In 2024, China has produced only half as many new billion-dollar startups, or unicorns, compared to the United States, reflecting a significant decline in its startup ecosystem. The global economic slowdown is only partially responsible for this trend. In contrast, the Indian startup landscape is thriving, with over 100,000 registered startups and 111 unicorns as of October 2023. However, the IPO market has shifted dramatically since 2021, when companies like Zomato and Nykaa commanded premiums of 50-100% over their last private valuations. Currently, over 80% of unicorns are valued lower than before, with nearly 30% having fallen below the billion-dollar threshold. The total number of unicorns worldwide has surpassed 1,200, but intense antitrust scrutiny and lower Wall Street valuations have complicated the landscape for tech companies seeking acquisitions.