Sixteen of India’s 129 unicorns have slipped below the $1-billion valuation mark, underscoring the shakeout that followed the funding boom of 2021 and raising a new question for investors: which startups are facing a temporary valuation reset and which risk becoming India’s own zombie unicorns? The debate has gathered pace globally after Stanford University data showed a growing number of US startups once valued at more than $1 billion have either raised capital below their peak valuations or are no longer unicorns.