Hurun Unicorn Index 2023: How India fares against US, China
What's the story
The number of unicorns a country has produced is a testament to that country's robust start-up ecosystem. India has done pretty well in the department over the years. The data supports that too. According to the Hurun Global Unicorn Index 2023, India ranks third in the world with 68 unicorns. Only the US and China rank above India in the index.
Context
Why does this story matter?
The past year has been tough for start-ups around the world. Funding has dried down due to persisting economic uncertainties. Things haven't been that different in India too. According to PricewaterhouseCoopers, start-up funding in India fell by 33% in 2022. The Unicorn Index 2023 gives us an idea of how start-ups performed in a year filled with uncertainties.
Unicorns
Number of unicorns in India is up by 14
Per the Unicorn Index 2022, India had 54 start-ups valued at $1 billion or more. The country now has 68 unicorns, up by 14. Compared to the pre-COVID time, the number of unicorns in the country has increased by 47. The US leads the list with 666 unicorns, while China came second with 316 unicorns. The US added 179 unicorns last year.
Information
Indians have co-founded 70 start-ups outside India
Indians are not just good at founding a start-up in India. According to the report, Indians have co-founded 70 start-ups outside India. A large chunk of them (64) is located in the US.
Companies
BYJU'S is India's most valuable unicorn
Now, let's see which is India's most valuable unicorn. Unsurprisingly, BYJU'S, the world's largest edtech company, is India's most valuable unicorn. It is valued at $22 billion. It is followed by the food delivery platform Swiggy and the fantasy sports platform Dream11, both valued at $8 billion. BYJU'S saw a $16 billion jump in valuation since pre-COVID.
Global
ByteDance is the world's most valuable unicorn
Globally, TikTok parent ByteDance is the world's most valuable unicorn with a valuation of $200 billion. It is followed by Elon Musk's SpaceX. BYJU'S couldn't make the top 10. It is ranked 14th in the world. ChatGPT-parent OpenAI is placed 17th on the list. The company saw its valuation increase by $17 billion in a year.
Gazelle
India has 7% of gazelles in the world
The report suggested that India and China have the highest percentage of unicorns and gazelles. A gazelle is a start-up worth over $500 million and is likely to go unicorn within three years. India is third on the list with 7% gazelles, while China is second with 32%. The US, on the other hand, is house to 38% of gazelles.