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India has witnessed the overall number of start-ups getting doubled in the year 2021, as per a report by Hurun India. The report said that for every month in 2021, the country added 3 unicorns resulting in 51 start-ups valued at $1 billion, by the end of August. However, the report also noted that due to complex regulations some start-ups are forced to exit the country and find their base in other countries for better business growth. Government schemes like ‘Startup India’ have further boosted the start-up ecosystem in India. The report said that over 2 years, 32 gazelles valued at $500 million will turn into unicorns.
Start-ups take swift leap
The Hurun India Future Unicorn list said that 54 cheetahs valued at $200 million will turn unicorns in 4 years. It further added that the value of upcoming is unicorns will be over $36 billion. In the last eight months, around 5 cheetahs jumped to achieve the unicorn status which indicates that the leap to being a unicorn by start-ups is happening swiftly.
“To prepare the list of such companies which get private placements was a difficult task and inputs have been taken from venture capital funds”, said Anas Rahman Junaid, managing director and chief researcher at Hurun India.
Junaid also said that more than 600 million users are in India at present, 900 million users are expected by 2025. With internet penetration in rural areas there will be a further rise in technology start-ups.
“Fintech companies operating in mobile payments, insurance, blockchain, stock trading and digital lending will grow further to capitalize the internet penetration,” he added.
Findings
E-commerce player Zilingo leads the list, followed by Mobile Premier League and Rebel Foods in the Hurun India Future Unicorn List 2021.
Bengaluru is home to 31 startups on the list, followed by Delhi NCR at 18 and Mumbai trails at 13.
11 co-founders of companies in the list were under 30 years, while 15 were above 50 years.
Sequoia, followed by Tiger Global with 37 and 18 investments, respectively are the top investors in the Gazelles and Cheetahs in the list.
3rd in the global list
India stands third in the list of countries having the most unicorns, after the US (396) and China (277). India is ahead of UK (32) and Germany (18). The number could have been higher in India but many start-ups have left the country due to cumbersome regulatory setup.