Unicorn tally flat as firms tap IPOS

ONLY FIVE STARTUPS became unicorns in 2025, the same number as last year, even as growth-stage funding recovered and larger cheques returned to the market.

- AYANTI BERA

The flat count points to a continuing reset in startup valuations and a clear shift among late-stage companies towards tapping public markets earlier, rather than pursuing valuation-led private rounds.

Data from Venture Intelligence shows that $3.2 billion was invested in growth-stage startups, typically Series B and C, during the year, up from $2.6 billion in 2024.

Despite the increase in capital, only five companies crossed the $1 billion valuation mark — broking platform Dhan, B2B e-commerce firm Jumbotail, pet food brand Drools, logistics player Porter and payments company Juspay.

The number is significantly below the peak seen in 2022, when 22 startups achieved unicorn status, underscoring how far the ecosystem has moved away from the high-valuation cycle of the pandemic years.