India achieves the tag of 100 unicorns valued at $332.7 Billion

Today, 1 out of every 10 unicorns globally have been born in India. Neobank startup, OPEN becomes the 100th unicorn in India with the latest funding of $50 million from IIFL along with existing investors. We can clearly see, the vision of Atmanirbhar Bharat is rooted deeply in the Startup Ecosystem and shall continue to prevail in the coming years. Last year, India got 44 unicorns with a total valuation of $93 billion. Meanwhile, in the first four months of 2022, India got 14 unicorns with a total valuation of $18.9 billion. 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. All credits goes to Startup India, Since the launch of the initiative on January 16, 2016, more than 69,000 startups have been recognised in the country till May 2, 2022. These startups have been solving problems in 56 diverse sectors with 13 per cent from IT services, 9 per cent healthcare and life sciences, 7 per cent education, 5 per cent professional and commercial services, 5 per cent agriculture, and 5 per cent food & beverages.

While work from home fuelled the growth of digital businesses in India during the pandemic, the event also resulted in a long unicorn list. Primarily three factors, a thriving digital payments ecosystem, a large smartphone user base and a digital-first business model, have come together to attract investors. Tech companies, which have become household brands, are contributing to the unicorn boom in India, as smartphone penetration and digitization of commerce in every aspect of life have increased manifold during the pandemic.

Apart from fintech, e-commerce grocery, SaaS and marketplace players are contributing the most to the unicorn universe. It is true that, valuations are temporary, values are forever, Experts say, it is "not just a milestone but a stepping stone that lays the path for the next 1,000 unicorns, with the OPEN becoming India's 100th unicorn (startup with a valuation of $1 billion or above), one out of every 10 unicorns in the world has been founded in India, the government said. India is now home to 100 unicorn startups with a total valuation of $332.7 billion.

Within the first four months of 2022, 14 Indian startups achieved unicorn status. The minimum and maximum time taken by a startup to become a unicorn in India are 6 months and 26 years, respectively. Finally, we are now sprinting towards glory to make India the largest entrepreneurial ecosystem in the world, seems all positiveness around us.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA