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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