India is raining Unicorn Startups.
News by Anubhav Singh (USA), published by NRI Herald Australia, 18 January 2022
India Displaces UK To Become Third Top Nation To Host Most Valued Unicorns
In year 2021, 42 Indian startups have attained unicorn status, meaning they've reached a valuation of at least $1 billion, according to data platform Tracxn. The ranks of India's super wealthy tech leaders are swelling rapidly as a result.
Powerhouse investment by firms such as Tiger Global are pumping money into India's fast growing internet businesses — a prize many investors simply find too big to ignore. In today’s dynamic economy, Indian unicorns are flourishing.
India is currently home to 79 unicorns, with a total valuation of $260.5 billion. Out of the total, 42 unicorns with a total valuation of $82.1 billion emerged in 2021 alone, a record year for the country. By comparison, there were 13 in all of 2020, and 10 in 2019. Bengaluru is India’s unicorn capital with the highest number of unicorns headquartered there, followed by Delhi (NCR) and Mumbai.
Not only are more companies amassing this kind of money than ever, but they're also doing so at a record-breaking clip. And some of India's most successful startups — including ola, oyo and Zomato — are reportedly exploring potential listings this year. At this rate, India is estimated to get 100 unicorn startups by 2022.
One of the major reason for the rise is due to India’s push towards digital economy and ecommerce boom during pandemic. There are more than 700 million internet users in the country and roughly half a billion yet to come online, creating enormous potential in the marketplace.
Bangaluru has joined top 5 leading VC funding hubs across the world in 2021 with $18.6 billion investment as per the data from London and partners. Bangaluru has outstripped Beijing and Shanghai. Even Germany had VC investment close to €19.7bn. That’s a good news for India.
USA has highest VC investment in 2021 followed by China in second and India in the third place with $63 billion investment.
India's Prime Minister Narendra Modi on Saturday announced that 16 January will be celebrated as National Startup Day, In a symbolic boost to India's growing startup ecosystem. Interacting with over 150 startups during the Startup India Innovation Week organized by the Department for Promotion of Industry and Internal Trade (DPIIT), theEV charging infrastructure, defense manufacturing, chip manufacturing offer and drone industry.
PM Modi mentioned that The government has set up various schemes and institutional mechanisms such as ‘Start-Up India, Stand-India’ type of programmes and ‘Make in India’ which ensure the hand-holding of young innovators.
PM Modi said that entrepreneurship and innovation have been taken out of the web of bureaucratic silos, adding that “start-ups are changing the rule of the game and will be the backbone of new India”. PM Modi said that as against 4,000 patents registered in 2013-14, last year (2020-21), the comparative figure was 28,000.
The startups gave presentations to the Prime Minister on six themes -- 'growing from roots, 'nudging the DNA', 'from local to global', 'technology of future', 'building champions in manufacturing' and 'sustainable development'. They shared ideas and inputs on various sectors including data collection mechanisms in agriculture, making India a preferred agri-business hub, boosting healthcare through use of technology, tackling issues of mental health, promoting travel and tourism through innovations like virtual tours, ed-tech and job identification, space sector, among others.