top of page

Bright Spots of 2023

Amidst the brouhaha of Startups shutting shop, laying off and reporting eye-popping losses, we forgot to notice and appreciate those that continued to record impressive growth and showed utmost resilience in the face of poor investor sentiments and global macro-economic headwinds. 

We scanned through all the Unicorns to identify the bright spots in 2023. Here's how we shortlisted them:

  1. y-o-y revenue growth in FY22-23 by at least 10%

  2. Consolidated annual revenue in FY2022-23 of at least INR 500 Crores

  3. Improvement in profit margins y-o-y

  4. Profit margin of negative 20% or better

  5. No fall in valuation 

 

Out of the 91 Unicorns only 10 Unicorns could pass all the 5 conditions above. However, only 4 out of these 10 Unicorns were such who did not layoff any of its workforce in 2023 to improve their margins. These 4 Unicorns clearly stand out from the rest and are bound to record a rise in their valuations if and when they raise fresh capital from VC or IPO. Here are the names:


Digit Insurance

Fractal

Groww

InCred

Sector

Fintech

AI

Fintech

Fintech

Primary Business Activity

App based insurance platform

AI powered B2B solutions

App based trading and investment platform

Online platform offering diversified loans

FY22-23 Revenue

₹5,164 Crores ($712 Million)

₹1,985 Crores ($247 Million)

₹1,258 Crores ($157 Million)

₹865 Crores ($106 Million)

Return on Capital Employed (ROCE)

14%

22%

18%

30%

Growth in revenue YoY

52%

51%

261%

77%

FY22-23 Net Profit Margin

7%

10%

6%

14%

Valuation

$4 Billion

$1 Billion

$3 Billion

$1 Billion

 

This article is a part of the January'24 edition of our Startup Newsletter. Here's the complete publication:


Comments


bottom of page