India displaced the UK to take the 3rd spot in the list of countries with a maximum number of unicorns (Photo Credit: The Economic Times)
With 33 new unicorns this year, India has now 54 unicorns, while the superseding UK has 39. Unicorns are companies with a valuation of US$1 billion or more.
Thirty-three new companies in the country are valued at US$1 billion or more. With this, now India has 54 new companies, which are valued at US$1 billion or more. India displaced the UK to take the 3rd spot in the list of countries with a maximum number of unicorns.
Unicorns are privately held new companies which are valued at US$1 billion or more.
The United States remained at the top, with 487 unicorns, followed by China with 301. The United Kingdom, Germany, France, Israel, Canada, Brazil and South Korea are on the list in the same order.
The Edtech startup Byju’s is the most valued startup in India, with a total valuation of US$21 billion. It is followed by mobile ad-tech company InMobi, with a total valuation of US$12 billion. In India, Bengaluru is home to the highest number of unicorns, followed by Mumbai, Pune, Thane and Gurugram.
Hurun Research Institute published the report on Wednesday (December 22).
Since Prime Minister Narendra Modi assumed charge at the centre in May 2014, the Union government has launched multiple schemes to promote home-grown companies. The Union government launched a Start-up India scheme under which the “eligible companies can get recognised as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more.”
In his monthly radio programme, Mann Ki Baat, Prime Minister Narendra Modi celebrated the success of the unicorns in the country. Prime Minister Modi said, “Till 2015, there were just 9 to 10 unicorns, but now, India is flying high in the world of unicorns. According to a recent report, a big change has come this year itself; in just 10 months, a unicorn was made in India every 10 days.”
“Today there are more than 70 startups in India that have a valuation of more than $1 billion. Everyone has noticed the success of our startups and the investors backing it has received from all over the country and abroad… one could not have imagined it a few years ago,” he added.
The digital push by the Union government has also contributed immensely to the success of the unicorns in the country. The easy availability of high-speed internet and good quality mobile devices has made it easier for people to access information.
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