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India-focused mobile messaging service Hike landed funding from Tencent last year, and today it took a major step to emulating the Chinese firm’s WeChat app with the introduction of mobile payments.

In many ways, tech IPOs have become the real unicorns: beasts that are mythical and thus never actually seen.

Online marketplaces are huge. Amazon, Etsy, and Uber prove that C2C and B2C marketplaces have overcome the chicken and egg problem — attracting buyers before there are enough sellers or attracting sellers before there are buyers.

Everyone by now knows how 2016 is going to be a year of selective funding in the startup space. Amidst valuation markdowns of big unicorns, investors are now beginning to think more in the lines of unit economics, solid business models and scalable ideas. When Entrepreneur Media asked a bunch of industry experts, here’s what they revealed could be the most exciting sectors and ideas of 2016.

Historically, mature private companies relied on “growth” or late-stage venture firms for their last round, or rounds, before filing for IPO. That ecosystem has been disrupted over the last few years as large public market focused investors entered the space. But just as the big money players flooded into the market, current economics are washing some of them right back out.

Global investors are looking for the best growth corridors and will invest where they see the opportunity. It is not necessary that the startup has to be focused on the global market, instead they should be very clear on the market segments they are going to own and how their business model will prove successful.

There’s been a healthy amount of chatter lately from analysts and tech writers that we are approaching a meltdown in startup financing. Unicorns, those startups valued at $1 billion or higher, are being downgraded at a rapid clip. The most recent victim is Flipkart, an Indian e-commerce firm devalued last month from $15.2 billion to $11 billion. Another unicorn, UK-based Powa Technologies, was once valued at $2.7 billion but went bankrupt in February. Several other well-known unicorns that have experienced valuation cuts in recent months include Palantir, Dropbox, Snapchat, Jawbone, and Zenefits. This is disastrous not only for the companies but also for the limited partners of the VC firms who are seeing their investments devalued by 30% or more overnight.

For the better part of the last decade, Silicon Valley tech companies have seemingly been on a mission to make up for the down years following the burst of the dot-com bubble, spending money at a record clip. The new offices have been stunning, the sales kickoffs have been larger than life, and the holiday parties have been nothing short of extravagant. Unfortunately for a majority of those companies, who have over-indulged in the exuberance, this joy ride is coming to a screeching halt.

Tales of the tech unicorn’s impending demise might be somewhat exaggerated. Spoke Intelligence and VB Profiles released a report recently that counted more than 208 of the mythical creatures, not to mention an additional 21 of the even more rarely spotted decacorns — startups with a valuation in excess of $10 billion.

You’re not hallucinating: Unicorns are indeed running wild across Silicon Valley. Once rare, unicorns -- startups valued at more than $1 billion -- are now shockingly commonplace: As of this writing, venture capital database CB Insights counts 141 companies with a cumulative valuation of $506 billion. They include Uber (valued at $51 billion), Airbnb ($25.5 billion) and Snapchat ($16 billion), as well as Chinese electronics company Xiaomi ($46 billion) and Indian e-commerce marketplace Flipkart ($15 billion).