A startup is considered to become a unicorn once it achieves a value of over $1 billion.
According to HDFC Securities, funding activities have created 42 unicorns in 2021.
Accelerated funding activity is expected to create over 100 unicorns in India during 2022.
42 unicorns were added in 2021 alone, taking the total tally to 79.
Investing in Indian startup ecosystem has been promising due to the immense growth potential and problem solving or disruptive nature of startups."
The top applications in India today are in the categories of e-commerce and social media, transacting online for food deliveries and essentials like groceries, apart from fashion and electronics."
"The unicorn wave in India is still going strong: one unicorn has been added every five days within the first two months of 2022, and India is expected to have 100+ new unicorns in 2022," HDFC Securities said in a report.