Winning Business Desk

Mumbai. In the first three months of 2022 as well, 14 companies have been able to achieve unicorn status due to a strong startup environment in the country. This is the third consecutive quarter that startups have raised over $10 billion in funding. Unicorn refers to a valuation of over a billion dollars. According to a report by advisory agency PwC India, 14 startups were successful in joining the group of unicorn companies with a valuation of over $1 billion during January-March 2022. In this way, the number of unicorn units present in the country has increased to 84.

According to the report, Indian startup companies raised $10.8 billion in finance in the first quarter of this calendar year. This is the third consecutive quarter in which Indian startup firms managed to raise over $10 billion in finance. The PwC India report says that software as a service (SaaS) companies have received the most finance. In the last quarter, these companies received funds of more than $ 3.5 billion. Five companies in the sauce sector also managed to achieve unicorn status in the January-March quarter.

domestic startups are still successful

Amit Navka, Head of Startups, PwC India said that despite the uncertainties prevailing in the global economic situation, domestic startups are still successful in raising capital, especially they are able to raise capital for growth. However, he said that with the maturity of startup companies, the discussions about their effective governance have started gaining momentum. In such a situation, startup firms will have to focus on designing the company's operations that match their growth aspirations. According to the report, there were around 80 mergers and acquisitions deals in the startup ecosystem in the period January-March 2022. E-commerce companies accounted for 38 percent of these.