In­ter­net Com­pa­nies Eye Nas­daq for Safe Land­ing ShopClues, Pol­i­cyBazaar, GirnarSoft ex­plor­ing US list­ing op­tion

The Economic Times - - Front Page - Ra­jiv.Singh@ times­

New Delhi: ShopClues, Pol­i­cyBazaar and GirnarSoft, which runs auto por­tals CarDekho, Gaadi and ZigWheels, are con­tem­plat­ing list­ing on the Nas­daq, the Amer­i­can ex­change that cur­rently has the shares of new-age In­dian com­pa­nies like MakeMyTrip ( MMT), Ya­tra On­line and Azure Power trad­ing on it. As val­u­a­tions come un­der pres­sure and rais­ing fur­ther rounds of fund­ing be­comes dif­fi­cult, a list­ing may be one of few op­tions for In­dian tech and dig­i­tal firms. And where bet­ter than the ex­change that’s home to tech and In­ter­net bell­wethers such as Mi­crosoft, In­tel, Cisco and Ama­zon. Rad­hika Ag­gar­wal, co­founder of ShopClues, pegs the ecom­merce mar­ket­place’s val­u­a­tion at over $1.1 bil­lion; the Tiger Global-backed ven­ture claims to be on track to break even by year ended March 2018. “We will be ready to list by year-end,” Ag­gar­wal says.

Pol­i­cyBazaar, an on­line fi­nan­cial prod­ucts plat­form that has raised .₹ 500 crore since in­cep­tion in June 2008, is also eye­ing a Nas­daq list­ing. “We are open to the idea,” says co­founder Alok Bansal. The com­pany, funded by Tiger Global and Premji In­vest, claims to be on track to break even by the end of the cur­rent fis­cal year.

GirnarSoft chief fi­nan­cial of­fi­cer Umesh Hora main­tains that it may be worth ex­plor­ing list­ing as the US plat­form is the go-to stock ex­change for growth-ori­ented tech com­pa­nies. MMT co­founder Deep Kalra be­lieves this may be the right time to list as the ecosys­tem is ma­tur­ing, even as an­other round of high-value fund­ing looks tough. Yet, a Nas­daq list­ing calls for ro­bust cor­po­rate gov­er­nance and ex­cel­lent pro­cesses. Do In­dian In­ter­net firms have all that? Find out more in ET Mag­a­zine on Sun­day.

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