Startups won public markets in 2024; Edtech learnings in 2024
Thirteen startups became publicly listed entities this year. In 2024, the edtech sector's hyper-growth mentality began to shift. Once launched, rockets often end up in the oceans, where they are often left. In an attempt to change this, SpanTrik is developing reusable rocket launch vehicles.
Hello,
What a week of market drama!
The Indian markets took quite a hit on Friday, with the Sensex plunging 1,176 points to close at 78,042, and Nifty dropping 364 points to end at 23,588—their steepest decline in four months.
Behind this sharp correction: a combination of factors, including the US Federal Reserve’s hawkish stance, increased selling by foreign institutional investors, and mounting concerns over Indian stock market valuations.
The turbulence wasn’t limited to traditional markets. The cryptocurrency world saw Bitcoin retreat below $93,000, triggering a wider crypto market decline that erased around $500 billion in value.
Speaking of cryptocurrency, a sobering report from blockchain analytics firm Chainalysis revealed that hackers have already stolen $2.2 billion from crypto platforms in 2024, with North Korea-linked actors allegedly responsible for $1.34 billion of these thefts.
On the mobility front, Zoomcar is looking to diversify its operations. On Friday, the company launched Zoomcar Cabs, a new pilot programme in Bengaluru, to offer cars with professional drivers.
Meanwhile, ride aggregator platform Namma Yatri says it has no immediate international expansion plans after media reports claimed the company was eyeing the US market.
On a lighter note, research continues to affirm what many of us intuitively know: counting blessings can improve one’s mood.
Speaking of which, we’d love to share our own moment of appreciation: At YourStory, we are immensely grateful for the unwavering support from readers like you over the past year.
Why not take a moment today to jot down what you are thankful for?
In today’s newsletter, we will talk about
- Startup IPOs in 2024
- Edtech learnings in 2024
- Making space travel accessible
Here’s your trivia for today: Burkina Faso is a former colony of which European country?
Review 2024
Startup IPOs in 2024
Indian startups may not have gotten a lot of love from private investors in 2024 but they received more than a warm welcome from the public markets.
Thirteen startups became publicly listed entities this year. Leading names from the startup ecosystem, including Swiggy, Ola Electric and FirstCry, made a successful debut on the stock exchanges, and the year ended with the listing of the digital banking platform MobiKwik.
Dalal Street:
- “Startups feel this is the right time for them to go public, because today, the public markets are valuing these companies much higher than private companies are,” says Vikram Chachra, Founding Partner, 8i Ventures.
- Startups like Swiggy and FirstCry did not seek higher valuation. FirstCry was valued at around $3 billion, the same as during its last venture capital funding round. It was the same case with Swiggy, which was valued at $11.3 billion at the time of its IPO.
- Realistic pricing resulted in rich dividends for the startups that went public in 2024. The stock price of most companies did not drop below the IPO listing price. While Ola Electric’s price dropped below its IPO listing price, it has seen a recovery since then.
Top Funding Deals of the Week
Startup: Zetwerk
Amount: $70M
Round: Equity
Startup: Veefin
Amount: Rs 136 Cr
Round: Capital market
Startup: Bizom
Amount: $12M
Round: Series B
Review 2024
Edtech learnings in 2024
In 2024, the edtech sector's hyper-growth mentality began to shift. The industry moved away from its earlier obsession and began to place greater emphasis on efficiency, profitability, and delivering meaningful value—setting the stage for sustainable growth that’s built to last.
“This year, the industry moved beyond surface-level adjustments and embraced a holistic approach to enhance operational efficiency while staying true to its mission of creating long-term value,” says Krishna Kumar, Founder and CEO of Simplilearn.
Learning and unlearning:
- BYJU’S has seen its valuation plummet amid ongoing legal battles and bankruptcy-related proceedings. “The BYJU’S story has already impacted the edtech sector; the industry, investors, and the ecosystem have largely moved on,” an edtech founder, who didn’t want to be named, says.
- Although funding in India’s edtech sector showed a slight improvement in 2024 compared with 2023, driven by large rounds from companies PhysicsWallah and Eruditus, the overall funding levels remained significantly lower than in the previous years.
- AI has the potential to revolutionise how students learn and edtechs function. “The growing use of AI and data analytics has enabled educators to better align content with the evolving needs of learners and employers, making skilling more targeted and impactful,” remarks Mayank Kumar, Co-founder of upGrad.
Credit: Nihar Apte
Startup
Making space travel accessible
Once launched, rockets often end up in the oceans, where they are often left. In an attempt to change this, SpanTrik is developing reusable rocket launch vehicles.
The next SpaceX:
- The startup is making its vehicles with stainless steel. This, when combined with the heat generated by cryogenic propellants (fuel used in rocket launches), the body will become 50% stronger.
- SpanTrik is currently incubated at T-Works in Hyderabad. The company has also signed a Memorandum of Understanding with IARE University in Hyderabad to set up its testing facility on the campus grounds.
- It has secured government grants and is attracting attention from private equity investors. The company is currently in discussions to raise $1 million in its first round of funding, which it aims to close by March 2025.
News & updates
- Data privacy: Italy's data protection agency has fined ChatGPT maker OpenAI 15 million euros ($15.58 million) after closing an investigation into the use of personal data by the generative artificial intelligence application.
- Weight loss drug: Shares of Danish pharmaceutical giant Novo Nordisk plummeted roughly 20% on Friday after reporting results in a late-stage trial for its experimental CagriSema weight loss drug that missed expectations.
- Efficiency: Tech giant Google's CEO Sundar Pichai said that the company has slashed top management roles by 10% as it doubles down on its efficiency-driven vision for a leaner organisation. While some roles in that figure were transitioned to individual contributor roles, some were eliminated.
Burkina Faso is a former colony of which European country?
Answer: France.
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