India has secured a place as the third country with the highest number of unicorn companies, according to a report by Forex.com. With 72 unicorn companies valued at $1 billion and above, India follows the US and China, with 668 and 172 unicorns, respectively. Despite a lower average valuation per unicorn at $2.72 billion, India’s unicorns make a significant 5 per cent contribution to the global unicorn valuation. The report highlights India’s importance in the international startup arena, placing it in league with the UK.
The US leads the pack with an impressive 668 unicorn companies, with a combined valuation of over $2 trillion, accounting for 54 per cent of the total valuation of unicorn companies. The enterprise tech industry dominates unicorn companies globally, boasting 377 companies with a combined valuation of just over $1 trillion. Canva, with a valuation of $40 billion, leads the pack in the enterprise tech sector.
Within the financial services sector, 216 companies boast a combined valuation of $706 billion, with Stripe claiming the title for the highest-valued company within financial services, valued at $50 billion. The consumer and retail industry ranks third, with 216 companies and a collective valuation of over $631 billion. Shein, valued at $66 billion, ranks third globally within this industry. However, its valuation is $8.17 billion higher than the combined valuation of all 27 unicorn companies in the insurance industry, the report revealed.
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