Yuva - India

Indian startups show COVID-19 crisis as an opportunity to become Unicorn

Amidst the challenges of COVID-19, six start-up businesses have been scribbled in the good books of the business economy since last week. These are none other than Gupshup, a social platform where the large and small business conversation takes place, Share Chat, another social networking app developed by Mohalla Tech Private Limited, Meesho, and a reselling business app with zero investment especially that helps women to work from home and earn money online. Another one is Groww, an investing platform in mutual funds, Pharmeasy, a digital pharmacy meant for medical purposes, and lastly Cred, associated with credit card payments start-ups.

All the above-mentioned start-ups have created huge chaos in the market recently. Where the situation of the pandemic had left no stone unturned in creating havoc for the business, these start-ups have come up with a valuation of about more than one billion dollars. Not only this, but people have also faced opening doors to new innovations. There had already been four more start-ups that include Five Star business, finance that helps enable loans. From business loans to small mortgage loans, this aims to meet all the business demands and therefore helping the eligible borrowers.

Digital Insurance has also entered the unicorn club in 2021, amazing the netizens along with the healthcare venture Innovaccer, where the use of technology had been quite helpful. The one, being a marketplace for construction material, Infra Market, had been one of India’s newest unicorns with a very huge fundraise.

The most prominent subject in news regarding technology and Indian start-ups has come up with marquee investors such as Tiger Global, Naspers, and Soft Bank. With twenty-one deals and over two billion dollars raised by an Indian start up, the economy predicts to have fifty such potentials coming up soon as start-ups emerging as unicorns later.

Groww, as the name suggests, has really grown its business since last year, from two hundred and fifty million dollars to about a billion-dollar at present time. The excellent performance by Pharmeasy had come up to a valuation of one and a half billion dollars, serving the healthcare and medical interests. With a monthly revenue expectation of forty to fifty million dollars in the upcoming two years, Share Chat has valued at 2.1 billion dollars.

Raising a handsome amount of a hundred million dollars from Tiger Global, Gupshup valued at 1.4 billion dollars, whereas Cred valued from five hundred million dollars to 2.2 billion dollars. The actual zenith comes along with the Meesho that valued at 2.1 billion dollars. The zero investment business has led to a lot of traffic comprising entrepreneurs setting good challenges seeming inimical to other technological competition in business.

By the propaganda of alternative e-commerce and the creation of a new online environment, serving Indian ways of reselling, Meesho sets new perspectives in business. The initiative of small business skyscrapers to prove an enormous potential should continue for the next few quarters as said by Vinod Murali, a managing partner at Alteria Capital Advisors. Also, Anand Lunia, an early stage investor, and partner at India Quotient agree with outstanding performances by Indian start-ups this year.

The best observation has been jotted down regarding the various companies from different fields emerging as a unicorn. Considering the early start-ups from January 15, digital insurance has valued at 1.9 billion dollars. From the twenty-fourth and twenty-fifth of February, Innovaccer has culminated towards a strong business, valuing 1.3 billion dollars, from the software sector and Infra Market has also enhanced towards infrastructure and valued a billion-dollar.

The Five Star business in banking had valued at 1.4 billion dollars on March 27. Similarly, social commerce, fintech, and e-pharmacy, etc. have also set up amazing benchmarks. From stockbroking to enterprise messaging, the new start-ups have been very prominent.

The new “online-era” of business had proved very fruitful for all the netizens and enterprises. The continuous chain of the start-ups turning unicorn is viewed upon as both praiseworthy and challenging. As far as the Indian economy is considered, it is predicted to grow more and more to refine under strong fundamentals, along with the growing technologies.

Supriya Rani

Intern, Goa Chronicle
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