India has emerged as a major player in the global startup arena, boasting 72 unicorn companies with valuations of $1 billion and above, according to a report from Forex.com. This places India third in the world, behind the US with 668 unicorns and China with 172. Despite the lower average valuation per unicorn at $2.72 billion, India’s unicorns still contribute a substantial 5 per cent to the total global unicorn valuation.
The report highlights the significance of India’s presence in the international startup landscape, comparing it to the UK. The US leads the global unicorn count with an impressive 668 companies, accounting for over half of the total unicorn valuation. The enterprise tech industry dominates the unicorn landscape, with 377 companies boasting a combined valuation of just over $1 trillion. Canva, with a valuation of $40 billion, stands out as the highest-valued company within the enterprise tech sector.
In the financial services sector, 216 companies have a combined valuation of $706 billion, with Stripe leading the way at $50 billion. The consumer and retail industry ranks third, with 216 unicorn companies and a collective valuation of over $631 billion. Shein, valued at $66 billion, is the highest-valued unicorn in this industry, overshadowing the combined valuation of all 27 unicorn companies in the insurance industry.
According to the research commissioned Forex.com, the enterprise tech industry is projected to remain a leading player, surpassing growth and total valuation projections 2027. The financial services industry also holds strong, with a 10 per cent higher total valuation than the consumer and retail industry, despite having the same number of unicorn companies.
In conclusion, the report underscores India’s growing influence in the global startup scene and the dominance of enterprise tech and financial services industries in the unicorn landscape.