In 2023, The Top Unicorns In India Will Be BYJU’S, Swiggy, And Dream11
Hurun's Global Unicorn Index 2023 lists 70 unicorns founded by Indians outside of India, making 138 unicorns founded by Indians worldwide.
In 2023, The Top Unicorns In India Will Be BYJU’S, Swiggy, And Dream11
According to Hurun’s Global Unicorn Index 2023, India consolidated its top 3 spots with 68 unicorns, led by online educator BYJU’S worth $22 billion, on-demand delivery company Swiggy and fantasy sports platform Dream11 each worth $8 billion.
However, it is important to note that no Indian startups have been listed in the top 10 since 2023. The number of unicorns in India increased by 14 to 68 in 2023, a 47% increase from the pre-Covid period.
The following 70 unicorns were founded by Indian co-founders outside of India, bringing the total to 138 unicorns founded anywhere in the world by Indians. Of all unicorns founded outside of India, 64 were in the USA, led by the Bay Area, then the UK, Germany, Singapore, Indonesia, and Mexico, with each two unicorn.
A boom in unicorns has been noticed in India, the UK and Germany, outside the US and China. Emigrant unicorn founders have also come from India, China, Israel, and Russia.
Indian, Chinese, and Russian founders produce the highest percentage of offshore unicorns. A Hurun report reports that India co-founded 70 unicorns outside of India compared to 68 in the country, while 316 unicorns were founded in China. China had 316 unicorns, up 15, while the US led the list with 666, up 179.
Among the new faces, 250 came from the United States, 107 came from China, and 22 came from India. There were 23 ‘promotions’ from the Hurun index in the USA, with 16 initial public offerings and seven acquisitions. Thirty-six were promoted in China, including 35 initial public offerings.
Despite its smaller size, the UK ranked fourth with 49 unicorns, while Germany ranked fifth with 36 unicorns. As the ‘World Unicorn Capital,’ San Francisco retained its title with 181 unicorns, up 30 from last year.
In second place is New York, where there are 126 unicorns, up 41 from last year. As of August 15, Beijing had 79 unicorns, down 12 from last year’s high of 84. Shanghai had 66 unicorns.
Among the top five, London had 42 unicorns, followed by Bengaluru and Shenzhen, which had 33 unicorns. A total of 508 unicorns were discovered by Hurun Research last year from 16 countries, with the USA having 250, China 107, and India 22.
Saudi Arabia’s GDP is greater than the value of the new unicorns, worth US$938 billion. A total of 35 unicorns operate in e-commerce, with 35 of them in the United States, 24 in China, and 17 in India.
There are more Gazelles and Unicorns in China and India, which should result in more Hurun Global 500s over time. A lower percentage of startups in France, Canada, and Australia suggests they will lose ground in the Hurun Global 500.
In the next five years, the US will likely remain the leader in unicorns and Global 500s. One thousand three hundred sixty-one unicorns were found by Hurun in the world, up 303 or 29% since Covid in India and 867 or 175% since 2015.
Indian unicorns Dream11, Swiggy, and BYJU’S lead Hurun’s Global Unicorn Index 2023. The unicorn startup BYJU’S ranks seventh among startups with significant valuation growth since the pre-Covid-19 era.
Despite being the third-largest country with unicorns after the US and China, India continues to lead in this category. Regarding value, Dream11 and Swiggy are India’s top unicorns, while BYJU’S is a global leader valued at $22 billion.
Despite its strong unicorn and gazelle presence, the Hurun Global 500 Index ranks India fifth among the world’s 500 most valuable non-state-controlled firms.
According to the report, India and China will likely have more Hurun Global 500 companies over the next five years due to their higher unicorn and gazelle populations. However, countries with fewer unicorns and gazelles, such as France, Australia, and Canada, will likely lose out.
Three top unicorn investors include Sequoia Capital, Tiger Global Management, and SoftBank, from which 238, 179, and 168 unicorn companies were invested. Additionally, Goldman Sachs, Y Combinator, Accel, Tencent, and Lightspeed Venture Partners are included on the list.
