CXOs log out of unicorns to start up own ventures
funding winter in the startup world is making several C-suite executives who helmed trailblazing new-age companies in recent years to quit and set up their own companies or join early-stage businesses that are receiving investor funds. A large number of top executives have moved from unicorns to Series A and B firms or even down the chain in recent months – a move that reflects fund flows in the startup space.
Nearly 77% of active funding so far in 2023 have been below $30 million deal size – that are primarily pre-Series A, Series A and B companies, data put together for ET by executive search firm Longhouse Consulting showed. As many as 239 companies funded so far this calendar raised less than $5 million.
“A large number of deals are happening at the Series A, B or very early stage. A lot of executives are looking to move from unicorns to these places where there is a significant interest in funding,” said Anshuman Das, CEO of Longhouse Consulting.
Top executives who have quit unicorns or soonicorns in recent times include Dale Vaz, former chief technology officer of Swiggy who is now founder and CEO of Aaritya Tech; Arun Dhwaj, former VP engineering at Wakefit, now cofounder and CEO of SmartBitPixel Tech; Shruti Sivakumar, former VP design at Meesho, now cofounder and chief design officer of Wint Wealth; and, Victor Das, former director growth at Unacademy, now cofounder of Wisemonk. Prateek Agarwal, former GM monetisation at Meesho and Shikhar Saxena, former group product manager at Meesho, are also building something of their own, according to Longhouse Consulting data.
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