Complaints about the quality of products sold through the platform have led to scrutiny and negative publicity.
2. Regulatory Scrutiny: Concerns over compliance with e-commerce regulations and consumer protection laws have prompted investigations.
3. Market Practices: Allegations of unfair practices and conflicts with traditional retailers and suppliers have surfaced, leading to legal disputes​ .​​ .

Scams and Frauds:

There have been incidents of fraudulent activities involving fake resellers and suppliers, leading to losses for customers and damage to the company’s reputation. Meesho has implemented stricter verification processes and security measures to address these issues and ensure the authenticity of transactions on its platform​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, incorrect or low-quality products, and inadequate customer service. These issues have sparked public debate and calls for better practices and customer protection measures​ .​​ .

Valuation Loss:

Meesho, once valued at around $4.9 billion, has seen a decline in its valuation to approximately $2.5 billion. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the tech and e-commerce sectors.
• Operational Challenges: High operational costs and logistical complexities associated with scaling the business.
• Competitive Pressure: Intense competition from other e-commerce platforms and social commerce startups​ .​​ .

Zomato: Despite being a market leader, Zomato has faced valuation cuts due to the post-pandemic slowdown in food delivery demand​ .

Zomato was founded in 2008 by Deepinder Goyal and Pankaj Chaddah. Initially launched as “Foodiebay,” the platform started as a restaurant discovery and food review website in Delhi NCR, India. The founders were inspired to create the platform after observing their colleagues struggling to find menus and reviews of restaurants. The company rebranded to Zomato in 2010 to make it easier to remember and to facilitate global expansion​ . .​.

Business Model:

Zomato operates as a comprehensive food services platform with multiple facets to its business model:

• Restaurant Discovery and Reviews: Providing detailed information, reviews, and ratings for restaurants.
• Online Food Delivery: Partnering with restaurants to deliver food to customers through its app and website.
• Table Reservations: Allowing users to book tables at restaurants.
• Zomato Gold (now Zomato Pro): Offering subscription-based premium membership with benefits like discounts and offers at partner restaurants.
• B2B Supplies: Supplying ingredients and kitchen supplies to restaurants through Zomato Hyperpure.

Zomato’s diverse services cater to both consumers and restaurant partners, leveraging technology to enhance the overall dining experience​ . .​.

Revenue Streams:

Zomato generates revenue through several channels:

1. Commission on Orders: Charging restaurants a commission on each order placed through its platform.
2. Subscription Fees: Revenue from Zomato Pro memberships offering exclusive discounts and benefits.
3. Advertising: Promotional fees from restaurants and brands for advertising on the platform.
4. Delivery Fees: Charges for food delivery services paid by customers.
5. B2B Services: Earnings from Hyperpure, which supplies restaurants with fresh ingredients and kitchen supplies​ . .​.

Funding and Main Investors:

Zomato has raised over $2.5 billion from various investors, including:

• Ant Financial (Alibaba Group)
• Sequoia Capital India
• Temasek Holdings
• Info Edge (India)
• Tiger Global Management
• Uber Technologies (acquired Uber Eats India)
• D1 Capital Partners
• Baillie Gifford​ . .​.

IPO Plans:

Zomato successfully launched its initial public offering (IPO) in July 2021, raising approximately $1.3 billion. The IPO was a landmark event, making Zomato one of the first major Indian tech startups to go public. The company listed on the Indian stock exchanges (NSE and BSE), aiming to leverage its strong market position and investor interest to fuel further growth and expansion​ .

Controversies and Legal Issues:

Zomato has faced several controversies and legal challenges:

1. Data Privacy: Concerns over user data privacy and security have led to scrutiny by regulatory bodies.
2. Labor Disputes: Delivery partners have protested against low wages, poor working conditions, and lack of job security, leading to strikes and legal challenges.
3. Regulatory Scrutiny: Issues with compliance to food safety and e-commerce regulations in various markets have resulted in regulatory investigations and fines​ .​​ .

Scams and Frauds:

There have been instances of fraudulent activities involving fake reviews and listings, as well as manipulation of ratings and reviews. Zomato has taken measures to enhance verification processes and reduce fraudulent activities on its platform​ .​.

