Adding 33 “unicorns” in a single 12 months has helped India displace the United Kingdom to be third within the record of nations which can be dwelling to such enterprises valued at over $1 billion every, in keeping with a report launched on Wednesday.
India was positioned fourth with regards to the variety of unicorns final 12 months. However, the US and northern neighbour China, who occupy the primary two ranks, are approach forward, in keeping with the info compiled by Hurun Research Institute.
The US added 254 unicorns and now totals 487 corporations within the coveted record, whereas China added 74 to take its tally to 301 start-ups having a valuation of over $1 billion, it mentioned.
The top-two occupants are dwelling to 74 per cent of the unicorn universe, it mentioned, including that the general record noticed 673 ‘new faces’ and 201 drop-offs.
Of the drop-offs, 28 per cent or 162 corporations had been ‘promoted’ out of the unicorn record, after going public or being acquired, whereas seven per cent or 39 corporations had been ‘demoted’, after their valuations dropped under $1 billion.
The institute took into consideration corporations included on this century to find out a unicorn and the record is up to date until November 2021.
The UK added solely 15 unicorns to take its complete to 39, and therefore acquired displaced by India, it mentioned.
“India is in the midst of a start-up boom, more than doubling its unicorns to take the country’s official tally of unicorns to 54, and overtake the UK to third place in the world,” Hurun Report India’s Managing Director and Chief Researcher Anas Rahman Junaid mentioned.
He mentioned that along with the home corporations, there are 65 unicorns based by Indians overseas, primarily in Silicon Valley.
The Indian unicorns record is led by edtech start-up Byju’s with a valuation of $21 billion and adopted by Inmobi ($12 billion), Oyo ($9.5 billion) and Razorpay ($7.5 billion), it mentioned.
Bengaluru is dwelling to the very best variety of unicorns amongst Indian cities, it mentioned, including that the monetary capital, close by cities of Pune and Thane, and Gurugram even have candidates.