Several top unicorns are expected to launch their IPOs soon but have been bleeding losses.
While India’s startup ecosystem is one of the leading unicorn makers in the world, many of the prominent ones are bleeding cash. Several of the top unicorns are expected to go public soon by launching their Initial Public Offerings (IPOs).
India is home to over 100 unicorns or startups with a valuation of over $1 billion. This year, 21 startups grew into unicorns. Indian unicorns now have a collective valuation of $341 billion. Despite the widely-claimed “funding winter”, these companies have raised over $94 billion in funding.
However, several of these unicorns have been bleeding losses, which tells a different story about the startup ecosystem’s reality. Here’s a list of the top 10 Indian loss-making unicorns:
- BYJUs: Rs 4,588 crore
- OYO: Rs 3,944 crore
- Udaan: Rs 2,482 crore
- Flipkart: Rs 2,446 crore
- Eruditus: Rs 1,934 crore
- PhonePe: Rs 1,728 crore
- Paytm: Rs 1,710 crore
- Swiggy: Rs 1,617 crore
- Unacademy: Rs 1,537 crore
- Freshworks: Rs 1,499 crore
Several of these firms are planning to come out with IPOs soon, which in turn increases the importance of these figures.
State of Indian startups
The Indian startup ecosystem has seen a firing spree amid a funding struggle in the recent months. Moreover, several crypto and payment startups have also faced raids and searches by the government in August.
In terms of layoffs, edtech unicorn Vedantu was reported to have laid off 100 employees for the third time in 2022 recently while Meesho laid off nearly 300 employees after closing its grocery produce Superstore. Other startups to have had significant layoffs include agritech startup DeHaat, LEAD and social media platform Koo.
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 "Startup news: Top 10 loss-making unicorns in India")
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