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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.

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