Find out the value of an active user in Indian startups: Byju tops the chart with $890/user
Last week I did some analysis on MAU of some of the top Apps in India. You can check it here — https://growthbug.com/face-off-india-top-android-apps-by-mau-dec-2020-bd0a64213b49
I was asked to plot the valuation of each startup over MAU by a friend. I started collecting last publicly announced valuation of each startup and tried to find how much value we can put against each MAU for some of the top startups in India
IMPORTANT NOTE: This is the most unscientific way to arrive at a valuation as several other parameters like TAM, ARPU, UE, future potential, MoM growth are considered before assigning a valuation. But I still thought of putting together this table for a fun view of how valuable are the active users for each of the startup. Please do not over-analyze this table :)
As you can see Byju breaks the chart & each of its active user commands $890 while CRED commands $66 for every active user.
How did I arrive at this table?
I took last declared valuation and December MAU (Android + iOS+web) and divided valuation/MAU to arrive at the table below.
Important point: MAU means visitors in December (and may not necessarily be a transacting, subscribed or a registered user)
Broadly we can see, startups that attract high ARPU command better value per active user, barring few odd ones.
So which startups are undervalued as per this chart? I believe Paytm, PhonePe, CRED, Unacademy, Swiggy, Zomato & BharatPe have a lot of room to grow.
Source: AppAnnie for MAU, various news for latest valuation
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