India Creates Second Highest Number Of Unicorns: Report

The US tops the list by adding 138 unicorns

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India surpassed China in adding the most number of unicorn startups, in the first half of 2022. As per the Hurun Global Unicorn Index 2022, India added 14 new unicorns while China added only 11. The US tops the list by adding 138 unicorns.


Rupert Hoogewerf, Hurun report chairman and chief researcher, said in a statement that, "369 new unicorns have found in the first six months of this year. Almost a third of these are doing fintech, SaaS and blockchain. 80 per cent are providing services, with only 20 per cent have physical products. 65 per cent are selling to businesses and 35 per cent are to consumers,"

Altogether, the US tops the list with 625 unicorns, followed by China with 312. India positioned third in the list with 68 unicorns.

"India consolidated its top three spot with 68 unicorns, led by online educator BYJU'S worth $22 billion, followed by on-demand delivery startup Swiggy worth $11 billion and fantasy sports platform travel-stay finder Dream11 worth $8 billion. A further 56 unicorns were started by Indian co-founders outside India, taking the total to 124 unicorns founded by Indians around the world," the report stated.

The report added that Bengaluru accounts for 2.5 per cent of the world's unicorns. Also New York and San Francisco have the highest number of unicorns that fixed the 'world unicorn capital' title for San Francisco with 176 unicorns, up 25. New York over took Beijing to gain the second position with 120 unicorns, up 35.

According to the list, TikTok owner Douyin is the world's most valuable unicorn of the second year running, followed by the Elon Musk's SpaceX. On the other hand, the report also says that 147 unicorns saw their valuations drop between January and June 2022.

As per the Future Unicorn Index list, released in June, by Hurun Research Institute, Indian will have 122 new unicorns in the next two to four years.