India, Sept. 14 -- Here's a curious thought for you this Sunday: Whenever a startup acquires a legacy firm or a bigger player, it has usually not worked out.

Take the billion-dollar deal between BYJU'S and coaching giant Aakash, which has more or less failed in light of the troubles for BYJU's. Or ride-hailing startup Ola, which splurged nearly $200 Mn to acquire FoodPanda and enter food delivery, before realising it was not just about acquiring a company.

There are exceptions of course, but more of than not, it has not turned out to be a good match.

PharmEasy took it a notch higher to become the first startup to acquire a publicly listed company - Thyrocare - back in June 2021 for INR 4,440 Cr (around $600 Mn at the time), a 9X revenu...