Valuation markdowns: Byju’s, Ola, Swiggy, other unicorn startups lost 49% value on average in 2023, says report

Amid the shift in the funding dynamics away from the growth-at-any-cost model for startups, 2023 saw as many as nine Indian unicorns losing 49 per cent value on average, according to a report by early-stage venture capital firm Orios Venture Partners. The pack was led by beleaguered edtech startup Byju’s with a whopping 86 per cent markdown in its valuation from $22 billion. One of its investors BlackRock had reportedly recently cut the value of its holding in the company by 95 per cent to $1 billion.