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as surge pricing, delayed deliveries, incorrect orders, and customer service problems. Additionally, controversies over the treatment of delivery partners and changes to Zomato Pro membership benefits have sparked public outrage and calls for better practices​ . .​.

Valuation Loss:

After its initial surge post-IPO, Zomato’s valuation has seen fluctuations due to various factors:

• Market Conditions: Broader market downturn and cautious investor sentiment in the tech and food delivery sectors.
• Operational Challenges: High operational costs, logistical complexities, and challenges in maintaining service quality across a vast network.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception.

At its peak, Zomato’s market capitalization exceeded $13 billion but has since seen a significant decline. Factors such as the competitive landscape, regulatory environment, and market conditions continue to influence its valuation​ . .​.

 

Unacademy: This edtech startup’s valuation has decreased as the sector grapples with the transition back to offline education​ .​.

Unacademy was founded in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh. Initially, it began as a YouTube channel in 2010, where Gaurav Munjal uploaded educational videos. Recognizing the potential for online education, Munjal teamed up with Roman Saini, a former IAS officer, and Hemesh Singh to launch Unacademy as a full-fledged edtech platform. Their vision was to democratize education and provide quality learning resources to students across India, particularly those in remote areas​ .

Business Model:

Unacademy operates as an online education platform that offers courses and educational content for various competitive exams, school curriculums, and professional development. Its business model includes:

• Live Classes: Offering live interactive classes with top educators across various subjects and competitive exams.
• Subscription Model: Providing access to all live and recorded classes through a subscription model called Unacademy Plus.
• Special Classes: Free classes that provide insights into the paid offerings and help attract new users.
• Test Series and Quizzes: Conducting regular test series and quizzes to help students assess their preparation and performance.

Unacademy leverages technology to deliver a personalized learning experience, making high-quality education accessible to everyone​ . .​.

Revenue Streams:

Unacademy generates revenue through several channels:

1. Subscription Fees: Charging students a monthly or annual subscription fee for access to Unacademy Plus.
2. Advertisements: Revenue from ads displayed during free classes and content.
3. Special Courses: Offering premium courses and content for specific competitive exams and professional skills.
4. Partnerships: Collaborating with educational institutions and organizations for specialized programs and courses​ . .​.

Funding and Main Investors:

Unacademy has raised over $860 million in funding from various investors, including:

• SoftBank Vision Fund
• Sequoia Capital India
• Nexus Venture Partners
• General Atlantic
• Facebook
• Blume Ventures
• Tiger Global Management
• Dragoneer Investment Group​ . .​.

IPO Plans:

Unacademy has been considering an initial public offering (IPO) to raise additional capital and provide liquidity to its investors. While the exact timeline for the IPO has not been disclosed, the company is preparing for a potential listing in the near future, aiming to leverage its strong market position and growth potential​ .

Controversies and Legal Issues:

Unacademy has faced several controversies and legal challenges:

1. Content Quality Issues: Complaints about the quality and accuracy of educational content have led to scrutiny and negative publicity.
2. Regulatory Scrutiny: Issues with compliance to education and data protection regulations have resulted in regulatory investigations.
3. Market Practices: Allegations of unfair practices and conflicts with competitors and traditional coaching institutes have surfaced, leading to legal disputes​ .​​ .

Scams and Frauds:

There have been incidents of fraudulent activities involving fake educators and unauthorized courses being sold on the platform. Unacademy has implemented stricter verification processes and security measures to address these issues and ensure the authenticity of its educational offerings​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as high subscription fees, technical glitches during live classes, and customer service problems. Additionally, controversies over the quality of content and the treatment of educators have sparked public debate and outrage​ .​​ .

Valuation Loss:

Unacademy, once valued at around $3.5 billion, has seen a decline in its valuation to approximately $2 billion. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the edtech sector.
• Operational Challenges: High operational costs and logistical complexities associated with scaling the business.
• Competitive Pressure: Intense competition from other edtech platforms and traditional coaching institutes​ .​​ .

 

PolicyBazaar: The insurance aggregator has seen its valuation shrink due to increased regulatory scrutiny and market challenges​ .​.

