Page 86 - Edelweiss India Conference 2022 FLIPBOOK

THE NEW EDGE

Large corporates raising funds via capital markets rather than bank credit

3500

( INR bn-12m moving sum) 1500
2500

500

(500)
High valuations and Dec- 11 Dec- 13 Dec- 15 Dec- 17 Dec- 19 Dec- 21
expectations, early IPO money raised (non-Financia cos.)
Incremental bank credit - large industries (YoY basis)
and competitive and
Source: CMIE, Bloomberg, Edelweiss Research
technology dynamics
still playing out 2021: The year of unicorns

2021 will also be remembered as the Year of Unicorns. The ones that came to the market

creation and cash absorption in the private markets engendered 54 new unicorns in 2021.
They are likely to have large impact on the economy and the markets, going forward.

That these successes bolster risk-taking in the economy augurs well for the capital cycle.
These inclusions could well also lend some risk to the market. High valuations and

still playing out, we do see them adding a much-needed global and relatively unique
dimension, which augurs well for the market structurally.

2021 – Most successful year in the history of unicorns
Number of Unicorns
1200
1058
1000

800
585
( X ) 600 487

400 301
233 227
200
54
21
0
World USA China India
2021 2020
Source: Hurun Research Institute - Global Unicorn Index 2021, Edelweiss Research

84 Edelweiss Securities Limited