MPL, the first Gazelle to become a Unicorn. Who is next? The story of India’s Future Unicorns

When asked how he became bankrupt, Mike, a character in Ernst Hemingway's novel The Sun Also Rises, described the predicament in this manner. "Two ways, gradually and then suddenly". The remarkable, yet, hilarious description of Mike is a perfect match to describe the Indian Unicorns landscape in 2021. The only difference; the Indian Unicorn story is the opposite of Mike's predicament. If Mike was despairing in bankruptcy persons behind the Indian Unicorns are basking in the glory of billion-dollar valuations. Yes. It began gradually before gaining an unbelievable upward momentum leaving even the most market-savvy persons with a grudging "too good to be true" feeling. The rollercoaster ride of the Indian Unicorns at the time when the real economy in India and elsewhere in the world struggled to overcome the debilitating impact of the pandemic defies easy explanations. Questions galore amongst friends and foes of the Indian growth story on what prompts the investor appetite for the unprecedented valuation of these entities. Is it going to be another bubble that may burst at any time? Is it something like the dot-com crash at the turn of the century? Representing a paradigm shift in the art of raising resources? A feeling of bewilderment combined with several such questions crop up as we try to make some sense out of this incredible development.