From unicorn frenzy, the balance tilts to sustainable business models in India

India produced a record 45 unicorns in 2021, overtaking the UK to emerge as the third highest country in the number of unicorns after US and China. However, this year, there has been a blip. With macroeconomic headwinds derailing the dealmaking momentum, India generated only a handful of four startups during the second quarter. In the first quarter, however, as many as 14 startups achieved the coveted status. With investors preferring to back clear category winners, will consolidation be the theme going forward? How is the overall macro landscape affecting the valuation trends?