After a sprint, a pause for breath

2021 not only saw record funding creating a third of the country's unicorns, but also the first major listings, providing new valuation anchors

Over the past year, India added a record 38 new unicorns (nearly a third of all ever created), taking the count to 93, with a combined value of $330 billion. This excludes 18 unicorns we identified last year that have listed or have filed prospectuses in preparation of a listing. We dropped another 21, 15 due to a change in methodology, and six because their valuations dropped below $1 billion. The transformation of India’s corporate landscape continues: 88 per cent of the unicorns in this year’s list started this century, versus 66 per cent last year, and only 15 per