New Delhi: Despite India’s stock market highs, the number of unicorns, or startups with a valuation of over $1 billion, has declined for the first time in four years, according to the Hurun Global Unicorn Index 2024.
“India’s start-up ecosystem has slowed, with the number of unicorns down for the first time since the launch of Hurun list,” said the report.
The Global Unicorn Index is compiled by the Hurun Research Institute and includes unlisted companies founded in the 2000s with a current valuation of $1 billion.
The Financial Express, cited the report, as saying that 42 unicorns globally were demoted from their unicorn status with the valuation dipping below $1 billion. The count was led by 21 companies from the US and 11 from China.
However, Byju’s saw the largest decline globally.
Byju’s, which was launched in 2011, was valued at $22 billion in 2022. The edtech startup raised a $250-million funding.
Techcrunch reported in January that BlackRock has cut the value of its holding in Byju’s, slashing the valuation of the startup to $1 billion .
With 67 unicorns, India maintains its position as the third-largest unicorn hub globally, followed by the US (703) and China (340).
Hurun’s report noted 68 unicorns in India in 2023 and 2022, 54 in 2021, and 21 in 2020 and 2019.
The report further said that China and India have a higher percentage of Cheetahs, Gazelles and Unicorns, the newspaper reported.
Cheetahs refer to unlisted startups founded in the 2000s that are highly likely to achieve unicorn status within five years. Gazelles, on the contrary, are unlisted startups from the same period expected to attain unicorn status within three years.
Globally, ByteDance remained the most valuable unicorn with a $220 billion valuation followed by SpaceX ($180 billion), OpenAI ($100 billion), Ant Group ($80 billion), Shein ($65 billion), the business daily reported.
