Will December break the zero unicorn jinx in India?
India became the world’s third largest startup ecosystem in terms of number of unicorns (108) behind only China (224) and USA (865) last year surpassing UK (39) in 2021. However, the year 2022 hasn’t been kind to it especially the second half.
It was expected that India, the fastest growing startup ecosystem, would continue the never seen before momentum into 2022 as well however, that dream was quashed.
India witnessed a steady decline in the number of new unicorns being churned out with each passing month. It is worth noting that the country of 1.3 billion population which produced an average of 2 unicorns per month in 2021 and 2022 produced “zero for two consecutive months of October and November, 2022.”
Will the celebratory month of December break that dry unicorn jinx or will it be three in a row?
With just 10 days left in the month and most of the American markets already having shut for vacation season it looks highly unlikely that India will break that jinx and end the year on a positive note. On the contrary, India ended last year i.e. 2021 on a high when it produced 3 unicorns in December, namely, Global Bees, Mamaearth and Pristyn Care.
