28 unicorns created in India this year: FM Nirmala Sitharaman

Addressing a virtual conference organised by the Indian Private Equity and Venture Capital Association (IVCA), Finance Minister Nirmala Sitharaman said the Indian economy has witnessed a spurt of unprecedented growth in the form of startups in the last two decades.
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The Indian economy has witnessed the creation of 28 unicorns, or startups valued over $ 1 billion, this year on the back of a series of reforms unleashed by the government, Finance Minister Nirmala Sitharaman said on Thursday.

Addressing a virtual conference organised by the Indian Private Equity and Venture Capital Association (IVCA), the minister said the Indian economy has witnessed a spurt of unprecedented growth in the form of startups in the last two decades.

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised more than 56,630 startups across districts throughout India, IVCA said in a statement quoting the finance minister.

"Indian startups have so far created 65 unicorns out of which 28 have been created in 2021. This shows that there is increased activity in this space and a lot of capital from angel investors. A series of reforms have been unleashed. Different capacities of Alternative Investment Fund (AIF) have been given more flexibility," she said.

Investment guidelines have been issued for provident funds and superannuation funds, the minister said, adding the window for reporting of over-the-counter transactions has also been extended by three hours.

Investor protection must be given due consideration because that is a very important part of confidence booster for investors, Sitharaman said.

Most recently, cloud kitchen startup Rebel Foods became the latest entrant to the unicorn club, following a $175 million Series F funding round led by Qatar Investment Authority (QIA), with participation from existing investors Coatue and Evolvence, at a valuation of $1.4 billion.

Edited by Teja Lele Desai

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