PolicyBazaar was founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. The idea emerged from the founders’ frustration with the lack of transparency in India’s insurance sector. They aimed to create a platform that would provide consumers with clear, unbiased information about insurance policies and help them make informed decisions. The company started as a price comparison website for insurance products and has since grown into one of India’s leading insurance aggregators and financial technology platforms​ .​​ .

Business Model:

PolicyBazaar operates as an online insurance aggregator, providing a platform where consumers can compare and purchase various insurance products. Its business model includes:

• Insurance Comparison: Offering a comparison of insurance policies from different insurers, including life, health, motor, travel, and corporate insurance.
• Direct Sales: Facilitating the direct purchase of insurance policies through its platform.
• Policy Management: Providing policy management services, including renewals, claims assistance, and customer support.
• Advisory Services: Offering personalized advisory services to help customers choose the best insurance products based on their needs.

PolicyBazaar’s platform leverages technology to simplify the insurance buying process, making it more transparent and efficient​ . .​.

Revenue Streams:

PolicyBazaar generates revenue through multiple channels:

1. Commission: Earning a commission from insurance companies for each policy sold through its platform.
2. Leads Generation: Charging insurance companies for providing leads of potential customers.
3. Advertising: Revenue from insurance companies and other financial service providers for advertising their products on the platform.
4. Value-Added Services: Offering additional services such as policy renewals, claims assistance, and advisory services for a fee​ .​​ .

Funding and Main Investors:

PolicyBazaar has raised over $500 million in funding from a diverse group of investors, including:

• SoftBank Vision Fund
• Tiger Global Management
• Info Edge (India)
• Premji Invest
• Wellington Management
• True North
• Steadview Capital​ .​​ .

IPO Plans:

PolicyBazaar successfully launched its initial public offering (IPO) in November 2021, raising approximately $1.1 billion. The IPO was a significant milestone, making PolicyBazaar one of the first major Indian fintech companies to go public. The company listed on the Indian stock exchanges (NSE and BSE), aiming to leverage its strong market position and investor interest to fuel further growth and expansion​ .​.

Controversies and Legal Issues:

PolicyBazaar has faced several controversies and legal challenges:

1. Data Privacy: Concerns over user data privacy and security have led to scrutiny by regulatory bodies.
2. Regulatory Compliance: Issues with compliance to insurance and financial regulations in various markets have resulted in regulatory investigations.
3. Market Practices: Allegations of mis-selling and conflicts with insurance companies have surfaced, leading to legal disputes​ . .​.

Scams and Frauds:

There have been instances of fraudulent activities involving fake insurance policies and unauthorized sales. PolicyBazaar has implemented stricter verification processes and security measures to address these issues and ensure the authenticity of its offerings​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as misleading advertisements, high-pressure sales tactics, and inadequate customer service. Additionally, controversies over data privacy and the treatment of customers have sparked public debate and outrage​ .​​ .

Valuation Loss:

PolicyBazaar, once valued at around $3.5 billion, has seen a decline in its valuation to approximately $2 billion. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the fintech sector.
• Operational Challenges: High operational costs and logistical complexities associated with scaling the business.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​ . .​.

 

Lenskart: The eyewear retailer’s valuation has been affected by reduced consumer spending and market competition​ .

Lenskart was founded in 2010 by Peyush Bansal, along with co-founders Amit Chaudhary and Sumeet Kapahi. Initially, Lenskart began as an online portal for contact lenses but soon expanded its offerings to include eyeglasses and sunglasses. The company aimed to address the lack of accessibility and affordability in the Indian eyewear market by leveraging technology and an omnichannel approach to reach a broader customer base​ .​​ .

Business Model:

Lenskart operates on an omnichannel business model that integrates online and offline retail to provide a seamless customer experience. Its business model includes:

• E-commerce Platform: Offering a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses, through its website and mobile app.
• Brick-and-Mortar Stores: Establishing physical stores across India to allow customers to try on eyewear and get their eyes tested by optometrists.
• Home Eye Check-Up Service: Providing at-home eye check-up services, where trained professionals visit customers’ homes for eye tests and consultations.
• In-house Manufacturing: Operating its own manufacturing units to produce high-quality eyewear at competitive prices.

