A new report by PricewaterhouseCoopers (PwC) states that they believe India has at least 50 startups that can become unicorns by the end of 2022. Overall, the consultancy firm states the country should have at least 100 unicorns by year end.
2021 saw a huge spike in funding and valuations as 43 startups become unicorns, taking the total tally to 68 by the start of 2022. In the last quarter of the calendar year, October to December 2021, $10 billion was invested in Indian startups.
The first quarter of 2022 has seen a continuation of this trend. 14 companies became unicorns including , , and . In total, 482 fund raises were disclosed with more than $10 billion in funding dispersed across the ecosystem.
According to the PwC report, over $35 billion was invested in 2021 spread across 1,000 rounds of funding. Edtech, SaaS, and fintech saw the highest activity. Growth and late stage companies took home 85 percent of the investment.
As of December 2021, India was reported to be home to the third highest number of unicorns in the world after America and China.
Edited by Megha Reddy