Indian startups lose unicorn status for 12 firms amid correction
Business
The Indian startup scene just hit a rough patch: 12 well-known companies, including Paytm Mall, BYJU'S, Snapdeal, and Unacademy, have lost their unicorn status after their valuations dropped below $1 billion.
This shift is part of a bigger market correction, with investors now prioritizing profitability and solid business models over flashy growth.
upGrad buys Unacademy for $300 million-$400 million
Unacademy is being acquired by upGrad in an all-stock deal worth $300 million to $400 million, a big drop from its earlier $3.44 billion valuation.
The pace of new unicorns has slowed dramatically: only five startups hit the $1 billion mark in 2024 compared to 44 in 2021.
Investors are now backing deep tech and sustainable growth instead of just consumer apps or fintech trends.