According to the Global Unicorn Index 2024, Indians have founded more offshore unicorns than any other country. Specifically, they have co-founded 109 unicorns outside of India, compared to 67 within India itself. Unicorns are startups valued at a minimum of one billion dollars and are not yet publicly listed.
India ranked third globally with 67 unicorns, led by companies like Swiggy and Dream11, each valued at $8 billion, and Razorpay valued at $7.5 billion, according to the Hurun Research Institute’s report.
The majority of unicorns founded outside India are located in the US (95), particularly in the Bay Area, with four in the UK, three in Singapore, and two in Germany. London emerged as the most active city for unicorns outside the US and China, followed by Bengaluru, Paris, and Berlin.
Key investors in unicorns include Tiger Global, Softbank, and HongShan, illustrating the significant relationship between startups and strategic investment.
However, 2024 has seen a slowdown in new unicorn investments, attributed to challenges in investor exits. Despite record-breaking stock markets in the US, India, and the UK, significant unicorn IPOs have been limited.
The report emphasizes the importance of unicorns in driving value creation in new sectors and urges countries and cities to recognize their significance for future economic growth. While some unicorns may fail, they are generally considered essential components of the new economy.
The total number of unicorns worldwide has reached a new record of 1,453, with an increase of 7% compared to the previous year. These unicorns come from 53 countries and are spread across 291 cities, with the US leading with 703 unicorns, followed by China with 340.
