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Record number of unicorns and IPOs: Indian startups raised $39B in 2021


In late March last year, as the virus started to spread across India, investors began to worry about the impact a potential pandemic could have on their portfolio firms.
They exchanged notes, and on April 1, penned a joint open letter to the local startup ecosystem, advising firms to “prepare for the worst.”
In the months that followed, the virus engulfed the South Asian market and, among other things, hit the brakes on funding activity. Scrambling to steer through the unprecedented event, startups began to cut expenses. Some didn’t survive, and a few got acquired in fire sales. Many entrepreneurs and investors stepped up and volunteered to help the nation fight the pandemic, too.
Investors were right about the impact the virus would have on the country, and by extension, on the firms attempting to fuel the …

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