India and China producing more offshore unicorns than any other country: Hurun Global Unicorn Index 2023
The world's unicorns come from 48 countries, up from 42 last year, spread around 271 cities, according to Hurun's Global Unicorn Index 2023
- Apr 18, 2023,
- Updated Apr 18, 2023 4:59 PM IST
India and China are producing more offshore unicorns than any other country, research firm Hurun Research Institute said on Tuesday. Founders from India co-founded 70 unicorns outside of the country as compared to 68 in India, while Chinese co-founded 32 outside of China, compared with 316 in China, the firm said in its latest report titled: 'Global Unicorn Index 2023'. A start-up becomes a unicorn when it achieves a valuation of $1 billion or more.
Also read: India has 3rd-highest number of unicorns, gazelles: Hurun’s Global Unicorn Index 2023
According to the report, the world's unicorns come from 48 countries, up from 42 last year, spread around 271 cities. The US led the list with 666 unicorns, up 179, followed by China with 316. America added 250 'new faces', while China added 107 and India 22. India retained third place with 68 unicorns, up from 14 and 47 since pre-Covid.
The US had 23 'promotions' from the Hurun index with 16 IPOs and 7 acquisitions. In China, 36 were promoted, 35 of which were IPOs.
India consolidated its third spot with 68 unicorns, led by online educator BYJU’S worth $22 billion, followed by on-demand delivery start-up Swiggy and fantasy sports platform travel-stay finder Dream11($8 billion each).
A further 70 unicorns were started by Indian co-founders outside of India, taking the total to 138 unicorns founded by Indians around the world. Of the unicorns founded outside of India, significantly all were in the US (64), led by the Bay Area, 2 in the UK, and 1 each in Germany, Singapore, Indonesia, and Mexico.
The USA, especially Silicon Valley, attracted the most unicorn founders from abroad, followed by Europe. "India led the way for emigrant unicorn founders, followed by China, Israel, and Russia," the report said.
Hurun Report chairman and chief researcher Rupert Hoogewerf praised India for the recent boom in unicorns. "Countries and cities have started to 'wake up' about unicorns, especially since the outbreak of Covid," he said, adding that the number of countries with at least one unicorn has doubled from 24 to 48, while the number of cities has more than doubled from 118 to 271.
"Outside of the US and China, countries that have seen a boom in unicorns were led by India, and followed by the UK and Germany," Hoogewerf said.
Russia, Saudi Arabia, Poland, Venezuela, and South Africa are the largest countries in the world by GDP without a unicorn, the report said.
India and China are producing more offshore unicorns than any other country, research firm Hurun Research Institute said on Tuesday. Founders from India co-founded 70 unicorns outside of the country as compared to 68 in India, while Chinese co-founded 32 outside of China, compared with 316 in China, the firm said in its latest report titled: 'Global Unicorn Index 2023'. A start-up becomes a unicorn when it achieves a valuation of $1 billion or more.
Also read: India has 3rd-highest number of unicorns, gazelles: Hurun’s Global Unicorn Index 2023
According to the report, the world's unicorns come from 48 countries, up from 42 last year, spread around 271 cities. The US led the list with 666 unicorns, up 179, followed by China with 316. America added 250 'new faces', while China added 107 and India 22. India retained third place with 68 unicorns, up from 14 and 47 since pre-Covid.
The US had 23 'promotions' from the Hurun index with 16 IPOs and 7 acquisitions. In China, 36 were promoted, 35 of which were IPOs.
India consolidated its third spot with 68 unicorns, led by online educator BYJU’S worth $22 billion, followed by on-demand delivery start-up Swiggy and fantasy sports platform travel-stay finder Dream11($8 billion each).
A further 70 unicorns were started by Indian co-founders outside of India, taking the total to 138 unicorns founded by Indians around the world. Of the unicorns founded outside of India, significantly all were in the US (64), led by the Bay Area, 2 in the UK, and 1 each in Germany, Singapore, Indonesia, and Mexico.
The USA, especially Silicon Valley, attracted the most unicorn founders from abroad, followed by Europe. "India led the way for emigrant unicorn founders, followed by China, Israel, and Russia," the report said.
Hurun Report chairman and chief researcher Rupert Hoogewerf praised India for the recent boom in unicorns. "Countries and cities have started to 'wake up' about unicorns, especially since the outbreak of Covid," he said, adding that the number of countries with at least one unicorn has doubled from 24 to 48, while the number of cities has more than doubled from 118 to 271.
"Outside of the US and China, countries that have seen a boom in unicorns were led by India, and followed by the UK and Germany," Hoogewerf said.
Russia, Saudi Arabia, Poland, Venezuela, and South Africa are the largest countries in the world by GDP without a unicorn, the report said.