Key Points
Indias dream of developing a market for consumer-focused technology startups has gotten back on track as digital payments leader Paytm leads a $6 billion rally among peers so far this year...
Shares of Paytm parent One 97 Communications Ltd. have surged 69%, adding more than $2.7 billion in market value, after it improved its profitability ahead of schedule..
Food delivery platform Zomato Ltd. and Policybazaar operator PB Fintech Ltd. have surged 28% and 47%, respectively, adding over $1 billion each to their market valuations..
A big push for the nations tech unicorns in 2021 from government efforts and high-profile investors including Jack Ma and Masayoshi Son gave way to a global selloff in the sector last year on concerns of higher rates and recession..
Paytm and its cohort have gained even as shares of the nations old guard of IT service providers including Tata Consultancy Services Ltd. and Infosys Ltd. remain mired in concerns over global economic weakness. The rally in new-age tech stocks has also defied concerns over the financial health of formerly high-flying startup Byjus..
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