However, many of the SaaS unicorns have reached the coveted $1 billion valuation on the back of overstated price-to-valuation ratios, Orios managing partner Rehan Yar Khan told ET. rice field.
The market began to correct after February and March when negotiations on valuations began to tighten, he said.
“What I would definitely do is check the top lines of these companies,” Khan said. “What surprised me was that these companies weren’t that big, and suddenly they were all unicorns.”
He drew parallels with the US, where the Nasdaq had new-age technology companies smarting big valuations with small earnings multiples of 40 and hundreds of times.
discover interesting stories
“I think it’s a unicorn story. If you ask me, I don’t think it works,” Khan said, adding, “I’m surprised that all of a sudden all these little companies have become unicorns.”
Hasura, Lead School, Darwinbox and Leadsquared are some of the software startups reaching unicorn status in 2022.
Apart from how SaaS will spawn 6 out of 24 unicorns in 2022, other top findings in Orios’ India Unicorns and Exits Tech Report 2022 include raising a total of $25 billion in 2022 1 out of 13 unicorns in the world were born in India. , and that year also saw him make 229 acquisitions and four technology listings.
After raising $21 million in a seed round in October 2021, it took just 11 months to become a unicorn with a $100 million round in July 2022. In September 2022 he raised $85 million.
Mumbai-based Orios raised $30 million in additional capital in June 2021 to exclusively back high-growth and outstanding portfolio companies. Its portfolio companies include gaming company Zupee, agritech company Krishify, online pharmacy PharmEasy and direct-to-consumer brand Country Delight. , online car service company GoMechanic, and Battery Smart, which offers EV batteries as a service.