Thinks 479

From Credit Suisse 2022 India Unicorns report: “Over the past year, India added a record 38 new unicorns (a third of all ever created), taking the count to 93, with a combined value of US$330bn. Eighteen from last year’s list have listed or have filed DRHPs, 21 dropped due to a change in methodology, and valuation fell below US$ 1bn for another six. The list remains diverse, with new unicorns spread across Fintech (including crypto), platforms, e-commerce, SaaS, EdTech, discretionary, logistics and healthcare. While VC funded firms do grow fast, herd behavior in financial firms has very likely pulled forward Unicorns from future years, with inflows exceeding the absorptive capacity of businesses. Over the past twelve months, a record US$65 billion in VC/PE funding has not only created new unicorns, but also raised the average value of existing unicorns by 78% to US$4.7bn. The transformation of India’s corporate landscape continues: 88% of unicorns in this year’s list started this century, vs. 66% last year, and only 15% of the BSE500. The relative importance of India’s unicorn set to India’s economy continues to be significantly higher: value of unicorns is 10% of listed market cap in India, vs. 4-5% in the US and CN.”

Stephen Kotkin: “You have an autocrat in power—or even now a despot—making decisions completely by himself. Does he get input from others? Perhaps. We don’t know what the inside looks like. Does he pay attention? We don’t know. Do they bring him information that he doesn’t want to hear? That seems unlikely. Does he think he knows better than everybody else? That seems highly likely. Does he believe his own propaganda or his own conspiratorial view of the world? That also seems likely.” 

Economist: “In the 1990s globalisation took off. Trade boomed. Annual global flows of foreign direct investment (FDI, including purchases of companies and the construction of new factories) rose by a factor of six. In 1990 Russia’s first McDonald’s opened, in Moscow; KFC set up shop a few years later. Russian oil companies began directing their exports towards the West. Between 1985 and 2015 Chinese goods exports to America rose by a factor of 125. Living standards certainly went up. The number of people living in extreme poverty has fallen by 60% since 1990. Some formerly closed countries have utterly changed. The average Estonian is now only marginally poorer than the average Italian.”

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.