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Dear reader,

There’s something ironic about the term unicorn. It’s ironic because the mythical and magical creature is said to be elusive, yet most startups seem to be turning into unicorns rather comfortably if this year is any indication. But 2021 has also proven that these startups need to be more wary of two far more ubiquitous animals — bulls and bears.

This mash-up of unicorns, bears and bulls has defined 2021 in many ways. After all, it was the year of record number of tech startup IPOs and unicorns in India.

Besides the focus on innovation, the growth and scale, IPOs have gripped the imagination of the startup ecosystem, underlined by the massive hype around the public listings of Zomato, Nykaa and Paytm, even as half-a-dozen other startups also made their stock market debut.