India mints more unicorn onshore than abroad, ranks third: Hurun Report
- ByStartupStory | September 13, 2022
India added 14 Unicorns in the previous six months to maintain third place in the ‘Global Unicorn Index 2022 Half-Year Report’ with 68 Unicorns, battling the economic slowdown and a drop in the equities market. Counting the 56 unicorns formed by Indians but headquartered outside the nation, the total number of unicorns founded by Indians now stands at 124.
India possesses more unicorns onshore – 68 unicorns than abroad – 56 unicorns, for the very first time. The percentage of unicorns produced in the United States has surged from one-third two years ago to 55% currently. According to the Hurun Research Institute’s six-month report, two unicorns were added every day in the previous six months, bringing the total number of unicorns in the globe to 1312. The United States ranks first with 625 unicorns, while China ranks second with 312 unicorns.
According to data released by the Union Ministry of Commerce and Industry, the Indian start-up ecosystem is the third largest in the world in terms of the number of Unicorns, overtaking the UK. It is presently home to more than 77,473 start-ups, as of 1st September 2022. BYJU’s worth US$22 billion is the most valuable unicorn in India, followed by on-demand delivery start-up Swiggy (US$11 billion) and fantasy sports platform travel-stay search Dream11 (US$8 billion).
India was also ranked third in the Hurun Global Gazelle Index 2022 Half-Year Report, with 44 gazelles, indicating a healthy pipeline for the unicorn list. A Gazelle is a start-up created in the 2000s that is valued at more than $500 million, but is not yet listed on a public exchange, and is expected to ‘go unicorn’ within three years. While India has just 5% of the world’s unicorns, it has 7% of the world’s gazelles, demonstrating that the country’s start-up ecosystem is thriving and expanding faster than others.
The Indian startup ecosystem has seen development since last year. According to Bain & Company’s ‘India Venture Capital Report 2022,’ the Indian start-up ecosystem achieved an inflection point in maturity in 2021, fuelled by VC investments. Further research shows that more than $24 billion in PE-VC investments were recorded in 630 agreements by May (vs. 775 for $19 billion in value by May 2021), building on last year’s pace.
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