According to the Hurun Global Unicorn Index 2024, India for the first time recorded a decline in unicorn creation since 2017.
- India in 2023 had 67 unicorns, which is one less than 68 such startups in 2023.
- The US continued to lead the unicorn tally with led with 703 unicorns followed by China with 340 and India with 67 unicorns, led by on-demand delivery start-up Swiggy and fantasy sports platform Dream11 worth $8 billion each and and fintech company Razorpay worth $7.5 billion.
- The total value of the world’s unicorns have reached US$5 trillion, equivalent to last year’s GDP of Japan.
- The slowdown is mainly due to lack of investment into start-ups despite the recent stock market record highs.
- India produced more offshore unicorns than any other country, co-founding 109 unicorns outside of India compared to 67 in India.
- The Global Unicorn Index is compiled by the Hurun Research Institute and includes unlisted companies founded in the 2000s with a current valuation of $1 billion.
