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Zomato, the Indian online food delivery unicorn, has filed a draft IPO prospectus with India's securities regulator. Other tech companies could follow. (Photo by Rie Ishii)
Market Spotlight

India emerges as China's tech challenger with record unicorn run

Startup valuations soar as pandemic boosts online services

WATARU SUZUKI, Nikkei staff writer | India

TOKYO -- India is rapidly closing the gap with China in minting new unicorns -- privately held startups valued at $1 billion or more -- highlighting growing investor appetite for tech startups in the country as the pandemic accelerates adoption of digital services.

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