India, April 18 -- They say the Indian startup ecosystem has grown up. On the surface, the numbers appear to support this story. In just the first three months of 2025, around $3 billion made its way into India's tech startups, marking an increase from last year. Money, it seems, is flowing again. This sounds promising.

Now here's the twist. Not a single new unicorn, those young billion-dollar startups that once made daily headlines, was born during this period. Not one company managed that flashy leap to join the exclusive unicorn club. A year ago, there were at least two that did. The sparkle, the excitement, the unicorn-mania that captured everyone's imagination seems oddly absent. It begs an obvious question: if the money is indeed f...