India is predicted to produce more than 250 unicorns, or privately held firms valued at $1 billion or more, by 2025 according to a recent report by investment firm Iron Pillar. This follows a record-breaking 43 Indian firms joining the unicorn club in 2021, a watershed year for the home ecosystem.
Iron Pillar has invested in firms such as Uniphore, a software startup, FreshToHome, a meat delivery startup, and Eatfit, a cloud kitchen player, among others, in India.
The aggregate worth of Indian unicorns in 2022, according to the Iron Pillar analysis titled ‘India Tech Trends,’ is $535 billion. In the last 15 months, the number of unicorns in the country has more than doubled to 130, according to the fund.
Further, India’s startup landscape has seen close to 100 unicorns being added since January 2019.
“ 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% of these scaled companies are building for markets beyond India as well,” said Anand Prasanna, managing partner at Iron Pillar, in a statement on Monday.
In 2021, Indian startups raised $38 billion in risk capital, making it a watershed year for fundraising, in part because a slew of tech companies went public on Indian exchanges.
According to statistics collected from Venture Intelligence, despite private market investors taking a ‘wait and see’ strategy due to global challenges, Indian entrepreneurs raised over $10 billion in the first quarter of 2022, up from $5.7 billion in the same time of 2021.
According to data sourced from market intelligence platform, CB Insights, India continues to be the third largest technology ecosystem in the world with the most number of unicorns, after the US and China.
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