Rise of risk capital

Private funding is bridging a crucial gap

India’s unicorn club is expanding rapidly, with 10 start-ups crossing the $1-billion valuation mark in just four months of this year. According to one estimate, India now has 47 start-ups with a $1 billion-plus valuation and the number is expected to cross 150 by 2025. It is likely that all businesses getting funding and headline-grabbing valuations would not succeed, but the developments in the start-up universe can potentially make a meaningful difference in the Indian economy. According to a recent study by the Indian Private Equity & Venture Capital Association and Ernst & Young, private equity (PE) and venture capital