Secondary deals show 80% drop in 2023, Fintech emerges the winner: PrivateCircle Research
The Hindu
Fintech saw the highest number of secondary transactions in both 2023 and 2022, according to the Indian Start-ups Deal Report-2023 by Bengaluru-based market intelligence technology company PrivateCircle.
Fintech saw the highest number of secondary transactions in both 2023 and 2022, according to the Indian Start-ups Deal Report-2023 by Bengaluru-based market intelligence technology company PrivateCircle.
A secondary round takes place when an existing shareholder sells their shares to a third party.
Besides Fintech, SaaS (software as a service) also saw a high frequency of secondary deals in 2023 and 2022.
During the peak 2021 funding peak, e-commerce saw the highest number of secondary deals followed by Fintech, and Media & Entertainment among others.
Commenting on the findings, Dr. Murali Loganathan, Director of Research, PrivateCircle said, “We can see fintech coming up in all three years, showing the sector’s ability to provide exits to investors. SaaS is also common in both 2022 and 2023 showing the sector’s resilience in providing exits to investors.”
The analysis was done by tracking 252 secondary deals at 117 start-ups valued at $500 million or above in the last three years.
According to the study, in 2023 the startups saw an 80 per cent drop in the number of secondary deals compared to the previous year. The research firm tracked 13 secondary rounds across the 117 startups in 2023. The numbers were 84 and 155 in the years 2022 and 2021 respectively.
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