Indian companies had a great year in 2021 in terms of unicorn formation
Notably, the year 2021 was the best Indian companies, especially in the context of unicorn formation. In 2021, 44 firms reached this milestone, a fourfold increase compared to the 11 unicorns formed in 2020.
Currently, India ranks third in terms of total unicorn production, with the US at the first. However, China ranks second and India has overtaken the United Kingdom in terms of manufacturing unicorns.
Indian startup ecosystem should strive to raise 75 unicorns in 75 weeks
Earlier this year, Commerce and Industry Minister Piyush Goyal had said that efforts should be made to grow the Indian startup ecosystem. 75 unicorns in 75 weeks To celebrate the 75th anniversary of India’s independence. While the target seemed achievable when the country saw the arrival of 10 unicorns in the first 53 days, things have slowed since then.
Working Russo-Ukraine WarConcerns of an impending recession and a hike in the Fed rate slowed investment in the Indian startup landscape. Investors are wary of spending their money, which leads to a drop in stock values. With this, the Indian startup ecosystem has extended its runway in preparation for the financial winter.
Many organizations have cut a portion of their workers
Several organizations including Ola, Unacademy, Cars24, Vedantu, MFine, and others have laid off a portion of their workforce. Gaurav Munjal, co-founder and CEO of ed-tech startup Unacademy, predicts that the investment slowdown will last for 12-24 months.