- Global Unicorn Index 2024 is a ranking of the world's start-ups founded in 2000s.
- Key findings
- In 2023, India had 67 unicorn startups (68 in 2022) and placed third globally.
- USA led with 703 unicorns, followed by China with 340.
- India lacks unicorns in Aerospace or SpaceTech sector.
- About Unicorns
- Unicorns are privately held, venture-capital backed startups that have reached a value of $1 billion. Example, Swiggy, sports platform Dream11 etc.
- Term was first coined by venture capitalist Aileen Lee in 2013.
- Factors behind decline of Unicorn
- Slow-down of Start-up ecosystem in India, mainly due lack of investment into startups.
- Founders from India produced more offshore unicorns than any other country, co-founding 109 unicorns outside of India.
- Lack of prudent steps to ensure sustainability of business has led to uncontrolled growth, characterized by rapid depletion of cash reserves.
- Initiatives taken by India to promote start-ups
- Fund of Funds for Startups Scheme to meet funding needs of startups.
- Startups incorporated on or after 1st April 2016 can apply for income tax exemption.
- National Start-up Award to recognize, promote and offer exclusive handholding support to a diverse set of startups.
India’s Start-up Ecosystem
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