Winning Bizness Desk

Mumbai. The pace of startup companies becoming unicorns in India seems to be slowing down in the year 2023. During this period, the number of startups becoming a billion dollar company has fallen down rapidly. According to a report prepared on the Indian startup landscape, in the year 2023, only three startups were able to join the unicorn category, while their number was 24 a year ago. Startups with a valuation of more than $1 billion are called unicorns. According to the 'ASK Private Wealth Hurun Indian Future Unicorn Index 2023', the slow pace of startups becoming unicorns shows that India's startup landscape is slowing down. This situation is being seen in the midst of decreasing interest of investors in startups and increasing problems of finance.

What report says ?

According to the report, the total number of startups in India with a valuation of more than $ 250 million will increase to 147 in the year 2023 as compared to 122 a year ago. Last year's 18 companies dropped out of this list but 40 new companies have also become a part of it. Total funding to startups included in this list increased by six percent to $ 18.8 billion.

Startup firms have also declined

The report says that a year back the total number of unicorn companies in the country was 84 but this year it has come down to 83. Rajesh Saluja, CEO and MD, ASK Private Wealth, said valuations of startup firms have also declined due to unsustainable business models. However, companies with the right business model are not facing any problem in getting funding. An expert in the Indian startups sector said that Startups in Indian companies have huge potential and the number of unicorns operating in the country is expected to reach 200 in the next five years. He also said that there are more than 1,000 startups in China and if India has to move forward economically, the role of startup companies in this will be very important.