India adds 23 unicorns in 2022 while China could add 11 startups in the unicorn category according to a report released on March 15. Unicorn is the status given to startups that have a valuation of over USD 1 billion. India has added more unicorns than China for the second consecutive year.
The India Venture Capital Report 2023 was written by Bain & Company and India Venture & Capital Association (IVCA). Out of the 23 unicorns added in 2022, 14 unicorns were from India’s top 3 metro cities while 9 unicorns were from outside.
The impact of the funding crunch was noted in the compression in funding from 2021 to 2022. While funding in 2021 was $38.5 billion, funding in 2022 was $25.7 billion, a 33 per cent drop on the y-o-y basis.
Major interest was recorded in the SaaS (Software as a Service) segment and Fintech players while a decline was observed in the consumer tech field. Sriwatsan Krishnan, a partner at Bain & Co has said that investors are cautiously optimistic and are looking to double down on early-stage deals in growing sectors such as gaming, health tech, Electric Vehicles and AI startups that will witness better interest from investors.
© Vygr Media Private Limited 2022. All Rights Reserved.
