Emerging new Indian unicorns played a crucial role to meet the required services for people and corporates during lockdown. Explain (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 4 years
KEY POINTS
In the venture capital industry, unicorn refers to any start-up that reaches a valuation of $1 billion; Uber, Airbnb, Snapchat and Pinterest are some well-known unicorns.
Role of Indian Unicorns
Creative destruction
· Mostly, all the unicorns have brought a disruption in the field they belong to.
· Uber, for example, changed the way people commute.
· Airbnb changed the way people plan their stay in domestic/foreign destinations economically while travelling.
· Snapchat allows users to take photos and videos, exchange them with family and friends, and chat, which disrupted the usage of the social media network to a great extent.
· Creative destruction is required for the progress of society.
During Lockdown
· During the Covid-19 pandemic, young Indian start-ups such as Unacademy, Razorpay, Dailyhunt became unicorns.
· For example, during the pandemic, online learning continued to rise and led to a boom in valuation for Unacademy.
· It also boosted business of other educational technology products.
· Fintech apps such as Razorpay and Pine Labs boomed as online transactions for e-commerce and hyper-local services grew and contactless digital payments.
Priya Verma 4 years
Please review
IAS Parliament 4 years
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