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  • 6 - A Supply–Demand Model of Indian Start-Ups and Unicorns

  • Edited by Veneta Andonova, Universidad de los Andes, Colombia, Diego Finchelstein, Universidad de San Andrés (Argentina), Juana García Duque, Universidad de los Andes, Colombia
  • Book:
    Unicorns from Emerging Economies
    Published online:
    05 December 2025
    Print publication:
    08 January 2026, pp 151-171

  • Summary

    Despite its status as a low-income country, India has produced the third highest number of unicorns in the 2010s. We offer a supply–demand model of start-ups to explain this surprising outcome. On the demand side, India’s large and fast-growing market, coupled with ‘leapfrogging advantages’, have encouraged start-ups in many digital businesses. On the supply side, India’s abundant and affordable technical talent, nurtured by the country’s IT/software companies and the R&D centres of foreign multinationals, have combined with a surge in angel investors, incubators, accelerators and local and foreign venture capitalists. Government policies have reinforced both demand-side and supply-side factors, as have global developments such as the COVID-19 pandemic and geopolitical tensions involving China. Although the climate for start-ups deteriorated in 2022–2024 in India (as it did worldwide), the fundamentals are strong for India to continue to be an important source of digital start-ups and unicorns.