The year 2025 kicked off on a high note for India’s startup ecosystem, with Netradyne becoming the first unicorn just days into the new year. But any hopes of a unicorn revival were quickly tempered, and the pace of new unicorn creation remained subdued, in line with the funding slump seen over the past two years.

India minted a record 45 unicorns in 2021, but the number fell sharply to 22 in 2022 and just two in 2023. While 2024 saw modest........

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