The startup ecosystem is growing rapidly. In the first three months of 2022, 14 unicorns and the third consecutive quarter saw over 10 billion in funding from 334 funding deals across the startup ecosystem. This has been said in an industry report. According to a report by PwC India, with the creation of 14 more unicorns, the total number of startups in the country now stands at 84, valued at over US$11 billion.

This is the third consecutive quarter ending March 2022, when the inflow of funds into the domestic start-up ecosystem exceeded USD 10 billion in fresh funding. The report said that 14 startups became unicorns in the quarter. It said total funding inflows in Q1 stood at 10.10.8 billion. According to the agency, software-as-a-service (SaaS) companies received nearly ₹3.5 billion more funding during the quarter.

Unicorn continued to build with 14 startups in the first quarter. Of these, five unicorns have the largest number of unicorns in the SaaS sector, accounting for a large proportion of the total number of new unicorns. Amit Navka of the consultancy said that despite the uncertainties in the global economic environment, domestic startups have continued to attract capital.

He said that as more startups mature, the discussion on corporate governance is now becoming mainstream and it will be important for startups to develop a corporate governance roadmap that meets the aspirations of organizational growth. He further added that the amount of investment in the SaaS ecosystem has tripled in the last three years.

In the past year, 15 SaaS businesses in the country have entered the Unicorn category, including Darwinbox, Fractal, Unifor, Hasura and Amagi Media Labs.