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How Indian Soonicorns Fared In FY23

Inc42 · 1y

The Indian startup ecosystem is witnessing a surge in funding, with 112 soonicorns (startups with valuations between $200 million and $1 billion) on track to join the unicorn club. These companies have a combined valuation of over $40 billion and had secured more than $15 billion in funding by March 2024. However, out of the 112 soonicorns, only 48 made their FY23 annual reports public, and 38 of them reported losses. Ather Energy, an EV manufacturer, had the highest share of losses at $108.1 million in FY23, followed by Rapido and Bira91. Despite the losses, Indian startup funding is expected to rise by 36% in 2024.