After a brutal start to 2022, India saw a surprisingly successful list of venture-backed startups hit the public markets last week. But investors shouldn’t expect healthy animal spirits to return to the Indian IPO market just yet.
Delhivery, which makes its living logistics for other e-commerce firms in India and counts SoftBank, Tiger Global and Carlyle as investors, raised about $675 million. The shares, which made their debut at 487 Indian Rupees, closed at Rs 570 on Thursday. There may be a 17% jump by the standards of the go-go days of 2020 and 2021, but it looks like a breakthrough when Markets around the world remain turbulent With less visibility when they hit the bottom.