Despite a slow fundraising winter afflicting South Asian entrepreneurs, India overtook China to add the most number of new unicorns–start-ups valued at $1 billion or more–in the first half of 2022 despite a funding winter haunting entrepreneurs in the south Asian nation.
According to the Hurun Global Unicorn Index 2022, India added 14 new unicorns in the period (H1 2022) and China had 11. The US led the ranking by adding 138 start-ups in the unicorn club. This is not the first time that India has managed to add more unicorns in a specific period. Accroding to a PwC report in Q3CY21, India added 10 new unicorns, and China and Hong Kong added seven.
As many as 254 new unicorns were added globally during H1 2022. The US tops the list, with 625 unicorns. It is followed by China with 312 and India is in the third spot with 68. Interestingly, Bengaluru added 5 new unicorns in H1 2022, accounting for 2.5 per cent of such companies worldwide.
“India consolidated its Top 3 spot with 68 unicorns, led by online educator BYJU’S worth $22 billion, followed by on-demand delivery start-up Swiggy (US$11 billion) and fantasy sports platform travel-stay finder Dream11 ($8 billion),” according to the Hurun’s report.
Indian co-founders started 56 unicorns outside India. Indians have founded 124 unicorns in total around the world. “Of the unicorns founded outside of India, significantly all were in the USA (51), led by the Bay Area, and 2 in the UK, and 1 each in Germany, Singapore and Mexico.”
The data suggests that India is now minting unicorns faster than any other country in the world, leaving China, which has 174 unicorns, behind to take the crown. Israel closely follows India with 96 unicorns and is on its way to entering the three-figure mark.
