“Cumulatively, total funds raised to date in 2017 at $4 bn-plus has far exceeded the total amount raised in 2016 ($2.6 bn). This does not include the amount raised by listed companies such as MakeMyTrip of $330 million within the online travel space,” said Parag Gupta, IT and internet analyst at Morgan Stanley in a report dated May 25. Online shopping, travel, taxi aggregators, payments and logistics attracted good flows in the past three months. After last year's ground check, valuations of internet start-up firms will be determined by a company’s ability to achieve profitability while continuing to grow. Investor interest in these firms will also depend on a their ability to deliver efficient returns on capital invested.