India has become a hotspot for startups turning to unicorns in a very short span of time. In 2020, India saw 10 startups turning to unicorns, while in 2021, this number rose to 44.
What is even more praiseworthy is that the startups are able to become billion-dollar club members in a short time since their launch. Many companies which are only a couple of months old are able to raise substantial funding that enables them to reach the target.
On February 22, Software firm Hasura, which makes web app development faster, stated that it has raised $100 million at a valuation of a billion dollars led by Greenoaks Capital. This continued investor interest for pure software startups which tend to burn ‘less money and have a large market’ amid growing digitization.
The year 2022 is just around two months old and India already has 10 startups joining the unicorn club. Hasura is the 10th one to make the list.
The company plans to invest in open-source projects and in research and development. This funding will enable Hasura to increase its innovation velocity, which in turn allows its user to deliver software even faster.
Founded in 2017, Hasura’s GraphQL Engine is designed to make web application development fast by eliminating bottlenecks to data access for frontend and full-stack developers.
It helps make APIs — a piece of software that helps apps talk to each other — more flexible and cuts down app development time by automating repetitive functions and optimizing performance.
Recently, Uniphore Software Systems also became a unicorn and made the news everywhere. Fractal, Lead School, Darwinbox, Polygon, DealShare Elastic Run, Livspace, and Xpressbees were the other startups that made it to the club this year.
