Indian unicorns set sights on GCC to fuel record-breaking growth

A total of 17 new unicorns have been added so far this year with more than $20 billion raised in funding.

It’s been a record-breaking year for Indian start-ups so far, with 17 of them already making it to the unicorn club, and more on the way pretty soon.

That milestone has been achieved in part due to the record $20 billion in funding that has been raised till July this year, with many of the rounds producing Indian unicorns. Indeed, with the entry of Droom, OfBusiness and logistics tech startup BlackBuck to the Indian unicorn club last month, the total count of Indian tech startups that have a valuation of over $1 billion has soared to 59. At this rate, India will boast of more than 100 unicorns by 2023 – way earlier than the previous estimation of 2025 by analysts and economists.

Robust funding

The first seven months have also seen a series of firsts, as the club welcomed the first healthtech, social commerce and e-pharmacy unicorns. Eight startups — fintech startup CRED, social media startup ShareChat, wealth management company Groww, messaging platform Gupshup, social commerce startup Meesho and e-pharmacy PharmEasy — entered the unicorn club in April 2021. In May, Moglix and Zeta turned unicorns, while June saw the entry of BrowserStack.

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