India's stock market celebrated an extraordinary year as some of the country's buzziest tech firms made their public debuts. And while one high-profile blunder cast a chill over the festivities, that's probably not enough to stop the excitement in 2022. By December, more than $15 billion had been raised in Mumbai through initial public offerings, a record amount, according to Dealogic. About $6 billion, or nearly 40%, went to tech companies — another record.
This year was historic for another big reason: It's the first time any of India's tech unicorns, or startups valued at more than $1 billion, have gone public. Those milestones indicate how much of a shift happened this year for tech darlings tapping investment in Asia's third largest economy. India's unicorns have in the past focused on exclusively raising funds from private markets, fearing that the country's conservative investors would not understand their business models.