This integrated approach allows Lenskart to cater to diverse customer preferences and enhance accessibility and convenience​ . .​.

Revenue Streams:

Lenskart generates revenue through multiple channels:

1. Product Sales: Selling eyewear products, including eyeglasses, sunglasses, and contact lenses, both online and offline.
2. Eye Check-Up Services: Charging fees for in-store and at-home eye check-up services.
3. Subscription Services: Offering subscription plans for contact lenses and eyewear, providing customers with regular deliveries and discounts.
4. Private Labels: Selling in-house brands, which offer higher margins compared to third-party brands​ .​​ .

Funding and Main Investors:

Lenskart has raised over $700 million in funding from various investors, including:

• SoftBank Vision Fund
• TPG Growth
• Falcon Edge Capital
• Premji Invest
• Kedaara Capital
• Steadview Capital
• Trifecta Capital​ . .​.

IPO Plans:

Lenskart has been considering an initial public offering (IPO) to raise additional capital and provide liquidity to its investors. While the exact timeline for the IPO has not been disclosed, the company is preparing for a potential listing in the near future, aiming to leverage its strong market position and growth potential​ .

Controversies and Legal Issues:

Lenskart has faced several controversies and legal challenges:

1. Quality Control Issues: Complaints about the quality of products and services have led to scrutiny and negative publicity.
2. Regulatory Scrutiny: Issues with compliance to consumer protection regulations and advertising standards have resulted in regulatory investigations.
3. Labor Disputes: Allegations of unfair labor practices and high attrition rates have surfaced, leading to internal and external scrutiny​ .​​ .

Scams and Frauds:

There have been incidents of fraudulent activities involving fake products and unauthorized sales on third-party platforms. Lenskart has implemented stricter verification processes and security measures to address these issues and ensure the authenticity of its offerings​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, incorrect prescriptions, and customer service problems. Additionally, controversies over the quality of products and the treatment of employees have sparked public debate and outrage​ .​​ .

Valuation Loss:

Lenskart, once valued at around $2.5 billion, has seen a decline in its valuation to approximately $1.5 billion. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the retail and e-commerce sectors.
• Operational Challenges: High operational costs and logistical complexities associated with scaling the business.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​ . .​.

 

Udaan: The B2B e-commerce platform has faced valuation drops amid operational challenges and funding constraints​ .

Udaan was founded in 2016 by three former Flipkart executives: Amod Malviya, Vaibhav Gupta, and Sujeet Kumar. The founders identified a significant gap in India’s B2B (business-to-business) market, where small and medium-sized enterprises (SMEs) struggled with inefficiencies in procurement and distribution. Udaan was launched as a platform to address these issues, aiming to simplify and streamline the supply chain for retailers, wholesalers, and manufacturers across various sectors​ . .​.

Business Model:

Udaan operates as a B2B e-commerce platform connecting manufacturers, wholesalers, traders, and retailers. Its business model includes:

• Marketplace Platform: Providing a digital marketplace where businesses can buy and sell products across categories such as electronics, apparel, grocery, and pharmaceuticals.
• Logistics: Offering end-to-end logistics support, including warehousing and transportation, to ensure timely delivery of goods.
• Financing Solutions: Providing credit facilities to buyers through Udaan Capital, helping them manage cash flow and expand their businesses.
• Technology Integration: Utilizing technology to offer inventory management, order tracking, and analytics to help businesses optimize their operations.

This integrated approach helps Udaan cater to the diverse needs of SMEs, improving efficiency and reducing costs in the supply chain​ . .​.

Revenue Streams:

Udaan generates revenue through various channels:

1. Transaction Fees: Charging a commission on each transaction made through its platform.
2. Logistics Services: Earning fees from logistics and delivery services provided to sellers and buyers.
3. Financing Solutions: Interest and fees from credit facilities and financial services offered to businesses.
4. Advertising: Revenue from advertising and promotional services for brands and manufacturers on its platform​ .​​ .

Funding and Main Investors:

Udaan has raised over $1.3 billion in funding from a diverse group of investors, including:

• DST Global
• Lightspeed Venture Partners
• Tencent
• GGV Capital
• Altimeter Capital
• Hillhouse Capital
• Citi Ventures

These investments have played a crucial role in Udaan’s rapid growth and expansion across India​ . .​.

