India Created 14 Unicorns in the First Half of 2022

Since April of this year, the values of Indian startups have fallen. Nonetheless, India created more unicorns in the first five months of 2022 than the previous year. According to a new Tracxn analysis, 14 Indian companies became unicorns - enterprises worth more than a billion dollars — between January and June 1, 2022. During the same time period last year, the figure was 13.

Notably, the year 2021 was the best for Indian companies, particularly in terms of unicorn formation. In 2021, forty-four companies reached this milestone, a fourfold increase over the 11 unicorns formed in 2020. The United States now leads the world in the number of unicorns created. In terms of unicorn creation, China is second, and India has surpassed the United Kingdom.

Earlier this year, Commerce and Industry Minister Piyush Goyal stated that the Indian startup ecosystem should attempt to raise 75 unicorns in 75 weeks to commemorate India's 75th anniversary of independence. While the aim appeared to be achievable when the country saw the arrival of 10 unicorns in the first 53 days, things have slowed since then.