Startups such as One97 Communications‘ Paytm, Ola Cabs, Byju’s and Oyo have emerged as the top unicorn platforms in India after the Hurun Global Unicorn List 2019 revealed that the Asian giant has earned its place as the third largest startup ecosystem with 21 unicorns, reported ET.
The notable development comes at a time when the Indian economic health is experiencing a constant decline and the major sectors such as automobile, agriculture are deteriorating at an unprecedented pace.
While, India got the third spot in the list, China conquered the number one position with total of 206 unicorns, followed by the US on 2nd position with 203 unicorns.
India can catch up with top two nations, only if the regulatory and business environment are poised to capture the demographic dividend, said Anas Rahman Junaid, Chief Researcher, Hurun Global Rich List.
The celebrated Indian startups that were included in the list of Unicorns constitute of Paytm with valuation worth $10 billion (approx INR 71,069 crore), Ola Cabs having $6 billion (approx INR 42,666 crore) valuation, BYJU’s company costing around $6 billion, and OYO at $5 billion (approx INR 35,555 crore) respectively.
Rupert Hoogewerf, chairman and chief researcher of Hurun Report said that these are the industries that are disrupting the world economy, initiating the Fourth Industrial Revolution, and widely considered to hold the key to the future.
Furthermore, both the US and China have more than 80 per cent of startups with valuation over $1 billion.
Interestingly, majority of the unicorns in the list belong to e-commerce and fintech, followed by cloud and Artificial Intelligence.
Adding on, as per the report, globally, there are 494 unicorns based in 25 countries and 118 cities. All the startups are worth $3.4 billion on average and $1.7 trillion in total.