Meet India’s newest unicorn
Three months into 2021, and the Indian startup ecosystem has already added three new companies to the coveted $1 billion valuation club.
Three months into 2021, and the Indian startup ecosystem has already added three new companies to the coveted $1 billion valuation club.
Five Star Finance, a lender to small businesses, became the latest to enter the unicorn club after it raised $234 million for a valuation of $1.4 billion. The round was led by existing investors Sequoia Capital India, with participation from Norwest Venture Partners, as well as new investors, led by KKR with participation from TVS Capital.
The NBFC joins insurtech startup Digit Insurance and SaaS startup InnovAccer as the three entries to the unicorn club from the Indian startup ecosystem in 2021 so far.
Studies indicate that at least 12 more startups are expected to join the unicorn club in 2021, taking the total count of 50 from the current 38. In 2020, even with COVID wreaking havoc on the economy, 11 Indian startups attained unicorn status.
Experts believe that the Indian startup ecosystem will be home to 100 unicorns by the year 2025. And, looking at the current rate at which startups are entering the unicorn club, it seems to be well on track to achieve this milestone.
The Interview
For many, money makes us feel secure. For some, it gives a sense of freedom. Zerodha Co-founder Nikhil Kamath, WOW Skincare Co-founder Manish Chowdhary, mfine CEO Prasad Kompalli, Amway India CEO Anshu Budhraja, Panasonic India's Manish Sharma, Amex CEO Manoj Adlakha, InMobi CEO Naveen Tewari, Bookmyshow's Ashish Hemrajani, and Pratik Oswal talk about where money has come most handy and their experiences on building wealth.
Editor’s Pick: Cookie Man’s reinvention
In 2000, when Cookie Man was first launched in India, only a few could’ve predicted the popularity of the brand’s freshly baked cookies in the country. As the company completes two decades in India, Cookie Man is now ramping up its digital presence and launching new products to cater to changing customer preferences – from the online user to the more health-conscious consumer, and is targeting a two-fold rise in annual revenues to Rs 100 crore by FY23. Read more.
Anupam Saluja, CEO, Cookie Man
Startup Spotlight
E-learning startup Medisage is helping upskill doctors
After working with top pharma companies, Bhagwat Dhingra realised the large gap existing between patient and doctor preparedness to deal with newfound diseases. To help healthcare professionals upskill themselves and stay abreast with the latest medical knowledge, global best practices, and clinical case studies, Bhagwat, along with his co-founder Abhishek Ghosh, launched MediSage in 2019. The Mumbai-based upskilling startup is a professional learning network for doctors. Read more.
[Illustration: YS Design]
News & Updates
- Edtech unicorn BYJU'S has raised Rs 3,328.23 crore ($460 million approximately) as part of its ongoing Series F funding round led by MC Global Edtech Investment Holdings at a valuation north of $13 billion.
- President Joe Biden has invited 40 world leaders, including Prime Minister Narendra Modi, to a US-hosted virtual summit on climate next month to underscore the urgency and the economic benefits of stronger climate action, the White House said.
- Pune-based agritech startup Shivrai Technologies Pvt Ltd, which runs and owns enterprise resource planning (ERP) platform FarmERP, announced that the startup had secured second place in the Asia AgriTech Challenge.
- Bengaluru-based B2B rental company Settlrs on Monday announced that it has raised an undisclosed amount in Pre-Series A round from MaGEHold Pte. Ltd., Singapore; and other angel investors.
Before you go, stay inspired with…
Byju's Founder and CEO Byju Raveendran
“The real fun is not in creating a multibillion-dollar company but in changing the way millions think and learn.”
— Byju Raveendran, CEO and Co-founder, BYJU’S
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