Home / News / India /  India sees birth of its 100th unicorn, total valuation reaches $332.7 bn

India's wave of unicorns reaches an all-time high with Neobank Open becoming the 100th unicorn in the country. The Ministry of Commerce & Industry on Friday said, today, 1 out of every 10 unicorns globally have been born in India.

Neobank startup, OPEN becomes the 100th unicorn in India with the latest funding of $50 million from IIFL along with existing investors. Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Piyush Goyal highlighted the achievement through his tweet.

As of May 5th, the Indian Startup Ecosystem, the third-largest in the world in number of Unicorns, is now home to 100 unicorns with a total valuation of $ 332.7 billion.

The term 'Unicorns' is referred to startups that attain a valuation of more than $1 billion.

As per the ministry, in the first four months of 2022, India has given birth to 14 unicorns with a total valuation of $18.9 billion.

The year 2021 recorded a huge surge in the number of unicorns, registering a total of 44 startups entering the Unicorn club throughout the year with a total valuation of $93 billion.

Further, the ministry data shows that since the launch of the Startup India initiative on 16th January 2016, more than 69,000 startups have been recognized in the country till 2nd May 2022. Innovation in India is not just limited to certain sectors; we have recognized startups solving problems in 56 diverse sectors with 13% from IT services, 9% from healthcare and life sciences, 7% from education, 5% from professional and commercial services, 5% agriculture, and 5% food & beverages.

Also, while every startup has its unique journey to becoming a unicorn, the minimum and maximum time is taken by a startup to become a unicorn in India are 6 months and 26 years, respectively. Till FY 2016-17, approximately one unicorn was being added every year. Over the past four years (since FY 2017-18), this number has been increasing exponentially, with a whopping 66% Year-on-Year growth in the number of additional unicorns being added every year.

"As we hit the milestone of a century in Indian unicorns, the homegrown startup ecosystem continues to work effectively towards the mission of self-reliance and self-sustainability as they have been in the past. The vision of Atmanirbhar Bharat is rooted deeply in the Startup Ecosystem and shall continue to prevail in the coming years," the ministry said.

Notably, the entrepreneurial spirit exists throughout the length and breadth of the country and is evident by the spread of the Department for Promotion of Industry and Internal Trade (DPIIT) recognized startups across 647 Indian districts encompassing all 36 States and Union Territories.

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