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India, a galloping ground for unicorns

Jun 08, 2022

India celebrates a century of unicorns, becoming the third largest startup ecosystem in the world

Earlier this week, India counted its 100th unicorn with Open Financial Technologies raising $50 million in a funding round that values the neobanking platform at $1 billion. The important milestone has arrived 11 years after India produced its first unicorn. The pace of creating winning startups that draw big interest from venture capital (VC), however, is speeding up. In 2021, 44 unicorns were created in the world's third-largest startup ecosystem. Over half of India's unicorns have achieved this feat in under five years, and there are projections India could have 250 of them by 2025. The current list of unicorns, including those that have reached valuations of $1 billion before slipping off the perch, is thought to have raised $90 billion and have a combined valuation of $333 billion.

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