For 3rd quarter in row, startup funding crosses $10 billion in Q1 of 2022; 14 unicorns created

Creation of 14 more unicorns takes the overall tally of startups with over $1 billion valuation in India to 84 now

The startup ecosystem has created as many as 14 unicorns in the first three months of 2022, and for the third consecutive quarter, they have received over $10 billion across 334 funding deals, says an industry report.

Creation of 14 more unicorns takes the overall tally of startups with over $1 billion valuation in the country to 84 now, according to a PwC India report.

This is the third consecutive quarter ending March 2022 when the fund inflows into the domestic start-ups ecosystem have grossed over $10 billion in fresh funding. The quarter also has seen as many as 14 startups becoming unicorns, the report said, adding the total fund inflow in Q1 stands at $10.8 billion.

According to the agency, the quarter saw maximum funds flowing into software-as-a-service (SaaS) companies, grossing more than $3.5 billion.

Unicorn creation continued to flourish with 14 startups attaining the coveted status in Q1 with the SaaS sector accounting for the largest share creating five unicorns.

Amit Nawka, the startups leader at the consultancy, told PTI that despite uncertainties in the global economic environment, the domestic startups have continued to attract capital, particularly in the growth capital stage.