'Proficorn' is the buzz word as investors up the ante in India's startup world3 min read 31 May 2023, 05:13 PM IST
India, touted to be the third largest startup ecosystem in the world behind the US and China, struggles on the profitability front. According to a Tracxn report, in India, only 17 unicorns are profitable out of 80 whose data is publicly available.
There was a unicorn born every week back in 2021 and the Indian start-up ecosystem was thriving over a funding spree. Fast forward 2023, the scenario has changed drastically. The ecosystem is currently fragile with rampant layoffs as VCs tighten their purse strings in the backdrop of a funding winter. Startup founders have been under tremendous pressure from investors to chart out a path to profitability with no options left.