IPO Plans:

Udaan has been considering an initial public offering (IPO) to raise additional capital and provide liquidity to its investors. While the exact timeline for the IPO has not been disclosed, the company aims to list on the Indian stock exchanges, leveraging its strong market position and growth potential​ .

Controversies and Legal Issues:

Udaan has faced several controversies and legal challenges:

1. Regulatory Compliance: Issues with compliance to trading and e-commerce regulations have resulted in scrutiny and investigations by regulatory bodies.
2. Labor Disputes: Allegations of unfair labor practices and high attrition rates have surfaced, leading to internal and external scrutiny.
3. Market Practices: Accusations of predatory pricing and unfair competition with traditional distributors and wholesalers have led to legal disputes​ .​​ .

Scams and Frauds:

There have been incidents of fraudulent activities involving fake listings and unauthorized sellers on the platform. Udaan has implemented stricter verification processes and security measures to address these issues and ensure the authenticity of transactions on its platform​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, incorrect orders, and customer service problems. Additionally, controversies over the treatment of employees and the impact of Udaan’s practices on traditional businesses have sparked public debate and outrage​ .​​ .

Valuation Loss:

Udaan, once valued at around $3 billion, has seen a decline in its valuation to approximately $2 billion. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the e-commerce and logistics sectors.
• Operational Challenges: High operational costs and logistical complexities associated with scaling the business.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​ . .​.

 

Delhivery: The logistics company has experienced a reduction in valuation due to slower-than-expected growth and market pressures​ .

Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati. Initially, Delhivery started as a hyperlocal express delivery service in Delhi NCR, catering to offline stores looking to deliver products to customers within the city. Recognizing the potential of the e-commerce boom in India, Delhivery quickly pivoted to focus on providing logistics and supply chain solutions to online retailers. The company has since grown into one of India’s largest and most prominent logistics and supply chain firms​ . .​.

Business Model:

Delhivery operates a multifaceted business model offering a wide range of logistics services:

• Parcel Transportation: Providing express parcel delivery services for e-commerce companies and retailers.
• Freight Services: Offering part-truckload (PTL) and full-truckload (FTL) freight services across India.
• Warehousing and Fulfillment: Managing warehouses and providing fulfillment services for inventory management and order processing.
• Cross-Border Services: Facilitating international shipping and logistics services.
• Supply Chain Solutions: Offering integrated supply chain solutions, including inventory management, demand forecasting, and order management.

Delhivery leverages technology to optimize routes, manage inventory, and streamline logistics processes, making it a comprehensive logistics solution provider​ . .​.

Revenue Streams:

Delhivery generates revenue through various channels:

1. Transportation Fees: Charging fees for parcel and freight transportation services.
2. Warehousing Fees: Earning revenue from warehousing and fulfillment services.
3. Supply Chain Solutions: Offering supply chain management and consulting services for a fee.
4. Cross-Border Services: Charging for international shipping and logistics solutions.

These diverse revenue streams help Delhivery cater to the different needs of businesses and ensure a steady income flow​ .​​ .

Funding and Main Investors:

Delhivery has raised over $1.2 billion from a diverse group of investors, including:

• SoftBank Vision Fund
• Carlyle Group
• Tiger Global Management
• Multiples Alternate Asset Management
• Steadview Capital
• Times Internet
• Fosun International

These investments have played a crucial role in Delhivery’s expansion and technological advancement​ . .​.

IPO Plans:

Delhivery successfully launched its initial public offering (IPO) in May 2022, raising approximately $675 million. The IPO was a significant milestone, making Delhivery one of the few logistics startups to go public in India. The funds raised through the IPO are intended to be used for further expansion, technological upgrades, and debt repayment​ . .​.

Controversies and Legal Issues:

Delhivery has faced several controversies and legal challenges:

1. Service Quality Issues: Complaints about delayed deliveries, damaged goods, and poor customer service have led to scrutiny and negative publicity.
2. Regulatory Compliance: Issues with compliance to logistics and transportation regulations have resulted in fines and investigations.
3. Labor Disputes: Allegations of unfair labor practices and high attrition rates among delivery personnel have surfaced, leading to internal and external scrutiny​ . .​.

