The culture of start-ups has been growing and expanding all over India over the past few years and the spirit of entrepreneurship has been flashing brighter and brighter as Indians from all walks of life have been inspired to start their own business taking their own path instead of the regular 9 to 5.
This has made India an entrepreneurial powerhouse as a new report has shown that one out of every ten start-ups that attain the status of a unicorn are based in India which is a great news for the Indian people, government, and economy.
Unicorns refer to any start-up that has attained a valuation of $1 billion USD. A company crossing this milestone is always a great achievement and shows that the company and its people show intent to reach the top of their industry.
Currently, India has the third most unicorns in the world as they recently hit the 100 mark which previously hosted only China and the United States of America. In the year of 2021, India actually had more new unicorns than China just losing out to The United States of America.
The total valuation of all unicorns based in India currently amounts to staggering $ 332.7 billion USD which places them in the top 3 again with the two aforementioned countries.
The shortest time an Indian company took to become a start-up was a very impressive 6 months while the longest time it has taken an Indian firm to attain the landmark was 26 years which is still respectable considering that billion-dollar valuation is very difficult to attain, especially in a country like India which is one of the most competitive in the world.
In the year of 2021, 44 unicorns were born in India and their total valuation amounted to $ 93 billion USD. From January to April alone this year, 14 unicorns were born and these firms had a total value that amounted to $18.9 billion USD.
Until the year of 2017, ab average of 1 unicorn was born in the country every year, but fast forward just 5 years and the country has grown so much. The government should also be given their fair share of credit for this achievement as they have been able to foster the spirit and a community for entrepreneurship as well as offer monetary benefits for start-ups to grow and even make sure that larger companies play fairly and lawfully.