A new report finds a stark gender gap in India’s unicorn leadership: women occupy only about 10% of C-suite roles. The underrepresentation is especially sharp in tech and strategic functions, where women are far less likely to become CEOs, CTOs, or CIOs. Even as women lead strongly in HR, systemic barriers still limit advancement and acceptance in top positions.
Since Zomato’s mid-2021 listing ignited India’s startup IPO wave, more than 30 mostly unicorn companies have gone public. Together, they’ve unlocked about USD105 billion in market value over the past four years. ET Prime now tracks who actually benefited the most from this unprecedented value creation—from early stakeholders to public-market entrants.
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Indian mutual funds have ramped up investments in several new-age companies including Urban Company, Ather Energy, Lenskart, Meesho, and PhysicsWallah. The inflows signal rising confidence from domestic investors in tech-led growth stories. Brokerages are also starting coverage with upbeat views, pointing to a broader shift of institutional capital toward India’s next-gen economy.
Indian tech startups raised $11.7 billion in FY 2025-26, down 18% from the prior year, even as early-stage funding climbed 33%. India stayed the fourth-highest funded country globally. FinTech and Enterprise Applications attracted most investment, while IPOs and unicorn creation rose noticeably—signaling a shift in where and how capital is flowing.
India led the global IPO market in 2025, fueled by venture-backed startups reaching public-market readiness in under five years. The momentum reflects a changing founder mindset focused on scaling earlier and preparing for listing. In total, 20 VC-backed startups went public and nine new unicorns emerged, alongside a count of 28 profitable unicorns, signaling a maturing startup ecosystem.
Meesho’s rise from a tiny start to roughly INR 10,000 crore revenue in eight years has fueled comparisons to an “Aam Aadmi’s Amazon.” Yet the key question for a potential IPO remains unchanged: like other high-growth unicorns, Meesho has not turned profitable, raising scrutiny over sustainability and investor returns.
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