16 Indian unicorns slip below $1B as investors reprice the post-2021 boom
Sixteen of India's 129 unicorns have dropped under the $1B mark amid a valuation shakeout. Retail-linked names like Lenskart, Urban Company, Meesho and Nykaa sharpened profitability ahead of IPOs as capital shifts toward unit economics. PE/VC funding hit $60.7B in 2025 (up 8%) even as deal volume fell 39%.
Sixteen of India's 129 unicorns have slipped below $1B amid post-2021 shakeout. Retail-relevant startups like Lenskart, Urban Company, Meesho and Nykaa improved profitability before IPOs, as investors now prioritize unit economics and sustainable valuations.
Why this matters
The reprice lands as Lenskart trades post-listing against Titan EyeCare on margins and store math, with HSBC flagging only ~2% upside despite a 7,000-store roadmap.
Retail-company signals accelerating at +737400% QoQ.