The number of unicorns has declined in the country. This decline has been seen for the first time in the last four years. Here unicorns are called companies with more than 1 billion US dollars. At present the number of unicorns in India has come down to 67. According to language news, this information has been given in the Hurun Global Unicorn Index 2024. However, it added that the country has retained the tag of being the third largest hub for unicorns worldwide. The report said the overall decline in the number of Indian companies in the list of 1,453 unicorns is due to lack of investment in startups despite good gains on equity indices.
Byju out of list
According to the news, battling a number of issues, edtech company Byju’s, which was valued at more than US$22 billion a year ago, has been delisted, meaning it is currently worth less than US$1 billion. According to Hurun Report, the fall in Byju’s valuation has made it the biggest fall of any startup in the world.
Company missed its revenue target
The report said Byju’s, founded in 2008, lost its iconic status as it restructured and cut costs after increasing losses. The former unicorn missed its revenue target for the financial year ending March last year. Commenting on Byju’s, Rupert Hoogewerf, president and chief researcher of Hurun Report, said that some startups do indeed fail and attract massive media attention in the process, but he added that such companies are important for the economy. .
India’s most valuable unicorn
Food delivery platform Swiggy and fantasy sports focus Dream11 are India’s most valuable unicorns, valued at US$8 billion each, followed by Razorpay, valued at US$7.5 billion. The two top valued Indian unicorns are ranked 83rd on the list globally, while Razorpay is ranked 94th. Anas Rehman Junaid, chief researcher at Hurun India, said there have been some additions to the list of unicorns like AI platform Crutrim. However, in the same year, 60 AI-focused startups from the US and 37 startups from China joined the unicorn club.
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