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12 CFOs resigned from Indian unicorns just this past year: Report

Business Today

Business Today · 2y ago

12 CFOs resigned from Indian unicorns just this past year: Report

Twelve Indian unicorns saw their chief financial officers (CFOs) resign this past year, while companies in this space added 15 CFOs, according to a report by executive search firm WalkWater Talent Advisors. According to Gibin Varghese, Partner (Technology Practice) at the firm, there are a variety of reasons for the resignations. “Most of the Unicorn CFOs who have resigned in the last one year have done so for reasons such as – joining another global or larger start-up, starting on their own or joining the traditional sector,” he told Business Today.

Related News

Startup investors are hunting outside unicorn zone

Livemint

Livemint · 1y ago

Startup investors are hunting outside unicorn zone

Investors have shown more interest in smaller startups valued up to $1 billion compared to unicorns, which are valued over $2 billion. Data from Tracxn revealed 318 deals in companies valued below $1 billion this year, compared to just five deals in unicorns. Investors are drawn to high-quality companies with clear profitability potential and robust growth. Unicorns have struggled to raise capital in the past 12-18 months, leading to more stringent terms from existing investors. However, the sentiment in the private funds market suggests a potential reversal of this trend in the second half of the year.

Indian unicorns see net workforce decline amid layoffs, restructuring: report

Economic Times

Economic Times · 8m ago

Indian unicorns see net workforce decline amid layoffs, restructuring: report

Unicorn companies, or startups valued at $1 billion or more, experienced a decline in workforce in India. According to a report, the attrition rate for Indian unicorns was 4.5% in the 12 months leading up to August, resulting in a reduction of about 6,700 employees. However, some unicorns managed to maintain low attrition rates, such as Zerodha, Zoho, and MapMyIndia. The report also highlighted a hiring surge in March 2024, led by companies like Paytm and BigBasket. Mumbai-based unicorns saw the largest decrease in employees, while Delhi-NCR witnessed the highest increase.

Persistent's Teredesai is latest to cross tech companies' CFO revolving door

Livemint

Livemint · 1y ago

Persistent's Teredesai is latest to cross tech companies' CFO revolving door

Several chief financial officers (CFOs) at top Indian IT companies have departed over the past 24 months, drawing attention to the sector's accounting professionals. Among the companies affected are Infosys, Wipro, Cognizant, Tech Mahindra, LTI Mindtree, and Coforge. While some CFOs moved to new firms, others retired or pursued different opportunities. Most of the CFO appointments were internal hires, indicating the companies' trust in their existing talent. The changes in CFOs can be influenced by an organization's need for a new culture and the preferences of the incoming CEOs.

Delhi unicorns on hiring spree amid funding winter; over 50,000 join startups

Livemint

Livemint · 1y ago

Delhi unicorns on hiring spree amid funding winter; over 50,000 join startups

According to a report by PrivateCircle Research, Delhi-based unicorns saw a significant increase of 52,420 employees between September 2022 and July 2023, despite the global funding winter. However, the report also noted that 3.6 lakh employees left their jobs across Indian unicorn startups in the same period. Bengaluru's startup ecosystem experienced a decline in workforce, while only three Indian unicorns managed to maintain an attrition rate of under 1%. Overall, 111 unicorns employed 4,42,714 people in July 2023, showing a net increase from September 2022.

Peak XV Partners most active investor in India: Hurun report

Economic Times

Economic Times · 1y ago

Peak XV Partners most active investor in India: Hurun report

Venture Capital firm Peak XV tops the list of most active Indian startup investors with investments in 47 entities. This information comes from the ASK Private Wealth Hurun India Future Unicorn Index 2024. Following Peak XV is Accel, which has invested in 25 companies expected to become unicorns. Peak XV's successful investments include Turtlemint, CleverTap, and Classplus. The report also highlighted a decrease in the number of unicorns from 68 to 67 in 2023. Peak XV has invested in 70% of India's current unicorns. Accel, Tiger Global, Trifecta Capital Advisors, and Blume Ventures also ranked high as investors in Indian startups.

Top Indian unicorns continue to add talent despite funding, growth challenges

Economic Times

Economic Times · 1y ago

Top Indian unicorns continue to add talent despite funding, growth challenges

Despite facing funding challenges and a slowdown in the startup sector, top Indian unicorn startups have continued to hire talent. Data from the top 15 unicorns showed that although they let go of 33,000 employees over the past year, they also hired 58,000, resulting in a net headcount growth of 25,000. This reflects the resilience and attractiveness of these startups among talent. Furthermore, the analysis revealed that there was a significant lateral exchange of talent within the top 15 unicorns. Despite the challenging environment, these startups have managed to retain and attract talent, showcasing their ability to navigate through tough times.

GenAI startups biggest driver of unicorns, says VC firm Accel

Economic Times

Economic Times · 1y ago

GenAI startups biggest driver of unicorns, says VC firm Accel

According to venture capital firm Accel, generative artificial intelligence (GenAI) companies have become the major driver of unicorns (startups reaching a $1 billion valuation). The report reveals that 60% of new unicorns are falling into this category. While European and Israeli GenAI startups received close to $1 billion in funding in the last 12 months, U.S. startups received over $14 billion, partly due to a $10 billion funding to OpenAI alone. The report suggests that specialized AI applications in cybersecurity, healthcare, construction, and legal will gain traction in the future.

Maharashtra and Delhi produce highest number of unicorn founders

Entrackr

Entrackr · 1y ago

Maharashtra and Delhi produce highest number of unicorn founders

India ranks third globally in the number of startup unicorns, with over 110 unicorns to date. The majority of these unicorns have emerged in the past three years, reflecting the sector's recent growth. The report highlights the birthplaces and hometowns of unicorn founders, with Maharashtra leading in producing the most founders, followed by Delhi. The data also reveals that a significant number of founders come from prestigious institutions such as the IITs and IIMs. However, there is a need for greater diversity in terms of gender and institute representation.

Inc42 Media on LinkedIn: Indian startups have raised a whopping $141 Bn+ since 2014 – and over the…

Inc42 · 1y ago

Inc42 Media on LinkedIn: Indian startups have raised a whopping $141 Bn+ since 2014 – and over the…

Indian startups have seen significant growth in funding, with over $141 billion raised since 2014. However, funding in the first quarter of 2023 experienced a decline of over 75% compared to the previous year. Despite this, investors have announced over $3.6 billion worth of funds to support Indian startups. It is estimated that India will have more than 280 unicorns by 2030, thanks to the continued support and investments from various investors. To learn more, a full report on the state of the Indian startup ecosystem in 2023 is available for free.

Average unicorn time for startups down to 5.5 years: Report

Economic Times

Economic Times · 1y ago

Average unicorn time for startups down to 5.5 years: Report

According to a report by Orios Venture Partners, the average time for an Indian startup to become a unicorn has decreased from 8.4 years in 2022 to 5.5 years in 2023. India ranks third globally in terms of producing unicorns, but only two companies reached a valuation of over $1 billion last year. Despite a challenging liquidity environment, achieving unicorn valuations demonstrates the growth potential of the market. Zepto, a quick commerce startup, and fintech firm InCred were among the newly minted unicorns in 2023.

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