India retains 3rd spot as unicorn hub in 2023

India retains 3rd spot as unicorn hub in 2023

Daily Current Affairs / India retains 3rd spot as unicorn hub in 2023

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Category : Business and economics Published on: April 24 2023

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India emerges as the third-largest unicorn hub with 68 startups valued at $1bn+
India has solidified its position as the third-largest hub for startup unicorns, with a total of 68 companies valued at over $1 billion, according to The Hurun Research Institute’s Global Unicorn Index 2023.
Edtech giant BYJU’S leads the way in India with a valuation of $22 billion, followed by food delivery and quick commerce startup Swiggy and fantasy sports platform Dream11, both worth $8 billion.
The report also revealed that 70 unicorns were founded by Indian co-founders outside of India, bringing the total number of unicorns founded by Indians globally to 138.
The majority of these were founded in the US, with 64, while two were founded in the UK, and one each in Germany, Singapore, Indonesia, and Mexico.
The number of unicorns globally has risen to 1,361, up 303 from last year, with the US leading the way with 666 unicorns, while China comes second with 316 unicorns.
The term unicorn refers to a privately held startup company with a value of over $1 billion. It is commonly used in the venture capital industry.

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