When messaging app Hike raised $175 million from WeChat parent Tencent and Foxconn on Tuesday, it became the fastest Indian tech startup to achieve the billion dollar ‘Unicorn’ valuation.
In comparison, India’s most valued tech company Flipkart took five years to reach the unicorn status, while India’s largest taxi aggregator Ola took about four and half years to reach the milestone.
Similarly, India’s first wave of Internet companies that includes Info Edge and MakeMyTrip took anywhere between 10 years – 15 years to reach this milestone while the IT industry major Infosys took about 18 years to cross the milestone, as per the company’s annual filings.
That said, it can be argued that these private valuations are a vanity metric and doesn’t determine the actual value of the companies unlike public market values of companies like Infosys, MakeMyTrip and Info Edge.
Here’s a quick look at the journey of Indian tech companies to unicorn status.