India’s startup ecosystem was on a tear in 2021, raising massive amounts of funding, hitting lofty valuations and, at last count, propelling over 40 companies into the unicorn club.

(A unicorn is a startup valued at more than $1 billion.)
One big highlight of 2021 was the growing ambition of Indian startups, which made some bold moves by acquiring legacy companies. Online investment platform Groww acquired Indiabulls’ mutual fund business, PharmEasy bought out listed diagnostic chain Thyrocare while fintech BharatPe took over the troubled PMC Bank through a joint venture.
And what about the flurry of tech IPOs that have dominated headlines of late? Powerful sectoral forces are spurring the growth of the tech sector, and the openness of retail and institutional investors to support growth-focused profit neutral enterprises means we will continue to see tech IPOs.

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