India to have 100 unicorns by 2025 despite COVID-19 |
A recent report has revealed that India is going to be home to 60,000-62,000 start-ups, including 100 unicorns, by the year 2025, despite the huge impact of Covid-19 on India`s start-up ecosystem. The report was jointly prepared by TiE- Delhi, not-for-profit promoting entrepreneurship, and Zinnov, a global management and strategy consultancy. The report, titled `Covid-19 and the anti-fragility of Indian Start-up Ecosystem`, said there was a dip in overall funding by 50% during the lockdown, compared to pre-Covid levels, while around 40% of start-ups were negatively impacted. It said 52% of Indian start-ups had struggled to raise additional funding after the Covid-19 outbreak, while 15% were forced to discontinue operations. However, 4 Indian start-ups - Nykaa, Unacademy, Postman, and Razorpay, emerged as unicorns while the pandemic was at its peak. India is on track to have at least eight new unicorns in 2020, on a par with the 2019 numbers, taking the total number of Indian unicorns to 33. According to the report, the Covid-led shift to digital consumption provided the necessary tailwind to education, healthcare, and commerce, while several other sectors such as travel, hospitality, and mobility, which were negatively impacted, are now on a recovery path. Around 75% of start-ups are gradually, but steadily, recovering post-lockdown, while 30% have pivoted to new markets for alternative revenue streams. Edtech was the single biggest beneficiary of the pandemic.
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