India gets its 100th unicorn startup

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.