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Wednesday, February 28, 2024

Forming unicorns in India gathers pace

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Forming unicorns in India has gathered pace, thanks to an unprecedented funding spree for Indian startups across a range of industries.

In the period between January and August 2021, a whopping 21 businesses have already made the list.

This year saw the birth of India’s first unicorns in healthtech, social commerce, cryptocurrency, and epharmacy.

In August 2021, BharatPe, Mindtickle, upGrad, and CoinDCX will join the unicorn club.

This year, 21 firms have already joined the unicorn club in just eight months.

Until July of this year, much over $20 billion has been raised, with numerous rounds spawning Indian unicorns in 2021.

The unicorn tale of 2021 is one of many firsts, with the ecosystem witnessing the arrival of the first unicorns in healthtech, social commerce, and epharmacy.

The total number of Indian digital startups with a valuation of more than $1 billion would rise to 63 by August 10, 2021.

In April 2021, eight firms joined the unicorn club: financial startup CRED, social networking startup ShareChat, wealth management company Groww, messaging platform Gupshup, social commerce startup Meesho, and epharmacy PharmEasy.

Moglix and Zeta became unicorns in May, and BrowserStack debuted in June.

BlackBuck, a logistics IT business, became a unicorn in July, followed by Droom and OfBusiness.

So far in this month, four firms have joined the unicorn club, including the first crypto unicorn. With its $370 million Series E round this week, BharatPe became India’s 18th unicorn, followed by Mindtickle, upGrad, and crypto exchange CoinDCX.

At this rate, India will have more than 100 unicorns by 2023, significantly sooner than the previous estimate of 2025, according to Inc42 Plus reports.

According to the most recent figures, ecommerce, finance, and enterprise technology are among the most popular sectors in the Indian unicorn club. Flipkart, Snapdeal, FirstCry, Moglix, Infra.Market, Udaan, Paytm Mall, Droom, and others are among the 12 ecommerce unicorns. Paytm, PhonePe, Zerodha, Razorpay, Pine Labs, and CoinDCX are just a few of the financial businesses on the list. Zenoti, GupShup, BrowserStack, Freshworks, Zoho, Druva, Icertis, Ofbusiness, BlackBuck, Mindtickle, and other enterprise tech businesses have joined the unicorn club.


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