India’s unicorn count has dropped to 67 from 68 last year, according to the latest Hurun Global Unicorn Index 2024. Despite this decline, India has emerged as a significant contributor to offshore unicorns, co-founding 109 unicorns outside the country, surpassing the 67 within India.
Anas Rahman Junaid, founder and chief researcher of Hurun India, highlighting the slump in India’s start-up ecosystem, said, “India’s start-up ecosystem has slowed, with the number of unicorns down for the first time since the launch of our list. This is primarily fueled by lack of investment into start-ups despite the recent stock market record highs.”
Indian unicorns
Junaid pointed out that founders from India have played a key role in establishing offshore unicorns, especially in the USA, with 95 unicorns, followed by 4 in the UK, 3 in Singapore, and 2 in Germany.
The report mentioned the rise of Krutrim, India’s first AI unicorn, but noted a significant gap compared to the US and China, which lead with 60 and 37 AI unicorns, respectively. It also highlighted the Aerospace or SpaceTech sector as a critical area where India lacks unicorns, contrasting with the US and China, each with 10 unicorns in this domain.
Junaid said that India must seize this moment to avoid falling further behind in crucial sectors such as AI, New Energy, Semiconductors, and Aerospace.
Global Landscape
Hurun Research’s findings revealed a total of 1,453 unicorns worldwide, located in 53 countries and 291 cities. Among these, 430 unicorns saw their valuations rise, while 170 witnessed a drop. Notably, 37 were ‘promoted’ out of the list due to IPOs or acquisitions.
Unicorns are predominantly disrupting financial services, business management solutions, and healthcare, with 78 per cent selling software and services, led by FinTech, SaaS, and AI. Physical product-focused unicorns constitute 22 per cent, with leaders in New Energy, Biotech, F&B, and semiconductors.
Rupert Hoogewerf, chairman and chief researcher of Hurun Report, outlining the record-breaking growth of unicorns worldwide, said China’s ability to keep pace with the US in creating new unicorns despite economic slowdowns.
The Hurun Global Unicorn Index stands out for its comprehensive approach, incorporating data from leading investors worldwide, providing the most extensive list of the world’s unicorns.
