The might of the unicorns
2020 was the year of the unicorns.
While the COVID-19 pandemic hugely impacted the Indian economy, several sectors such as edtech, agritech, e-grocery, and fintech saw tremendous growth propelled by increased digital adoption.
The year saw 11 Indian startups turn into unicorns, including, , , , and .
According to The India Tech Unicorns 2020 report released by Orios Venture Partners, the Indian startup ecosystem saw value worth $106 billion created by over 44 unicorns from 2010 to 2020. This has led to the creation of over 1.4 million jobs annually.
So what is the hottest sector for becoming a unicorn? B2C, with fintech generating 11 unicorns.
While 41 percent of the unicorns are from Bengaluru, the national capital Delhi is close behind with 34 percent.
While the increase in digitisation has opened up many opportunities, it also comes with its own set of challenges such as cyber crimes and hacking. Vineet Kumar, a social entrepreneur and Chairman of the National Anti-Hacking Group (NAG), believes that it is important to have peaceful cyberspace so that digital technologies are able to create a social impact.
Editor’s Pick: Techie Tuesday
Gaurav Mishra, Senior Vice President of Product, Read more.believes what matters most for any engineer or techie is the impact a product or solution can have on the customers. In a career spanning nearly three decades, he has held senior tech and product leadership positions at Facebook, Yahoo, and Microsoft, and was the Head of Product at Uber.
With wet markets under greater scrutiny over their role in the coronavirus outbreak, on-demand fish and meat delivery platforms have seen tremendous gains post the lockdown. A homegrown speciality fish and seafood retailer, Jalongi too saw these gains as it expanded from Kolkata — which remains its largest market — to Mumbai, Pune, Bengaluru, and Hyderabad. Read more.
News & Updates
- Edtech startup Vedantu has acquired instant doubt-solving platform Instasolv for an undisclosed sum. This is Vedantu's first acquisition, which had earlier made a Pre-Series A investment of $2 million in Instasolv.
- Canada-based online and mobile gaming company i3 Interactive Inc has picked up 51 percent stake in fantasy sports platform LivePools for shares worth $7.5 million. LivePools said that the investment will further help accelerate the platform's growth.
- In a session hosted by the Bangalore Chamber of Industry and Commerce, Founder-Chairman of Wipro Ltd Azim Premji said that more than 90 percent of the workforce in the country's technology industry continue to work from home. He added that the hybrid model of working would drive inclusive growth and better participation from women.
- Online grocery platform Bigbasket has sent a 'cease and desist' notice to Coimbatore-based grocery startup DailyBasket for the usage of 'basket' in its name. Bigbasket claims that DailyBasket's nomenclature is a trademark infringement.
- According to the Labour Ministry, net new enrolments with retirement fund body EPFO grew by 24 percent to 12.54 lakh in December 2020 as compared to the same month in 2019, highlighting a positive trend for net subscribers base growth.
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