Indian start-ups feel the heat of global technology-driven sell-off

Barely two months ago, new-age stocks were the toast of the markets, with investors willing to pay top dollars for companies with no profitability in sight. However, with rising cost of capital amid prospects of the US Federal Reserve raising interest rates and reducing its balance sheet size, those bets have started unravelling.

Shares of the handful of start-ups listed on the domestic bourses have come off sharply from their record highs. In this they’re tracking the global technology-driven sell-off as investors reassess the valuation multiples of these stocks.

Last year’s ultra-low interest rate regime made holding these