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Tags: National News
The unicorn wave in India has reached an all-time high and the Neobank Open has become the 100th Unicorn in the country.
The Ministry of Commerce and Industry said that one in every 10 unicorns produced globally is from India.
Neobank startup, Open has become the 100th unicorn in India with the latest funding of $50 million from IIFL along with existing investors.
The Indian startup ecosystem is the third largest in the world in terms of number of unicorns.
India is now home to 100 unicorns, with a total value of $332.7 billion.
According to the ministry, in the first four months of 2022, India has generated 14 unicorns with a total valuation of $18.9 billion.
The year 2021 saw a huge jump in the number of unicorns, with a total of 44 startups entering the unicorn club throughout the year, with a total value of $93 billion.
Since the launch of the Startup India initiative on 16 January 2016, more than 69,000 startups have been recognized in the country till 2 May 2022.
What is a Unicorn?
A unicorn is any privately owned firm that has a market capitalization of more than $1 billion.
The term unicorn was first coined by venture capitalist Aileen Lee in 2013.
Some popular unicorns include SpaceX, Robinhood, and Instacart.
There are over 1,000 unicorn companies around the world as of March 2022.
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