Metrics for new-age companies

The Indian stock market is witnessing the entry of several new-age businesses. From the recent IPOs of IndiaMART, Nazara Technologies to the forthcoming IPOs of Zomato and Paytm - yesterday's startups have now matured to come to public markets. However, these businesses are very different from traditional businesses. In contrast to traditional businesses which are asset-heavy in nature, new-age companies leverage technology and the internet to drive their operations. Many of these companies act as a platform wherein buyers meet sellers. For example, IndiaMART, an e-comm B2B player, does not manufacture a single product but acts as an intermediary. Its job is to facilitate the smooth functioning of a business transaction. Such businesses could be of several types - a subscription-based business like Zee5; advertisement-cum-subscription like music-streaming apps Gaana, Saavn; or transaction-based like