Number of startups decreased for the first time in India
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Startup in India: There is a startup environment all over the world. At present there are 1453 unicorns in the global market. However, the number of ‘unicorn’ companies in India with a valuation of more than one billion dollars has declined to 67 for the first time in four years. According to the ‘Hurun Global Unicorn Index 2024’, even though the number of startup companies having unicorn status in India has decreased, the country has retained its status as the third largest hub of unicorns worldwide. The report says that education-technology firm Byju’s is now out of unicorn status. One year ago, Byju’s valuation was more than $22 billion but currently its valuation has fallen drastically to less than one billion dollars.
Byju’s valuation declined
Hurun Report says that this huge decline in Byju’s valuation has made it the firm with the biggest decline compared to any startup in the world. Commenting on Byju’s, Rupert Hoogewerf, Chairman and Chief Researcher, Hurun Report, said that some startups actually fail and in the process attract massive media attention. However, such companies are important for the economy. According to the report, food delivery platform Swiggy and fantasy gaming firm Dream11 are India’s most valuable unicorns, worth $8 billion each. After these comes Razorpay, which is worth 7.5 billion dollars. However, India’s two leading unicorn companies are ranked 83rd globally while Razorpay is ranked 94th.
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Indians started 109 unicorns abroad
Anas Rehman Junaid, chief researcher at Hurun India, said the overall decline in the number of Indian companies in the list of 1,453 unicorns reflects the lack of investment in the startup sector despite good gains on stock indices. Apart from this, the trend of starting companies outside the country has also harmed the prospects for India. Indian firm founders started 109 unicorns outside the country, while their number within the country was 67.
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