Indians founded 109 unicorns outside India, 67 within the country: Report
Food delivery platform Swiggy and fantasy sports company Dream11 are the most valued Indian unicorns with valuations of around $8 billion each, according to the Hurun Global Unicorn Index 2024
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Indians have founded 109 ‘unicorn’ companies outside of India and 67 within the country, according to the Hurun Global Unicorn Index 2024.
The report says that while India remains the third-biggest hub of unicorn companies in the world, the number of such companies in the country has declined for the first time in four years. A company is a unicorn when its valuation is more than $1 billion.
The decline has been recorded as ed-tech company Byju’s has been taken off the list. Grappling with alleged corporate governance issues and complaints of regulatory impropriety, the valuation of the company has fallen from over $22 billion to less than $1 billion over the past one year.
As for the overall drop in the number of Indian companies among the world’s unicorns, Hurun India’s chief researcher Anas Rahman Junaid was quoted as saying by PTI that it was due to lack of investments into startups despite handsome gains on the equity indices. He also pointed out the tendency of founders to start companies outside India, which dented the prospects of India in the unicorn club.
Such a trend led to the addition of 24 unicorns to take the overall number of companies valued at over $1 billion to 340 during the year 2023-24, according to the report.
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