Zaggle, a decade-plus old B2B SaaS fintech company made a flat IPO debut in September 2023. Seven months later, the company that has been profitable for the last four years is close to doubling its share price. What explains the heady jump?
“You want an honest answer?” asks Raj P Narayanam. A company that has been profitable for three consecutive years, says the founder was realistic in its expectations when it hit the public market in September last year. It was 2023, the Indian startup ecosystem was in the midst of a bitter and prolonged funding winter, and Narayanam was betting big on the conventional wisdom that stock markets—unlike venture capital (VC) or private markets—would value profitable companies.
(This story appears in the 17 May, 2024 issue of Forbes India. To visit our Archives, click here.)