Slowdown in India’s startup story: Unicorn additions decline to 3

New additions in the coveted unicorn list declined sharply in 2023, indicating a slowdown in the Indian startup ecosystem, a report said on Tuesday.

India added only three unicorns – startups having a valuation of over $1 billion – in 2023 against 24 in the year-ago period, as per the ASK Private Wealth Hurun Indian Future Unicorn Index 2023.

The slowdown in unicorn additions is indicative of a “slowdown in India’s startup ecosystem”, the report — which comes amid a slowdown in investor interest in what is being termed as “funding winter” — said. The overall number of unicorns also declined to 83 from 84 in the year-ago period.