The Unicorn Phenomenon
a watershed one for the Indian start-up ecosystem as it notched up a record investment of nearly $36 billion. 2021 also proved to be a full-cycle year for Indian venture capital as companies like Zomato, Nykaa and PolicyBazaar delivered outsized exits to their investors by listing on public bourses. This was also the year of the unicorn for India—42 start-ups achieved billion-dollar valuations, doubling its count of the entire past decade. Put this in the context of 2012—which accounted for 39 unicorns from around the world—and you get
