According to a report by venture capital firm Iron Pillar, last year's unicorn boom in India is just the beginning. The VC firm expects the country to be home to over $250 billion valued startups by 2025.
The Mumbai-based venture capital has invested in various well known startups such as meat delivery firm FreshToHome, software company Uniphore, and cloud kitchen player EatFit.
The new report, titled "India Tech Trends", states that the aggregate value of Indian unicorns stands at $535 billion in 2022. This is exponentially up from $497 billion last year, and $384 billion in 2020.
In the last 15 months, the report claims that the number of unicorns in India has double to 130 startups. This is including startups that are domiciled outside India's geographical boundaries.
“We believe that this pace may reduce a bit in the next 24 months, creating 250 companies with over $1 billion valuation by 2025 is an extremely achievable goal for Indian founders. We are especially bullish since almost 50 percent of these scaled companies are building for markets beyond India as well,” said Anand Prasanna, managing partner at Iron Pillar.
Despite global headwinds and tightening monetary policies, Indian startups were still able to raise $10 billion in the first quarter of 2022.
Edited by Megha Reddy