India’s startups to see a new flight of progress: PM

Analysts are estimating a sharp spike in unicorns during the coming years

May 30, 2022

India has 100 unicorns with a total valuation of US$ 330 billion

Out of the 100 unicorns, 44 of them emerged last year

14 more Unicorns were founded in the last 3-4 months of this year

Start-up ecosystem is not limited to just big cities: PM

On the recent broadcast of Mann Ki Baat, Prime Minister Narendra Modi said that India has 100 unicorns with a total valuation of US$ 330 billion, and 44 of them emerged last year. When a startup reaches a valuation of US$ 1 billion or more, it is said to be a ‘unicorn’. 

PM Modi went on to say that 14 more Unicorns were founded in the last 3-4 months of this year, and that India’s startup ecosystem has grown remarkably despite the pandemic’s disruptions. 

The majority of these unicorns belong in the services sector, contributing over 50% of India’s GDP, according to an Economic Survey. According to the Prime Minister, analysts are estimating a sharp spike in unicorns during the coming years, and these unicorns will be spread across a gamut of sectors like e-commerce, fintech, edtech, and biotech, among others. The startup ecosystem will see a new flight of progress in the coming years, he added. 

PM Modi further stated that the country’s start-up ecosystem is not limited to just big cities, as entrepreneurs are emerging from smaller cities and towns too.