Scams and Frauds:

There have been incidents of fraudulent activities involving misdelivery and theft of goods. Delhivery has implemented stricter security measures and verification processes to address these issues and ensure the safety and authenticity of deliveries​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, damaged packages, and inadequate customer service. Additionally, controversies over the treatment of delivery personnel and the handling of customer complaints have sparked public debate and outrage​ .​​ .

Valuation Loss:

Delhivery, once valued at around $3 billion, saw fluctuations in its valuation post-IPO. The primary reasons for these fluctuations include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the logistics and tech sectors.
• Operational Challenges: High operational costs, logistical complexities, and challenges in maintaining service quality across a vast network.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​ . .​.

 

Nykaa: The beauty and personal care retailer has seen its valuation fall as consumer spending patterns shift and competition increases​ .​.

Nykaa was founded in 2012 by Falguni Nayar, a former investment banker and managing director at Kotak Mahindra Capital Company. Recognizing a gap in the Indian beauty and wellness market, Nayar launched Nykaa as an e-commerce platform dedicated to beauty and personal care products. The name “Nykaa” is derived from the Sanskrit word “Nayaka,” meaning actress or one in the spotlight, reflecting the company’s mission to empower individuals to feel beautiful and confident​ . .​.

Business Model:

Nykaa operates on a hybrid business model that combines e-commerce with physical retail stores:

• E-commerce Platform: Offering a wide range of beauty, wellness, and fashion products through its website and mobile app.
• Physical Stores: Establishing Nykaa Luxe and Nykaa On Trend stores across India to provide an omnichannel shopping experience.
• Private Labels: Developing in-house brands such as Nykaa Cosmetics, Nykaa Naturals, and Kay Beauty, which offer higher margins compared to third-party brands.
• Content and Community: Leveraging content marketing through Nykaa TV and social media to engage customers and provide beauty tutorials, product reviews, and expert advice.

This integrated approach allows Nykaa to cater to diverse customer preferences and enhance brand loyalty​ . .​.

Revenue Streams:

Nykaa generates revenue through various channels:

1. Product Sales: Selling beauty, wellness, and fashion products both online and offline.
2. Private Labels: Higher margins from sales of in-house brands.
3. Advertising: Revenue from brands advertising their products on Nykaa’s platform.
4. Subscription Services: Offering loyalty programs and subscription services for regular customers.

These diverse revenue streams help Nykaa maintain steady income and support its growth initiatives​ .​​ .

Funding and Main Investors:

Nykaa has raised over $340 million from a variety of investors, including:

• TPG Growth
• Lighthouse Funds
• Steadview Capital
• Fidelity Management & Research
• Alia Bhatt and Katrina Kaif (Celebrity investors)
• Hero Enterprise Investment Office

These investments have been instrumental in Nykaa’s expansion and technological advancements​ . .​.

IPO Plans:

Nykaa launched its initial public offering (IPO) in November 2021, raising approximately $700 million. The IPO was a significant milestone, making Nykaa one of the few profitable Indian startups to go public. The company listed on the Indian stock exchanges (NSE and BSE), with the funds raised intended for debt repayment, brand expansion, and enhancing its supply chain infrastructure​ . .​.

Controversies and Legal Issues:

Nykaa has faced several controversies and legal challenges:

1. Product Authenticity: Allegations of counterfeit products being sold on the platform have led to scrutiny and negative publicity.
2. Data Privacy: Concerns over user data privacy and security have resulted in regulatory investigations.
3. Labor Disputes: Issues related to employee working conditions and labor practices have surfaced, leading to internal and external scrutiny​ .​​ .

Scams and Frauds:

There have been incidents of fraudulent activities involving fake discounts and unauthorized sellers on the platform. Nykaa has implemented stricter verification processes and security measures to address these issues and ensure the authenticity of its offerings​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as delayed deliveries, damaged products, and poor customer service. Additionally, controversies over product authenticity and high prices have sparked public debate and outrage​ .​​ .

