In 2021, India minted 42 unicorns. The total funding crossed $41 billion—an amount that was more than what the ecosystem had raised in the two preceding years. In 2022, however, a different story is being written. In fact, erstwhile cheerleaders of the sector have started writing its obituary, as investors who were willing to hand out term sheets on the basis of Zoom calls just a year ago have chosen to withdraw their cheques at the eleventh hour.