0 unicorn in 6 months
The world’s third largest startup ecosystem which minted unicorns almost every week in 2021 has been left in the lurch during such times of funding crisis. Its been 6 months since India minted any new unicorn. India, home to over 108 unicorns, majority (44) of them were created in 2021, was expected to carry forward its momentum into 2022 although it did carry upto a certain extent in its earlier months but couldn’t sustain it till the year end. It lost steam midway.
India minted 44 new unicorns in 2021 which halved to 23 in 2022 and with 3 months into 2023 already it is yet to create one and a major cause of concern is that the signs of creating a new unicorn in the near future looks abysmal. India minted its last unicorn in September, 2022 which was 6 months ago. Goa based healthcare startup Molbio Diagnostics was India’s latest unicorn and after that there has been none till date. Apart from the global crisis, what majorly contributed to such a downturn in India’s startup ecosystem is that the market’s slow adoption rate, low to no margins, founders of unicorns misappropriating funds and lastly the the stringent and complex regulatory environment.
