Four Indian startups become unicorns during Covid19

Great Indian story of succeeding in tough times – four Indian startups, Postman, Nykaa, Unacademy and Razorpay, have become unicorns amid covid-19.

In the venture capital world, a “unicorn” is a startup with a value of $1 billion.

The nation is on track to have 8 unicorns in 2020, almost the same number of additions as in 2019.

According to a study titled ‘Covid-19 and the Antifragility of the Indian Startup Ecosystem,’ India is on its way to having 100 unicorns by 2025.

The study was launched by TiE-Delhi, a global non-profit organisation supporting entrepreneurship in collaboration with Zinnov, a global management and strategy consulting company.

It revealed that total funding fell by 50% compared to pre-covid levels during the lockdown. As a result, around 40% of start-ups have been adversely affected and 15% have been forced to discontinue operations.

The third largest start-up ecosystem in the world was jolted by the multi-dimensional pandemic and the effect was extreme during the lockdown period from March to June 2020. However, the rate of recovery, both in demand and in investor sentiment, was faster than anticipated as the economy opened.

Why is India doing so well in tough times?

During Covid19 there has been a big move to digital consumption – so startups in education, healthcare and trade have boomed.  

Author: Stephen Manallack

Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand. Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication. Passionate campaigner for closer western relations with India. Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India. A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.

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