According to a report by Hurun Research Institute titled Hurun India Future Unicorn Index 2022, India is expected to have 122 new unicorns in the following 2-4 years. The combined value of these potential unicorns is currently $49 billion. When a startup is valued $1 billionit counts as a unicorn.
- The city of Bengaluruwhich currently has 33 unicorns will receive 46 new additions followed by Delhi NCR at 25, Bombay at 16, Chennai at 5 and Pune with 3 Bengaluru currently has the most unicorns in the country. The remaining unicorns are expected to appear in 20 more cities.
- Tiger Global has invested in 27 of these potential unicorns, followed by the international venture capital firm Sequoia Capitalwhich has invested in 39 of them.
- The majority of these budding unicorns were formed in 2015.
About the survey:
- The survey states that 63% of these companies were focused on consumer-facing businesses, while the remaining 37% were among the Business to Business (B2B) Industry that provides services to the financial services, logistics, healthcare and education sectors.
- The report categorized would-be unicorns into three groups: gazellesthe startups most likely to become unicorns in the next two years, and cheetahsthese are startups with the potential to become unicorns in the next four years.
- It has been claimed that the pandemic has accelerated the rise of startups.
- Experts claim that a record 44 unicorns have emerged in 2021, making India the third largest startup ecosystem in the world.
- In addition, the experts noted that there are now 65 percent more unicorns, 51 percent more gazelles, and 71 percent more cheetahs in the nation.
- According to the report’s findings, product and market fit will continue to motivate Indian companies.
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