India comes second in the unicorn race beating several developed nations

India comes second in the unicorn race beating several developed nations

India has outpaced several developed nations, including China, the United Kingdom, and Canada, in terms of adding new unicorns during the third quarter (Q3) of the calendar year 2021, as per the report from PwC India. A unicorn is a startup that is valued at at least $1 billion.

In the third quarter, India added over ten unicorns, compared to seven in China and Hong Kong, and four in the United Kingdom and Canada, indicating the high pace of investment activity. However, the United States maintained its commanding lead on the leaderboard, acquiring over 68 unicorns in the September quarter.

The quarter has also seen Indian companies raise $10.9 billion across 347 deals, marking the first time that investments in Indian startups had exceeded $10 billion in a quarter, according to PwC. As per industry estimates, Indian entrepreneurs raised about $24 billion in the first three quarters of 2021.

“Startups have leveraged the accelerated digital adoption seen among businesses and individuals alike to create newer business models, and this is driving investor interest in a big way. We are seeing the average deal size increase and quicker funding rounds, which has led to a surge in deal activity across sectors, since early this year,” said Amit Nawka, partner – deals and startups leader, PwC India. More than 84 percent of overall financing activity in the third quarter was focused on growth or late-stage deals, while 61 percent was comprised of early-stage investment rounds, the consulting firm added.

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