Unicorn Dry Spell: Decrypting The Current State Of India’s Billion-Dollar Startups 

Unicorn Dry Spell: Decrypting The Current State Of India’s Billion-Dollar Startups 

SUMMARY

Startups that came into existence after 2015 are becoming unicorns in just 3.5 years, according to Inc42

The ecommerce sector boasts 25 unicorns, with Flipkart (now acquired by Walmart) being the most-valued unicorn at $37.3 Bn. Close on the heels are fintech and enterprise tech sectors, which foster 23 and 22 unicorns, respectively

83% of Indian unicorns that are headquartered outside India are from the enterprise tech sector. Overall, 18% of Indian unicorns are headquartered outside India, with the US being their most preferred destination

The world’s third-largest startup economy is going through some of the most precarious times and any respite from the ongoing funding winter seems to be only on the cards. As a result, not even a single startup has emerged to claim the unicorn title so far this year.

The state of the funding in the ecosystem is such that in the first seven months of 2023, Indian startups could only raise $5.9 Bn against $19.7 Bn and $21.2 Bn during the same period in 2022 and 2021, respectively.

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