India has achieved a great success in the case of unicorns. Recently, Bengaluru-based Neobank platform ‘Open’ got the status of 100th Unicorn. The government is also proud of this success. Indeed, a startup that achieves a valuation of over $1 billion gets unicorn status. There are over 100 unicorns in India with a total valuation of $332.7 billion. The Indian startup ecosystem is the third largest in the world in terms of the number of unicorns.
The minimum time taken for a startup to become a unicorn in India is 6 months and the maximum time is 26 years. Till the financial year 2016-17, about one unicorn was produced every year. In the last four years (since FY 2017-18) this number has been increasing rapidly and every year the number of additional unicorns has increased by 66 per cent year-on-year.
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A huge jump in the number of unicorns was recorded only during the year 2021. A total of 44 startup unicorns joined the unicorn club during this period with a total valuation of $93 billion. During the first four months of 2022, 14 unicorns were produced in India with a total valuation of $18.9 billion.