According to a report released on Wednesday, India has surpassed the United Kingdom to take third place in the list of countries that are home to such enterprises valued at more than $1 billion each, after adding 33 ‘unicorns’ in a single year. Last year, India ranked fourth in terms of the number of unicorns. According to data compiled by the Hurun Research Institute, the United States and its northern neighbour China, which rank first and second, are far ahead.
The United States added 254 unicorns, bringing the total to 487 companies on the coveted list, while China added 74, bringing the total to 301 start-ups with a valuation of more than $1 billion, according to the report.
According to the report, the top two occupants house 74% of the unicorn universe, with 673 ‘new faces’ and 201 drop-offs on the overall list.
Of the drop-offs, 28 percent, or 162, were ‘promoted’ out of the unicorn list after going public or being acquired, while 7 percent, or 39, were ‘demoted’ after their valuations fell below $1 billion.
“India is in the midst of a start-up boom, more than doubling its unicorns to take the country’s official tally of unicorns to 54, and overtake the UK to third place in the world,” Hurun Report India’s Managing Director and Chief Researcher Anas Rahman Junaid said.
In addition to domestic companies, he claims that 65 unicorns were founded by Indians abroad, primarily in Silicon Valley.
According to the report, the list of Indian unicorns is led by edtech start-up Byju’s, which is valued at $21 billion, and is followed by Inmobi ($12 billion), Oyo ($9.5 billion), and Razorpay ($7.5 billion).
According to the report, Bengaluru has the highest number of unicorns among Indian cities, with the financial capital, nearby cities of Pune and Thane, and Gurugram also having candidates.
