India surpasses UK to become the third largest unicorn ecosystem

Date: 2021-12-23   Author: Pankaj Singh  Category: #news

India surpasses UK to become the third largest unicorn ecosystem

India has reportedly overtaken the United Kingdom to bag the third spot in the list of countries with most number of unicorns. The country has added 33 such companies worth over $1 billion each in a single year.

In 2020, India was ranked in fourth place, while the United States and China continue to hold the first two spots with a large number of unicorns, as per the data collected by Hurun Research Institute.

For the record, the U.S. has added 254 unicorn startups and apparently has 487 of such companies on the coveted list. Meanwhile, China has added 74 companies to take its tally to 301 startups with a valuation of around $1 billion. These top-two occupants are home to 74% of the unicorn universe. The overall list also saw 673 new additions and 201 drop-offs.

In addition, 28% or 162 companies were promoted out of the list after they went public or are being acquired, and 7% or 39 companies were also demoted. The UK has added just 15 unicorns in a year to take the total to 39 and thus, got displaced by India.

According to Anas Rahman Junaid, Hurun Report India's Chief Researcher and Managing Director, India has doubled its unicorns to take its official rally to 54 and is in the midst of a startup boom, overtaking the UK to hold the third place in the world.

Apart from the domestic companies, there are 65 unicorns owned and founded by Indians abroad, predominantly in Silicon Valley, he further cited.

The list of unicorns based in India is led by Byju’s, an EdTech startup, with a valuation of $21 billion. It is followed by Inmobi worth $12 billion, Oyo worth $9.5 billion, and Razorpay worth $7.5 billion, the statement added.

Currently, Bengaluru has the highest number of unicorns in India, while the financial capital, Gurugram, and nearby cities of Thane and Pune also have candidates.

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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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