India is becoming the hub for new wave of promising unicorns, the number reached an all-time high with Neobank Open becoming the 100th unicorn in the country. The Ministry of Commerce & Industry stated, 1 out of every 10 unicorns globally have been born in India.
Over the last few years, India has created a robust ecosystem for startups and entrepreneurs. The country is now home to the third-largest startup ecosystem in the world, according to the Economic Survey 2021-22 report released earlier this year.
As per the ministry, in the first four months of 2022, India has given birth to 14 unicorns with a total valuation of $18.9 billion.
The year 2021 recorded a huge surge in the number of unicorns, registering a total of 44 startups entering the Unicorn club throughout the year with a total valuation of $93 billion.
Further, the ministry data shows that since the launch of the Startup India initiative on 16th January 2016, more than 69,000 startups have been recognized in the country till 2nd May 2022. Innovation in India is not just limited to certain sectors; we have recognized startups solving problems in 56 diverse sectors with 13% from IT services, 9% from healthcare and life sciences, 7% from education, 5% from professional and commercial services, 5% agriculture, and 5% food & beverages.
Over 60,000 startups are operating in India, and the country now boasts over 100 unicorns. However, not all of them have the right resources to thrive in the ecosystem and create a strong presence.
The government in India actively supports startups and entrepreneurs by launching various programmes and initiatives to train as well as provide financial assistance, technical support, subsidies and other essential services to these entrepreneurs and startups to fuel their growth.
These initiatives play a vital role in the journey of these entrepreneurs in building their businesses and leaving a dent in the world. With government support, these startups get worldwide recognition and can attract foreign investors as well.
India is now home to 100 new promising unicorns with a total valuation of $ 332.7 billion
The minimum and maximum time is taken by a startup to become a unicorn in India are 6 months and 26 years, respectively. Till FY 2016-17, approximately one unicorn was being added every year. Over the past four years (since FY 2017-18), Unicorns India number has been increasing exponentially, with a whopping 66% Year-on-Year growth in the number of additional unicorns being added every year.
