But the muted response towards the giant IPO casts doubts about the valuation of unicorns in India. By the end of 2021, India is expected to have produced 40 more unicorns, more than three a month on average. For the period 2011, when the first fintech unicorn in India was reported, to 2020, the economy had six fintech unicorns. However, this year has already seen seven fintech firms joining the unicorn list. Even, EdTech firms with reasonably good business models are highly overvalued due to abundant liquidity.

Source: The Hindu November 23, 2021 22:20 UTC