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Entrepreneurs and investors TOI spoke to said the startup ecosystem<\/a>, like all spheres of the economy, saw a ‘K-shaped recovery curve’ in 2020. The strong got stronger and the weak kept getting weaker, they said. While the year of Covid gave rise to 11 unicorns, it simultaneously sounded the death knell for numerous upstarts. Even as entrepreneurs joined forces through M&As to tackle the pandemic, the absence of Chinese money in the ecosystem resulted in muted large dollar deals in an already difficult year.
Venture Intelligence (VI) founder & MD Arun Natarajan said that the year dealt a blow to later-stage tech ventures looking for growth capital<\/a> as geopolitical tensions affected investment by Chinese investors in startups. According to VI data, Chinese investors participated in 24 deals in 2020, investing $410 million in all, compared to over $1 billion across 35 deals in 2019.
However, with the digital revolution picking up in the second half of the year, 2021 is expected to see demand and funding action return to the worst-hit sectors<\/a> with a vengeance, and also reset the stakes of overheated sectors such as edtech, stakeholders said. Natarajan believes unit economics is going to be the guiding mantra in the startup world in 2021. “The days of deep discounts are behind us, and consolidation activity will continue as strong companies are likely to close massive bargains,” Natarajan said.
According to Krish Subramanian, co-founder of SaaS firm Chargebee, which raised a $55-million round in 2020 from American VC firm Insight Partners, the absence of Chinese investors may impact certain segments, but not enterprise SaaS — the biggest gainer of the pandemic. Subramanian said the automation and digitisation boom brought on by Covid is a huge positive for the SaaS sector. “SaaS firms are continuing to grow even in verticals that were massively affected by the pandemic in March-April like retail, spas & salons, etc. Digitisation is accelerating across industry<\/a> verticals — whether it is front-office technology or back-office infrastructure,” he said.
Orios Venture Partners managing partner Anup Jain predicted a return to business for discretionary spend sectors like fashion, travel, real estate and entertainment from around June 2021. “In the interim, the hot sectors will continue to be edtech, health tech, agri tech, gaming, retail tech and wealth tech platforms,” he said. “Edtech will start cooling down, vernacular social network platforms will see investor interest, and entertainment action will shift from OTT platforms to gaming,” 3One4 Capital founding partner Siddarth Pai predicted. The end of 2020 already saw two new unicorns in the social content space with Dailyhunt and InMobi’s Glance raising over $100-million rounds from Google and others.
Matrix’s Davda believes users who transacted online for the first time during the pandemic will be hooked to consuming services on the internet, widening the customer base for tech startups. “I expect this trend to continue and grow even more,” he said.
In 2020, as of November, about 140 investment proposals valued at over $1.75 billion — mostly from China and Hong Kong — were on hold, boutique law firm Burgeon Law’s founder Roma Priya said. However, China’s loss was the US and Jio’s gain. “There has been renewed interest from the US, Japanese and Middle East investors in the Indian startup ecosystem, and this is likely to pick up in 2021 in the absence of the Chinese,” Pai said. Tarun Davda, MD of PE firm Matrix India, said the ecosystem was still buoyant despite restrictions on Chinese capital. “The recent fund-raise exercise by Jio has brought India on the radar of several marquee foreign investors and I think we all should recognise this is a big validation for the ecosystem,” he said.
The year also saw startups engage in heightened consolidation moves. Over 87 M&A deals worth more than $1.3 billion involved at least one startup in 2020, according to VI. In addition to marquee deals such as Byju’s buying WhiteHat Jr, and Reliance<\/a> acquiring majority stake in Netmeds, there were several smaller strategic acqui-hires and distress sales among startups.
“The pandemic readjusted valuations to make an attractive proposition for acquisitions and help companies ramp up service offerings and increase market share,” said EY India e-commerce sector leader Ankur Pahwa. 3one4 Capital’s Pai believes consolidation action is just getting started, and will reach its peak in the first quarter of 2021.