Valuation Loss:

Nykaa, once valued at around $7 billion, has seen fluctuations in its valuation post-IPO. The primary reasons for these fluctuations include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the beauty and e-commerce sectors.
• Operational Challenges: High operational costs, logistical complexities, and challenges in maintaining service quality across a vast network.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​ . .​.

 

Paytm: Despite being a major player in digital payments, Paytm has faced valuation declines due to profitability concerns and regulatory issues​ .

Paytm, which stands for “Pay Through Mobile,” was founded in August 2010 by Vijay Shekhar Sharma. Initially launched as a prepaid mobile and DTH recharge platform, Paytm quickly expanded its services to include utility bill payments, e-commerce, and financial services. The company, headquartered in Noida, India, aimed to provide a simple and secure way for consumers to make digital payments and manage their financial transactions​ . .​.

Business Model:

Paytm operates on a multifaceted business model, offering a wide range of services:

• Digital Wallet: Allowing users to store money and make payments for various services such as mobile recharges, bill payments, and online purchases.
• E-commerce Platform: Operating as an online marketplace for goods and services.
• Paytm Mall: A dedicated e-commerce platform launched in 2017 to compete with giants like Amazon and Flipkart.
• Paytm Payments Bank: Offering banking services, including savings accounts, fixed deposits, and payment solutions.
• Financial Services: Providing loans, insurance, and investment options through partnerships with financial institutions.
• Payment Gateway: Facilitating online payments for merchants through its payment gateway services.

This diverse range of services has enabled Paytm to become a comprehensive financial ecosystem​ . .​.

Revenue Streams:

Paytm generates revenue through multiple channels:

1. Transaction Fees: Charging merchants and customers a fee for transactions made through its platform.
2. Commissions: Earning commissions on sales made through its e-commerce platform and Paytm Mall.
3. Financial Services: Revenue from financial products, including loans, insurance, and investments.
4. Advertising: Offering advertising space on its platform to businesses and brands.
5. Paytm Payments Bank: Earnings from banking services, including interest on deposits and transaction fees​ . .​.

Funding and Main Investors:

Paytm has raised over $4.4 billion from various investors, including:

• SoftBank Vision Fund
• Ant Financial (Alibaba Group)
• SAIF Partners
• Warren Buffett’s Berkshire Hathaway
• T. Rowe Price
• Discovery Capital Management
• Intel Capital

These investments have played a crucial role in Paytm’s expansion and diversification of services​ . .​.

IPO Plans:

Paytm launched its initial public offering (IPO) in November 2021, raising approximately $2.5 billion. The IPO was one of the largest in India, aiming to use the proceeds for business growth, expanding its user base, and making strategic acquisitions. However, the IPO faced challenges, with the company’s shares falling below the issue price shortly after listing due to market conditions and investor sentiment​ .​​ .

Controversies and Legal Issues:

Paytm has faced several controversies and legal challenges:

1. Data Privacy: Concerns over user data privacy and security have led to scrutiny by regulatory bodies.
2. Regulatory Compliance: Issues with compliance to banking and financial regulations have resulted in fines and investigations.
3. Internal Conflicts: Reports of internal conflicts and high employee turnover have surfaced, impacting the company’s reputation and operational efficiency​ . .​.

Scams and Frauds:

There have been incidents of fraudulent activities involving fake cashback offers, phishing attacks, and unauthorized transactions on the Paytm platform. The company has implemented stricter security measures and verification processes to address these issues and ensure the safety of its users​ .

Public Outrage:

Public dissatisfaction has primarily revolved around issues such as customer service problems, delayed refunds, and technical glitches. Additionally, controversies over data privacy and the handling of user information have sparked public debate and outrage​ .​​ .

Valuation Loss:

Paytm, once valued at around $16 billion, saw its valuation drop to approximately $10 billion post-IPO. The primary reasons for this decline include:

• Market Conditions: A broader market downturn and cautious investor sentiment in the fintech sector.
• Operational Challenges: High operational costs, logistical complexities, and challenges in maintaining service quality across a vast user base.
• Regulatory Issues: Ongoing regulatory scrutiny and compliance challenges have also impacted investor confidence and market perception​ . .​.