#BYMEspresso ☕️: Zombie Unicorns
Nothing is ever all sunshine and daises. There is always something undead, there is always something lurking in the shadows. Today lets see what's lurking in the shadow's of India's booming Unicorns.
A startup is referred to as a unicorn when it reaches a valuation of $ 1 billion without being listed in the share market. India in recent years has seen a huge rise in the number of unicorn companies and field experts predict the number to be higher in the oncoming years.
Companies like one card, Nykaa, and Swiggy have all become unicorns and more and more companies are fighting to become unicorns. While this is good for the economy in some aspects, this all-gas and no breaks approach comes with some drawbacks!
2022 has seen the uprise of many zombie Unicorns, companies that have become unicorns but have no business model and have stopped hiring. These companies won’t become dead but just irrelevant. The main reason for this outcome has been the race to reach a $ 1 Billion valuation without any future plans or scaling ideas.
the latest example is Meesho which is now trying to raise debt and cut expenses as the company burns $ 45 million a month and faces heavy competition.
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