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What is the News?
The Prime Minister has praised India’s startup ecosystem as he highlighted that the country has reached a landmark figure of 100 unicorns with a valuation of more than $300 billion.
What is a Unicorn?
Unicorns are privately held, venture-capital-backed startups that have reached a value of $1 billion.
The valuation of unicorns is not expressly linked to their current financial performance but is largely based on their growth potential as perceived by investors and venture capitalists who have taken part in various funding rounds.
American venture capitalist Aileen Lee is credited with coining the term “Unicorn” in 2013.
What is the state of Startups and Unicorns in India?
India has become the 3rd largest start-up ecosystem in the world after the US and China.
44 Indian start-ups have achieved unicorn status in 2021, most of which are in the services sector.
Currently, 1 out of every 10 unicorns globally has been born in India.
Source: The post is based on the article “Explained: What is a unicorn, and what does it take to become one?” published in Indian Express on 31st May 2022.
