From Paytm and Ola to Zomato and BYJU’S, India has seen a steady increase in the number of startups. Many of these companies experienced rapid growth soon after they were founded, and some even became unicorns.
In addition to its important contribution to the economy, the success achieved by some startup entrepreneurs has served as an engine for the country’s youth to become self-sufficient and opt for entrepreneurship.
In the last year alone, 44 Indian companies have joined the unicorn club with a total valuation of $93 billion. In contrast, this year saw the appearance of 21 unicorns, with a total valuation of $26.99 billion.
Highlighting this growth, Zerodha CEO Nithin Kamath has pointed out the silver lining of the “excess of the startup world” in his recent LinkedIn post.
Nithin Kamath wrote, “for the first time in India, there are so many aspiring entrepreneurs.” He added that the growing inclination towards entrepreneurship is similar to the youngsters who are striving to get into some prestigious Indian institutes like Indian Institutes of Technology (IIT), Indian Institutes of Management (IIM) or civil services. “More people building for India, in India is the only way we can get to over $5 trillion,” she further wrote.
According to Invest India, total funding in Indian startups has increased 15-fold since 2015 to 222, while the number of investors has increased by nine. India currently has over 105 unicorns with a total valuation of $340.79.
Approximately one unicorn entered the Indian startup ecosystem every year until the 2016-2017 fiscal year, while the last four years have seen a 66% year-on-year growth in the number of startups becoming unicorns each year.
Some Indian companies have also managed to achieve decacorn status.
While a unicorn is described as a private company valued at over $1 billion, a company enters the decacorn club after growing to over $10 billion.
Flipkart, Nykaa, Swiggy and BYJU’S are the four Indian startups that have been granted status as of July 2022.
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