In the first four months of 2021, eleven Indian startups have attained unicorn status, meaning they’ve reached a valuation of at least $1 billion, according to data platform Tracxn. Five startups hit that milestone in April alone.
By comparison, there were 13 in all of 2020, and 10 in 2019. The ranks of India’s super wealthy tech leaders are swelling rapidly as a result. By the end of 2020, India had 44 unicorns, and most were in the fintech sector.
The boom is in large part thanks to powerhouse investment by firms such as Tiger Global and SoftBank (see photo). India’s most successful startups — including Flipkart and Zomato — are exploring potential listings this year.
According to CNN Business, the investment craze is due to the rise of India’s digital economy. There are more than 700 million internet users in the country and roughly half a billion yet to come online, creating enormous potential in the marketplace. The pandemic, meanwhile, has encouraged people outside of major cities to spend money online, speeding up digitization of businesses and opening up more opportunities for technology entrepreneurs.
