India's fallen tech darlings value buys for Franklin after $20 bn wipeout

Funds managed by Franklin Templeton bought at least 3.3 million shares of e-commerce logistics provider Delhivery Ltd. and more than 2 million shares of PB Fintech Ltd

Franklin Templeton bought shares of some Indian technology startups after concerns over valuations and higher interest rates shaved more than $20 billion in market value from five high-profile recent market debutants.

“We are looking at new tech companies as their valuations have been reset,” Anand Radhakrishnan, chief investment officer for equities at Franklin Templeton’s India unit, said in an interview. “More importantly, there is data available about their business models.”

Initial public offerings of Indian internet firms boomed in 2021 thanks to pandemic-triggered easy-money policy and government efforts to foster startups. The stocks were hit last year by caution over fundamentals and