While a NASSCOM report had predicted that India will have 50 unicorns in 2021, the ecosystem may just cross that number sooner than that.
Only four months into 2021, the Indian startup ecosystem has already added eight new companies to the $1 billion valuation club. And on Wednesday, joining the coveted club were healthtech startup PharmEasy and fintech startup Groww.
API Holdings, the holding company of online pharmacy startup PharmEasy, reported a valuation of $1.5 billion after raising $350 million in a Series E round led by Prosus Ventures and TPG Growth.
Then, online trading platform Groww raised $83 million in a Series D round led by Tiger Global, Sequoia India, YC Continuity, Ribbit Capital, and Propel Venture Partners, making it the eighth entrant to India's unicorn club in 2021.
The other six startups that entered the unicorn club this year are Digit Insurance, InnovAccer, Infra.Market, Five Star Business Finance, Meesho, and CRED.
Can technology help bridge the gender gap? Chetna Gala Sinha from Mann Deshi Foundation, Anuranjita Kumar from WiT, and Dr Rashmi Singh from the Government of Delhi, discuss the ways in which technology and platforms such as WhatsApp are enabling women to gain financial independence, and a chance to explore new opportunities for growth through wider market access.
Editor’s Pick: 100X Entrepreneur podcast
Harpreet Singh Grover co-founded CoCubes.com — a Delhi-based online platform for assessments and hiring — along with Vibhore Goyal in 2007. However, during 2011-12, the founders hit their low point when their $5 million fundraise fell through. The entrepreneur, author, and investor believes that in the face of challenges, one’s mind becomes a “closed room,” where one thinks of the same thoughts with no space for fresh ideas. At this point, while founders do not wish to speak with others, that is the best solution one can get. Read more.
With India firmly in the grip of a second COVID-19 wave, doorstep deliveries are likely to grow further. To make the most of opportunities in this space, Noida-based agritech startup Farmers’ Family launched its grocery buying app in March, this year. Customers can order farm-fresh fruits, vegetables, dry commodities, and local produce on the e-marketplace, and get them home-delivered via mobile grocery carts. Read more.
News & Updates
- The NCLT has admitted a petition for the commencement of corporate insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL), a subsidiary of OYO Group, on March 30, 2021, over the plea filed by its creditor Rakesh Yadav, YourStory has learnt.
- Trifecta Capital is planning to launch a late-stage venture capital fund — Trifecta Leaders Fund – I — with a targeted corpus of Rs 1,500 crore to invest in new economy companies that are likely to pursue an IPO in the next one-three years.
- Practo announced the launch of online consultations in 15 Indian languages, which will allow online consultation users to choose a doctor who can speak in their preferred language. Currently, this service covers 15 languages, including Hindi, Marathi, Tamil, Kannada, and Bengali, with more to be added soon.
- The RBI expectedly left interest rates unchanged at four percent and maintained an accommodative stance as the economy faces a renewed threat to growth due to the resurgence of coronavirus cases.
- Ranked number 10 and worth an estimated $84.5 billion, Mukesh Ambani has become the richest person in Asia. He nudges out Jack Ma of China, Asia's richest person a year ago, whose rank dropped to 26 (from 17 last year) despite a nearly $10 billion jump in his fortune to $48.4 billion, Forbes said.
Before you go, stay inspired with…
“If you can create the image of growth, and show investors that you are the next big bet, the market and investors will both reward you. After all, every investor wants to know the next unicorn.”