News Update

India to have 122 new unicorns in the next four years : Hurun Research report

• ByStartupStory     |    June 30, 2022

According to data supplied by the Union Ministry of Commerce & Industry, the Indian Start-up ecosystem is now home to more than 69,000 start-ups and is the third-largest in the world in terms of the number of unicorns (2nd May 2022). India gave birth to 20 unicorns worth a combined US$26 billion in the first half of 2022. 

The number of unicorns is currently 84, up from 51 during the same time last year, and

the number of unicorns, or startups valued at over $1 billion, will increase by 122 to cross the 200 companies in the following four years despite the ongoing “funding winter,” which can have an impact on startup valuations, according to a report released on Wednesday.

According to the ranking, which divided startups into two categories- Gazelles: companies can achieve unicorn status in two years and Cheetahs: 71 could do so in up to four. The list’s potential unicorns were established on average in 2015, and the vast majority sell software and services while only 17% sell tangible commodities. 63 per cent of vendors are consumer-facing, while 37% are business-to-business. Future Unicorns were causing disruptions in the financial services, logistics, healthcare, and educational sectors.

Hurun Research found 122 potential unicorns across 25 Indian cities. With 46 unicorns, Bengaluru is still the unicorn capital of India. Delhi NCR and Mumbai are in second and third place, with 25 and 16 unicorns, respectively.

After the US and China, India has emerged as the third-largest ecosystem for start-ups, with a record 44 start-ups becoming unicorns in 2021, according to Rajesh Saluja, CEO & MD of ASK Wealth Advisors Pvt Ltd. “The start-up ecosystem is nurturing fresh concepts and inventions that could benefit millions of customers.”

“From the list from the previous year, 17 gazelles and 7 cheetahs reached unicorn valuation this year. Being wealth manager, we view this report as more than just a list of startups; rather, it shows how entrepreneurs are adding value. We think that the ongoing examination of valuations in this ecosystem will eventually lead to the development of more long-lasting business models. Added he.

Hurun India’s MD and Chief Researcher, Anas Rahman Junaid, stated, “We noticed that the nation’s start-up ecosystem is increasing at an unprecedented rate when creating the ASK Private Wealth Hurun India Future Unicorn Index 2022. In just one year, there have been a 65 per cent increase in unicorn populations, a 59 per cent increase in gazelles to 51, and a 31 per cent increase in cheetahs to 71.”

 

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