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