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India's herd of tech unicorns grows despite IPO headwinds

16 billion-dollar startups established already this year: tech lobby chief

The main campus of IT company Infosys in Bengaluru, India. Japanese e-commerce platform Mercari is opening a R&D center in the city. (Photo by Satoshi Shimoda)

TOKYO -- India is producing unicorns at a rapid clip with 16 startups attaining billion-dollar valuation so far this year, according to the head of India's main tech industry lobbying group.

"We are seeing unprecedented growth pretty much across every single sector of technology and we are seeing significant rise in multinational companies coming into India to set up innovation hubs," Debjani Ghosh, president of the National Association of Software and Services Companies, or Nasscom, said in an interview.

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