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India comes second in unicorn race in Q3

BENGALURU : India has raced ahead of many developed economies, including China, the UK and Canada, in adding new unicorns during the third quarter (Q3) of calendar year 2021, according to PwC India.

A unicorn is a startup with a valuation of at least $1 billion.

India added close to 10 unicorns in Q3, versus seven by China and Hong Kong, and four each by the UK and Canada, signalling the rapid pace of investment activity.

However, the US continued to lead the chart by a distance, adding close to 68 unicorns in the September quarter.

The quarter also saw Indian startups raise $10.9 billion across 347 deals; the first time investments in Indian startups have crossed more than $10 billion in a quarter, PwC said.

As per industry estimates, Indian startups have raised more than $24 billion in the first three quarters of 2021.


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