New Delhi: A new report by Hurun India states that with 54 unicorns, India has overtaken the UK at the third spot in the global rankings.
The report released on Wednesday shows that Bengaluru has more unicorns than cities like Boston, Palo Alto, Paris, Berlin, Chicago, with 28 such companies – the seventh highest in the world.
Any start-up that has a valuation of more than $1 billion is called a unicorn.
Anas Rahman Junaid, MD and lead researcher, Hurun India, said, “India is in the midst of a start-up boom, doubling its unicorns to take the country’s official number of unicorns to 54 and the UK to third place. There is more to do than do. In the world.” Rahman said that although most of the 65 unicorns founded by Indians were in Silicon Valley, that increased to 45 percent from 33 percent last year, “suggesting that the start-up ecosystem in India is maturing.”
The report shows that 15 out of 122 global unicorns in e-commerce are located in India, making it the third largest after China and the US – with 42 and 28 unicorns respectively – in the region.
According to the Hurun report, “There are 1,058 unicorns in 221 cities in 42 countries around the world, and the average age of unicorns is about eight years old, which dates back to 2013.”
Rupert Hoogwerf, president and lead researcher of the Hurun Report, said, “2021 is officially the most successful year ever for a start-up. There are more than 1,000 known unicorns today, which is practically twice as many as last year, Mainly behind the rise in unicorns in the US.
The report shows that the majority of unicorns, about 81 percent, are in the IT business, exclusively selling software and services. The rest are involved in the business of selling physical products.
At 53 percent, more than half of them deal directly with consumers. caters to the remaining businesses.
The Hurun report also states that the total value of all the world’s unicorns is $3.7 trillion, which is equivalent to Germany’s GDP.
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