News Highlights:
- According to Hurun’s Global Unicorn Index 2023, India has retained its position as the country with the world’s 3rd largest number of unicorns.
- Fantasy gaming platform Dream11, food-tech company Swiggy, and ed-tech decacorn BYJU’S are India’s top unicorns.
Key Findings of the Global Unicorn Index:
- Findings on India:
- According to the 2023 index, India has solidified its position as the third-largest hub for startup unicorns, with a total of 68 companies valued at over $1 billion.
- Edtech giant BYJU’S leads the way in India with a valuation of $22 billion, followed by food delivery and quick commerce startup Swiggy and fantasy sports platform Dream11, both worth $8 billion.
- While no Indian startups were included in the list of top 10 global startups, logistics unicorn Delhivery secured the 14th spot on the list of top IPOs last year.
- Indian co-founders outside India:
- The report mentioned that the number of Indian unicorns established outside India is higher than those in India.
- The report revealed that 70 unicorns were founded by Indian co-founders outside of India, bringing the total number of unicorns founded by Indians globally to 138.Â
- The majority of these were founded in the US, with 64, while two were founded in the UK and one in Germany, Singapore, Indonesia, and Mexico.Â
- According to the report, founders from India, China, and Russia produce more offshore unicorns than any other country.
- The number of unicorns globally:
- The number of unicorns globally has risen to 1,361, up 303 from last year, with the US leading the way with 666 unicorns, while China comes second with 316 unicorns.
- The COVID-19 pandemic has resulted in the fastest unicorn creation rate in history, with an average of one new unicorn per day.
- India continues to be the world’s third-largest country, with the highest number of unicorns( 68 unicorns), following the US and China.
Global Unicorn Index:
- About:
- The Global Unicorn Index is designed to give an insight into the economy of tomorrow by listing out the world’s most successful startups.
- Classification of Startups:
- Unicorns -start-ups founded after the year 2000 with a valuation of US$1bn.
- Gazelles– start-ups that are most likely to go Unicorn in the next two years, and
- Cheetahs -start-ups that could go Unicorn in the next four years.
What is a Unicorn?
- About:
- A unicorn is any privately owned firm with a market capitalisation of more than USD 1 billion.
- It denotes new entities dedicated to offering creative solutions and new business models, among other things.
- There are several categories like fintech, Edtechs, B2B (Business-to-Business) companies, etc.
- Features of Unicorns:
- Disruptive innovation: Mostly, all the unicorns have disrupted the field they belong to; for example, Uber transformed commuting.
- Technology-driven: The business model is driven by the latest technological innovations and trends.
- Consumer-focused: Their goal is to simplify things for consumers and be a part of their day-to-day life.
- Affordability: Keeping things affordable is another key highlight of these startups.
- Privately owned: Most unicorns are privately owned, which gets their valuation bigger when an established company invests in it.
- Software-based: A recent report suggests that 87% of the unicorns’ products are software, 7% are hardware, and 6% are other products & services.
Pic Courtesy: Freepik
Content Source: Bussiness Today