Nearly ten days ago, Textile and Commerce Minister Piyush Goyal had tweeted a Shark Tank meme to make a point about India’s growing unicorn numbers and opposition parties inability to digest this fact. It certainly seems that Mr. Goyal is one of the outspoken supporters of Indian unicorn startups. This was again proven on Wednesday as Mr. Goyal once again lend his open to the unicorn startups.
This time Goyal celebrated the 10th unicorn of 2022 – Software platform Hasura – by tweeting before and after photo featuring Bhuban Badyakar, who shot to fame with his famous ‘Kacha Badam.
Goyal tweeted this meme photo along with a tweet that said “another Kacha Badam has become Pakka. India adds its 10th unicorn in just 53 days.”
Mr. Goyal’s latest tweet on Unicorn comes a day after GraphQL platform Hasura announced that it has raised $100 Mn in Series C round at a $1 Bn valuation. Hasura is backed by some big VC firms including Nexus Venture Partners, Greenoaks and Lightspeed venture partners.
Mamaearth, Drawinbox, Fractal Lead and Dealshare are some of the other startups that have earned the unicorn tag this year.
Last year proved to be a milestone year for Indian startups as it added dozens of startups to the unicorn club. Even Finance Minister Nirmala Sitharaman has openly said in the parliament that the growing number of unicorn startups are creating wealth for India.
It is expected that by end of 2022, India will add dozen more startups to the unicorn club.
For all those who don’t know unicorn are those startups whose valuation crosses $1 Bn mark.
However, for all the hype around the unicorn valuation, several experts have repeatedly pointed that most unicorn startups carry inflated valuation and these valuations are not representative of their financial fundamentals.