- None of the countries can lay claim to have escaped the wrath of the pandemic having witnessed such a trail of destruction that it would take enormous effort, time, resources, and resilience to return to some semblance of normalcy. The economic hardships have been so challenging that the adverse effects are still being felt even now. Most worryingly, the biggest tragedy enacted over the last year and a half shows no signs of receding as the dreaded virus mutates perpetually never failing to produce variants to further heap miseries on humanity. Business houses, behemoths, conglomerates, and enterprising entrepreneurs are confronting severe roadblocks in moving forward is stating the obvious. Nonetheless, a way must be found to forge ahead you see.
PC: MAKHTAR DIOP
- We have heard, read, and seen enough of it and it is firmly ingrained in our subconscious mind that the necessity is the mother of all inventions. A silver line at the end of the tunnel or an unexpected corner at the end of the road is always bound to evoke a sense of jubilation rekindling hopes of life sustenance. This calls for unwavering belief, grit, determination, positive outlook, and the right attitude in great abundance which human beings are known to possess despite encountering numerous hurdles along the way. Trust some of our precocious entrepreneurs breaking every sinew to explore opportunities to carve out a niche for themselves swimming against the tide. A similar alibi can be assimilated to the way unicorns are emerging of late.
- As you are aware, a Unicorn is a term used to describe a privately held startup that is valued at over $ 1 billion, has come to represent the promise of India’s economic potential against the backdrop of depressing scenarios. It is heartening to note that since last year, Nasscom has stated that India added no less than 12 unicorns taking the total to 39, the third-largest globally. A newsworthy statistic is deserving of loud cheering. There is more to it. In a span of mere six months of 2021, records have been broken. Note that around $ 12.1 billion of private capital was raised by startups, comfortably exceeding last year’s fund-raising by more than $ 1 billion. No wonder, it is expected the unicorn count at the end of the year will be well past 50.
PC: Arkady Petrov
- What has transformed over time leading to such a boom in unicorns amid economic downturns? Reports emerging mentions a combination of three factors that are at play here. Thrust on digitalization gaining tremendous traction, never seen before uptick owing to a smooth transition of retail transactions from offline to online mode, and the phenomenon RBI is terming ‘fomo’ (fear of missing out). The last one has to do with the Chinese government’s crackdown on its technology companies forcing the fomo factor to take effect for prospective foreign investors seeking greener pastures. The Indian government’s efforts at attracting foreign investors on the back of heightened risks in China have played a significant contributory factor in the phenomenon. India is not complaining. Let the tribe keep growing perpetually.