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过热启动部门可能会看到一个重置
“大流行调整并购估值使一个有吸引力的主张,帮助企业提高服务和增加市场份额,”说,是印度电子商务行业领袖Ankur Pahwa。
企业家和投资者钢铁洪流向说创业生态系统像所有经济领域一样,在2020年看到一个“K-shaped恢复曲线”。强者愈强,弱者越来越弱,他们说。虽然今年Covid催生了11独角兽,它同时为许多暴发户敲响丧钟。甚至通过并购作为企业家联手应对流感大流行,没有生态系统导致温和的中国资金大量美元交易在本已艰难的一年。
企业情报(VI)创始人& MD阿伦Natarajan说今年打击后期科技企业寻求增长资本随着地缘政治紧张局势影响中国内地投资者投资创业。VI的数据显示,中国投资者参与交易24 2020年,投资4.1亿美元,而2019年在35交易超过10亿美元。
然而,随着数字革命在下半年回升,2021年预计需求和资金行动回到受灾最严重行业复仇,并重置edtech等过热行业的股权,利益相关者说。Natarajan认为单位经济将是2021年指导咒语在创业公司的世界里。“折扣的日子已经过去,和整合活动将继续强劲的公司可能会接近巨大的讨价还价,“Natarajan说。
Krish萨勃拉曼尼亚表示,联合创始人Chargebee SaaS公司筹集了5500万美元在2020年从美国风险投资公司了解合作伙伴,中国投资者可能会影响某些片段的缺失,但不是企业SaaS,得益最多的大流行。萨勃拉曼尼亚表示,自动化和数字化繁荣带来的Covid SaaS领域是一个巨大的积极。“SaaS公司继续增长甚至在垂直大规模流行病的影响像3月至4月零售、水疗&沙龙等数字化正在加速行业垂直——无论是前台技术或后台基础设施,”他说。
Orios Venture Partners合伙人Anup Jain预测回归业务可自由决定的开支等行业时尚、旅游、房地产、娱乐从2021年6月。“在此期间,热行业将继续edtech,健康科技,农业技术,游戏,零售科技和财富科技平台,”他说。“Edtech将开始降温,方言社交网络平台将投资者的兴趣,和娱乐行动将从奥特平台转移到游戏,“3 one4资本创始合伙人Siddarth Pai预测。2020年底已经看到两个新的社会内容空间的独角兽和Dailyhunt InMobi的目光从谷歌和其他轮筹集超过1亿美元。
矩阵的Davda认为用户在线交易首次流感大流行期间将连接在互联网上消费服务,扩大客户基础的科技创业公司。“我预计这一趋势将继续和成长更多,”他说。
2020年11月,大约140投资建议价值超过17.5亿美元——主要来自中国内地和香港——,精品律师事务所发芽法的创始人罗马Priya说。然而,中国的损失就是美国和Jio的增益。“已经有新的利益来自美国、日本和中东投资者在印度创业生态系统,这是可能在2021年接没有中国,“拜说。马里兰州塔伦Davda私募股权公司矩阵的印度,表示生态系统仍强劲,尽管对中国资本的限制。“近期由Jio筹集资金运动带来了印度在雷达的几个选框外国投资者和我认为我们都应该认识到这是一个巨大的生态系统的验证,”他说。
今年也看到创业从事高度整合行动。超过87的并购交易价值超过13亿美元包括至少一个启动于2020年,根据VI。除了选框交易如Byju正直善良的购买好公民Jr依赖在Netmeds收购多数股权,有几个小战略acqui-hires和痛苦销售公司之一。
“大流行调整并购估值使一个有吸引力的主张,帮助企业提高服务和增加市场份额,”说,是印度电子商务行业领袖Ankur Pahwa。3 one4首都派认为整合行动才刚刚开始,并将在2021年第一季度达到顶峰。
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