BYJU’S, Dream11, and Swiggy named top unicorns in India: Hurun Global Unicorn Index 2023
- ByStartupStory | April 20, 2023
According to the Global Unicorn Index 2023 by Hurun, Dream11, Swiggy, and BYJU’S are the top unicorns in India, with BYJU’S ranking among the top 10 unicorn start-ups worldwide in terms of valuation growth since the pre-Covid-19 era. India has maintained its position as the world’s third-largest country with unicorns after the US and China. Dream11 and Swiggy, each valued at $8 billion, are among the leading unicorns in the country.
According to Hurun’s Global Unicorn Index 2023, there are more Indian unicorns established outside of India than within the country. The report also indicates that India has a total of 138 unicorns, with 70 established by Indian co-founders but headquartered outside of India, while the remaining 68 unicorns are based in India. Additionally, India ranks third in terms of the number of gazelles, which are start-ups worth over $500 million, not yet listed, and likely to become unicorns within three years.
Hurun’s Global Unicorn Index 2023 has identified Dream11, Swiggy, and BYJU’S as India’s leading unicorns, with BYJU’S also ranking among the top 10 unicorn start-ups worldwide that experienced significant valuation growth since the pre-Covid-19 era. India has maintained its position as the world’s third-largest country with unicorns, after the US and China. Dream11 and Swiggy, each valued at $8 billion, are among India’s top unicorns, while BYJU’S, valued at $22 billion, is a standout performer on the global stage.
Despite India’s strong unicorn and gazelle presence, it ranks fifth on the Hurun Global 500 Index, a list of the world’s 500 most valuable non-state-controlled businesses. The report suggests that India and China’s higher proportion of unicorns and gazelles will lead to a greater number of Hurun Global 500 companies over the next five years, while countries with fewer unicorns and gazelles, such as France, Australia, and Canada, are likely to drop from the list. The top three unicorn investors are Sequoia Capital, Tiger Global Management, and SoftBank, with 238, 179, and 168 unicorn start-up investments, respectively. The list also includes other notable investors such as Goldman Sachs, Y Combinator, Accel, Tencent, and Lightspeed Venture Partners.
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