India has surpassed the United Kingdom to take the third-place position in the list of countries with the largest number of such enterprises, with 54 unicorns in total, according to research released on Wednesday by Hurun Research Institute. India was ranked fourth in the world last year.
Unicorns are privately held start-up enterprises worth more than $1 billion. The start-up boom aided in the addition of 33 unicorns during the course of the year. This is more than the UK, which added 14 such firms over the year. In addition to local enterprises, there are 65 unicorns formed by Indians abroad, primarily in Silicon Valley, according to the research.
Altogether, Indians started 119 unicorns, 54 of which are in India and 65 of which are outside of the country. With a cumulative valuation of $21 billion, EdTech start-up Byju’s has emerged as India’s most valuable unicorn.
According to insider sources, the company is in advanced talks for a public offering in the United States in collaboration with Michael Klein’s special purpose acquisition company (SPAC), which could value it at $48 billion. General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, and Tiger Global are among the notable investors in Byju’s.
With a worth of $12 billion, mobile ad-tech business InMobi was India’s second most valuable unicorn. Oyo rooms was ranked third, with a valuation of $9.4 billion. According to the research, Bengaluru has the largest number of unicorns among Indian cities. Unicorns are also in Mumbai, Pune, Thane, and Gurugram. Mumbai, in fact, has entered the top 30 cities list for the first time. It is now ranked 22nd.
The United States (US) and China remain at the top of the list, with 254 and 74 unicorns added, respectively. With this addition, the United States currently has 487 unicorns on the coveted list.
Meanwhile, China’s total has risen to 301. China is home to 74% of the total unicorn population. The top five unicorns in each country account for half of all unicorns in that country, by industry. The US unicorns, on the other hand, are from the SaaS and fintech sectors. Those in China, on the other hand, are involved in e-commerce and health technology, according to the survey.
According to the research, Sequoia is the world’s most successful unicorn investor. Meanwhile, Tiger Fund has surpassed Softbank to form the “big three” of the world’s most successful unicorn financiers. The bulk of such investors are based in the United States, followed by China, Singapore, and the United Kingdom.
This year, fintech was likely the most significant addition to the unicorn world. The seven fintech additions were CRED, Groww, Zeta, BharatPe, Mobikwik, Upstox, and Slice. While Byju’s, the EdTech industry leader, achieved a decacorn this year with an $18 billion valuation, three of its competitors, Eruditus, upGrad, and Vedantu, joined the unicorn club this year.
After China required all online education enterprises to register as non-profits, Indian EdTech entrepreneurs gained investor trust. Despite regulatory uncertainties, CoinDCX and CoinSwitch Kuber emerged as two crypto unicorns in India. The B2B commerce area experienced a fundraising frenzy as well, with Infra. Market, Moglix, ofBusiness, and Zetwerk are all becoming unicorns. Sequoia Capital, Tiger Global, SoftBank Group, and Accel led this year’s funding activities.
China’s crackdown on tech firms has aided India’s attractiveness as an emerging market option.
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