Analysis-Zombie unicorns: Indian startups go from feast to famine


Design artists work on their computer terminals at the Start-up Village in Kinfra High Tech Park in the southern Indian city of Kochi October 13, 2012. REUTERS/Sivaram V/Files

MUMBAI (Reuters) -The valuation of Meesho, the Indian e-commerce rival of retail giant Amazon, more than doubled last year to $5 billion, after marquee investors such as SoftBank and Fidelity pumped in hundreds of millions of dollars.

They aimed to ride a boom in India's tech startups, which raised a record $35 billion in new funds in 2021, but the tide has since turned, as corporate governance concerns loom large for investors facing a new uncertainty in global markets.

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