“The year 2020 has been disastrous for business”, “It may take another year or so to see the revival” etc is some rhetoric that you may hear often. While the impact of the pandemic on Indian economy is undisputed, there have been many signs that serve as a reminder that the spirit of Indian business is undamped amidst all the churn and the future looks strong. One such area is the growth of Indian unicorns in the start up eco-system.
For the uninitiated, unicorns are those start-ups with valuation of $1 billion and above.
Much to the credit of government’s various initiatives in the start up sphere, there has been a positive growth of Unicorns in recent years in India. But what is more reassuring is the fact that this trend has not taken a backseat even during the pandemic.
In the pandemic year 2020, it is reported that India has seen 11 Unicorns emerging.
As we are in the first month of the year 2021, one more Unicorn has already emerged.
In 2014, there were only five Unicorns in India. The number increased significantly to 32 as of 2019, making India the third largest ecosystem of unicorns in the world after USA and China.
Recent developments show that this trend is strengthening further in India. Amidst many gloomy predictions, the story of Indian Unicorns assure that India’s entrepreneurial spirit is intact and one should be optimistic for the future.
To know how the start up sphere was strengthened in recent years, read our story India’s Buzzing Start Up Ecosystem Reflected in States’ Start Up Ranking 2019.