COVID Fails To Dampen Startup Funding

The crisis-ridden economy has helped some startups emerge as $1 billion companies, with innovative and resilient approach

- Indrishka Bose

The startup ecosystem has set an example of rapid growth despite facing the most taxing times and has grabbed the limelight for improving its innovation quotient.

India is home to the third-highest number of startups. Unicorn refers to a startup that reaches a $1 billion valuation. As per Hurun Global Unicorn Index 2020, there are 586 unicorns globally. India ranks fourth with 21 unicorns after the US, China, and the UK.

The COVID crisis may have punched and bruised the sector, but it has refused to be knocked down. In fact, it has added colors of optimism by managing to pump up valuation to a $1 billion mark. RazorPay, a Bengaluru-based financial technology company, became a unicorn valued over $1 billion. Chiratae Ventures, formerly known as IDG Ventures, has already invested in eight companies from its fourth fund and is expected to broaden its investments in 30 to 40 companies in the next couple of years.