This week India found its 13th unicorn of 2022, marking one of the country’s quickest rates of unicorn formation to date.
India had minted five unicorns at this point last year; between October and December, it minted 15. For the entire year of 2021, India gained 44 new unicorns to its ranks, far outnumbering the 37 enterprises that reached the $1-billion valuation mark in the preceding decade combined.
Last year’s unicorn boom coincided with Beijing’s assault on Chinese internet businesses, which frightened investors and led them to seek alternate investments.
At the same time, as the coronavirus pandemic compelled Indian customers to turn to internet businesses for their daily needs tech companies in the country grew dramatically.
The rapid development of unicorns this year—roughly one per week—indicates that the investment boom in 2021 wasn’t a fluke and that foreign investors who flocked to India last year are still interested in the country’s prospects, despite the global market’s volatility.
Here is the list of India’s Unicorns since January 2022:
- Fractal: SaaS – Analytics
- LEAD School: Edtech
- DarwinBox: SaaS – HR
- DealShare: E-Commerce – Social Commerce
- Polygon: Web3 Infrastructure – Dapps
- ElasticRun: Logistics Services
- LivSpace: Interior Design – Modular Kitchens & Home Products
- XpressBees Logistics: Logistics Services
- Uniphore Software Systems: SaaS – Conversational Service Automation
- Hasura: SaaS – Programming Tools
- CredAvenue: Marketplace – Lending
- Amagi Media Labs: SaaS – Local Ads Targeting
- Oxyzo: Fintech – Marketplace – SME Lending
However, according to HDFC Securities, funding activities have created 42 unicorns last year and in 2022, this would help create over 100 unicorns in India. In terms of the total number of unicorns, the country is rated third across the globe.
“The unicorn wave in India is still going strong: one unicorn has been added every five days within the first two months of 2022, and India is expected to have 100+ new unicorns in 2022.”
In a report, HDFC Securities said: “The unicorn wave in India is still going strong: one unicorn has been added every five days within the first two months of 2022, and India is expected to have 100+ new unicorns in 2022.”
“The optimism of investing in the Indian internet ecosystem can be linked to the immense growth potential and problem solving or disruptive nature of startups,” it added.
In addition, India had record fund inflows of $66 billion across 2.1K deals in 2021, according to the report. It also noted that the enormous number of deals and high transaction values paved the way for India’s unicorn wave, with companies in the e-commerce, fintech and edtech sectors achieving unicorn status amid innovative and scalable business potential.
Fintech and e-commerce account for 50% of total startup funding, while health tech, media-tech, food tech, and edtech combined accounted for 35% of the total money invested, according to the report.
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