🥲Takeoff #37: Unicorn, where are you?
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🤔 What happened at Airtribe this past week?
👉Our ongoing third cohort of the Product Management Launchpad learnt how to crack root-cause analysis with Sriram Raja, Lead Product Manager at Bureau, Inc. Learners understood the common types of problem solving questions, the do’s and don’ts of answering problem solving questions as well as went through a live problem solving session!
👉 We had a masterclass by Ashmit Bhandari, Senior Product Manager at Paytm. It was on ‘Product Interviews Unlocked: Hone the art of interview preparation, application and crack the code to your dream job!’ It was an extremely relevant session which covered the best practices for interviewing for PM roles. Participants found it super useful!
👉 What a moment of pride it was for all of us to kick-off our first Backend Engineering Launchpad! A program that was in the works for a while has finally gone live. 🥹The kick-off was a success! Our learners got to understand the program's structure, meet some mentors and interact with each other. 🤗
😎 What’s new at Airtribe?
After successfully launching four cohorts of our Product Management Launchpad, we're back with the fifth one! 🥳
If you would like to learn and upskill 🚀 in the field of product management with the help of experienced PMs, an expert-vetted curriculum, and an uplifting community, check out our Product Management Launchpad.
Applications are open for the next cohort!
🦄 Unicorn, Where are you?
Unicorns, which were last seen on September 26th, 2022, are nowhere to be found in the Indus valley these days. Everyone is baffled and wondering what happened, as the country produced a remarkable 23 unicorns in 2022, surpassing even China. However, it seems that the well has finally run dry, with no new unicorn companies emerging in India's vibrant startup ecosystem over the past year.
Venture capital investments in Indian startups plummeted by over 38% in 2022 due to economic uncertainty and market volatility affecting fundraising and investment activities. Additionally, a total of 1,726 VC funding deals worth $20.9 billion were announced in India in 2022, compared to 1,715 deals worth $33.8 billion in 2021. India accounted for a 5.1% and 6.3% share of global VC funding value and volume, respectively, in 2022.
So, what caused this sudden downturn?
The tech industry is experiencing a worldwide downturn, and India's startup sector is not immune to it. In the United States, giants like Google, Meta, Microsoft, Amazon, and Twitter have laid off tens of thousands of workers. Meanwhile, startups like Stripe have experienced significant valuation reductions. The situation is even more critical in China, where, despite being home to the second-largest number of unicorns after the US, the country hasn't produced any unicorns in the past nine months.
India's unicorns are also facing their own set of challenges. In 2023, several Indian unicorns have collectively laid off thousands of workers. B2B e-commerce unicorn Moglix let go of nearly 40 employees in the first week of the year, followed by Ola, which laid off 200 employees, Unacademy, which fired 40 workers, Lead School, which laid off 60 workers, and CoinDCX, which laid off almost 100 employees. Shortly after, Sharechat laid off 500 workers, and Rebel Foods, the company behind food brands like Faasos, Behrouz Biryani, and Ovenstory, laid off 2% of its workforce. Swiggy also laid off 380 employees, while Dealshare let go of 100 workers.
In conclusion, the sudden disappearance of unicorns in the Indus Valley is a cause of concern for India's vibrant startup ecosystem. The downturn in the tech industry worldwide has also affected India's startup sector, which has seen a decline in venture capital investments and the emergence of new unicorn companies. The challenges faced by Indian unicorns have led to mass layoffs, further highlighting the fragility of the startup ecosystem. It remains to be seen how the Indian startup sector will adapt to these challenges and overcome them in the future.
So, when do you think we’ll see the next Indian unicorn? Let us know in the comments section! 💬
❓Can you solve it?
You have to use the numbers mentioned below to fill up the blanks. But the number you write above the blank should be the number of times the number mentioned below features in the final 5 digit number above.
Eg, if you write 3 in the first blank, then 0 should come three times in the final 5 digit number.
Leave your answers in the comments section! 💬
Thank you for your continued support and interest in our work. We are grateful to have you as a reader. 🙏
Wishing you all the best, and until next time, take care and stay curious! 🤗