As many as 53 Indian startups turned unicorns - a term used for a private company with a $1 billion valuation, during 2021-22, as per Crunchbase, a platform that provides insights on companies.
Fintech and SaaS (Software-as-a-Service) companies led the chart with 10 and 9 startups, respectively. The year also saw some records being broken.
While Mensa Brands turned a unicorn within 10 months of its inception, GlobalBees took 11 months. Both are brand aggregating companies.
“(In FY23) unicorns will focus on unit economics and revenue growth more than the other leading metrics like market share and user growth. I bet most of the unicorns will come out stronger after 12 months with increased vigour on efficiency,” said Ashish Kumar, General Partner, Fundamentum Partnership. Fundamentum has invested in unicorns like PharmEasy and Spinny.
He added that healthcare, logistics, manufacturing, micro transaction-based content companies are some of the sectors that will find greater favour amongst the investors.
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