What were once dubbed as overvalued and loss-making companies are turning out to be the new favourite of foreign portfolio investors (FPIs). From Paytm to Zomato, FPIs have raised their stake in many new-age listed companies as they to have been quick to smell the turnaround in these companies, which have shown material growth in revenue and improvement in profitability. This seems to have been achieved by reducing cash burns, improving operational efficiency and exploring newer revenue models.