According to the latest report from the Hurun Global Unicorn Index 2024, the number of unicorns in the country has experienced a decline for the first time in four years, dropping to 67. Despite this decline, the country maintains its position as the third-largest hub for unicorns globally.
One notable exclusion from the list is the edtech giant Byju's, which had a valuation of over USD 22 billion a year ago but has since fallen below the USD 1 billion mark. This decline in valuation marks one of the most significant drops among startups worldwide, according to the Hurun report.
Byju's, established in 2008, underwent restructuring and cost-cutting measures due to mounting losses, missing its revenue target for the previous financial year and grappling with a debt of USD 1.2 billion.
Hurun Report chairman Rupert Hoogewerf emphasized the importance of startups, even when they face setbacks, stating that they play a crucial role in the economy.
Leading the pack among Indian unicorns are food delivery platform Swiggy and fantasy sports platform Dream11, each valued at USD 8 billion, followed closely by Razorpay at USD 7.5 billion. These top-valued Indian unicorns rank 83rd and 94th globally, respectively.
While some new additions, like the artificial intelligence platform Krutrim, joined the unicorn club, the overall number of Indian companies in the list dropped. This decline is attributed to a lack of investment in startups despite favorable gains in equity indices. Additionally, founders starting companies outside of India has impacted the country's unicorn prospects, with more founders launching 109 unicorns abroad compared to 67 within India.
Despite these challenges, the total number of unicorns globally reached 340, with Bytedance, the company behind TikTok, leading the pack with a valuation of USD 220 billion, followed by SpaceX at USD 180 billion and Microsoft-backed OpenAI at USD 100 billion.
Read also | Harsh Neotia Summoned for Questioning at ED's Kolkata Office: Keeps Mum on Reasons
Read also | Ola Shifts Strategy: Exiting Global Markets to Concentrate on Indian Expansion
