The government had locked down the country’s entire population in a dramatic step to fight the coronavirus pandemic. Company founders feared the restrictions would leave them in a severe funding crunch that could hurt their ability to expand, pay salaries or even stay afloat.
The mood a year later is very different, despite a brutal surge in coronavirus cases that is threatening the economic recovery. India’s startup community has found itself in an unprecedented funding bonanza.
In the first four months of 2021, 11 companies have attained unicorn status, meaning they’ve reached a valuation of at least $1 billion, according to data platform Tracxn. Five startups hit that milestone in April alone. By comparison, there were 13 in all of 2020, and 10 in 2019. The ranks of India’s super wealthy tech leaders are swelling rapidly as a result.
The boom is in large part thanks to powerhouse investment by firms such as Tiger Global and SoftBank (SFTBF), which are pumping money into India’s…
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