2.84M jobs: Indian unicorns fast-track growth

Hello Readers,

India’s startups have gained notoriety for a host of reasons—bloated valuations, founder tantrums, and so on—but there’s one area where they are a cut above many other sectors: job creation.

At a time when unemployment is becoming a hot issue, the Indian startup system is doing its bit by giving jobs to millions. More specifically, the 100 Unicorns of India have together provided a livelihood for a whopping 2.84 million people across the country.

YourStory Research shows that these unicorns created 0.34 million full-time jobs and 2.50 million jobs in ancillary areas like contractual employment, content creators, tutors, delivery partners, and drivers, among others.

That the unicorns are on the fast track is well-known. With a combined valuation of over $331 billion, and a cumulative fundraise of $62.9 billion, since 2011, the elite club of the Unicorns of India is growing at an unprecedented pace.

Even the pandemic did not deter their march, with 2021 seeing a record 44 startups being elevated to the billion-dollar valuation club. And the trend continued in 2022. Until early May, another 15 unicorns joined the club, taking the tally to 100.

At YourStory, we were early to see the tide rising and hence built Unicorns of India as the go-to place to get deeper insights around these unicorns, their growth, funding details, and more.

Editor’s Pick: How FMCG brand Jahagirdar Foods is staying relevant?

According to India Brand Equity Foundation (IBEF), fast-moving consumer goods (FMCG) is India’s fourth-largest sector, accounting for 50 percent of the sales in the country. However, the question remains - how are traditional FMCG brands staying relevant in the age of FMCG 2.0? 

To delve deeper into this, SMBStory spoke to Saloni Mayur Chindhade, Director of Jahagirdar Foods, launched in 1996 by her father Milind Jahagirdar. The Nashik-based FMCG company manufactures a host of products like biscuits, cookies, chocolates, premixes, namkeens, and more. Read more. 

Startup Spotlight

How 1Silverbullet helps financial firms go online

Founded in March 2021 by second-time entrepreneur Milan Ganatra, Mumbai-based fintech startup 1Silverbullet helps insurers, banks, and new-age fintech platforms launch their digital platform by using its APIs. The self-funded startup is currently looking to raise its first capital. Read more.

News & Updates

• SoftBank Group posted its biggest-ever loss on Thursday—$13 billion (1.7 trillion yen) for the financial year ended March 31, 2022—due to a global selloff in technology shares that were brought about by China's crackdown on the tech sector and rising interest rates.

• Sachin Bansal-led fintech company Navi Technologies has appointed Vidit Aatrey, Co-founder and CEO of Meesho, as an independent director on its board of directors. The seven-membered Navi’s Board will have majority representation from independent directors.

• Venture debt fund Trifecta Capital has completed investments of Rs 3,100 crore (more than $400 million) across 101 startups from across its three funds. Trifecta Capital's venture debt portfolio has cumulatively raised $12.5 billion of equity, and is cumulatively valued at $48 billion.

• EV company Ather Energy has raised $128 million led by National Investment and Infrastructure Fund Limited (NIIFL), existing investor Hero MotoCorp, and others. It plans to use the capital to expand manufacturing facilities, invest in research and development, etc.

• Logistics unicorn Delhivery’s initial public offering (IPO) continued to see a dull response from investors on the second day of bidding as well. The unicorn's offering was subscribed 0.23X at the end of the second day, implying a 23 percent total subscription.

Before you go, stay inspired with… 

"Define who you aspire to be and then become that person." 

— Vivek Mansingh, General Partner, YourNest VC Fund, and Author, Achieving Meaningful Success

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