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India witnesses a string of startups joining unicorn club

Educational, financial and health tech attract investor interest despite pandemic

Noida-based Pine Labs, which provides a merchant platform and makes point of sale software, became the first entrant to the unicorn club in 2020. (Company website screenshot)

NEW DELHI -- Indian companies that made it to the coveted list of startups valued at over $1 billion in 2020 included Pine Labs, Nykaa, Unacademy, Razorpay and Postman, according to data compiled by Venture Intelligence.

While COVID-19 severely impacted businesses across sectors, particularly hospitality, travel and transportation, startups that managed to quickly pivot to other revenue streams, conserve cash and tweak business models managed to sail through the lockdowns after initial hiccups.

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