60% Of Indian Startups Turn Unicorn In First Attempt: Report
India’s startup ecosystem has achieved gripping growth producing over 100 unicorns (startups valued at $1 billion+) in just a decade as stated in a recent report by PrivateCircle (private market intelligence platform). The Indian entrepreneurs continue to shine despite a global downturn affecting tech investments, according to the report. PrivateCircle reveals statistics about 60% of India’s 261 unicorn founders achieved success with their first startup while 29% took two attempts but became successful.
The report said that this achievement spotlights the endurance, skills, management, risk-taking and innovative spirit of Indian entrepreneurs. In the past two years, despite challenging market conditions a lot of notable startups have joined the unicorn club. These include Zepto (quick-commerce), InCred (non-banking lender), Krutrim (artificial intelligence), and Perfios (software-as-a-service fintech).
In 2024 alone, five startups achieved unicorn status in India. Krutrim, founded by Ola’s Bhavish Aggarwal, Perfios, ride-hailing platform Rapido, electric scooter maker Ather Energy and fintech lender Moneyview have made headlines. Rapido’s $200 million financing round led by WestBridge Capital propelled it to a $1.1 billion valuation.
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The report further stated that Indian entrepreneurs are working to leverage advanced technologies, innovative business models and adaptability to overcome challenges when it comes to economic crisis, competitiveness and funding. The country’s growing talent pool with supportive government policies and increasing investor confidence also contribute to this growth, the report added.
What is a unicorn company?
A unicorn is a private company worth over $1 billion and the term “unicorn” was coined in 2013 by Aileen Lee who chose the mythical animal to show how rare these successful companies are. Unicorn companies are special because they have high valuations, potential for rapid growth, unique solutions to big problems and the ability to attract many users quickly. Other examples of well-known unicorns include Uber, Airbnb, and SpaceX. Unicorns exist in various sectors like technology, healthcare, finance, and e-commerce as well.
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