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More Unicorns Coming Up in Hyderabad
The year 2022 has been a growth-inspiring time for the start-up ecosystem in Hyderabad.
G
Guru Prasad
Hyderabad
Tue May 31 2022
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The year 2022 has been a growth-inspiring time for the start-up ecosystem in Hyderabad. Within a span of 7 days, the ecosystem has seen one start-up become a unicorn, five start-ups raising funds, and another selling the stake to a top food aggregator platform. Given this growth trajectory, experts are quick to point out that Hyderabad is set to witness more unicorns – start-ups valued at over $1billion -- in the coming years.


There are about six to seven start-ups on the brink of becoming unicorns, shares Jayesh Ranjan, principal secretary, IT and industries department. He adds that 2-3 firms have the capacity to turn unicorns this year itself.


A few days back, Hyderabad joined the unicorn list, with Darwinbox getting valued above $1billion. On the same day, two companies – Stanplus and OurFood, announced their funding round. To add to all this, on Friday, Zomato announced that it would be buying a 19.48 percent stake in city-based ad-tech company Adonmo Inc for a total cash consideration of Rs 112 crore.


While there was a talk of investments not coming to Hyderabad and large investors unwilling to invest here, the funds raised within a span of few days shattered those myths, says Jayesh Ranjan. Another start-up that is working in the space tech sector, Skyroot Aerospace, announced fundraising of $4.5 million in a bridge round to Series B funding led by Google’s founding board member Ram Shriram’s Sherpalo Ventures.


Meanwhile, Smartron and Sustainkart also announced their funding. While Sustainkart, which is an e-marketplace for sustainable products, raised $5,00,000 in its pre-seed round led by India Accelerator. On the other hand, Smartron secured a $200 million capital commitment from Global Emerging Markets Group (GEM).


However, the big break will come when one of the start-ups announces its IPO, says Ramesh Loganathan, professor Co-Innovation, IIIT-Hyderabad. That’s when 50-100 people will rush to set up business in Hyderabad, and there will be a flush of investors, he says.


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More Unicorns Coming Up in Hyderabad
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