Indians Shine On Global Stage, Founded Most Unicorns Abroad: Report

The Global Unicorn Index 2024, a comprehensive ranking of startups founded in the 2000s, revealed that Indians have founded more offshore unicorns than any other country.

These findings showcased that Indian entrepreneurs co-founded 109 unicorns outside of India, surpassing the 67 unicorns founded within the country.

Unicorns, defined as startups valued at least a billion dollars and not yet listed on a public exchange, have become a hallmark of entrepreneurial success in the modern era.

According to the Hurun Research Institute's report, India secured the third position globally with 67 unicorns.

Leading the pack were on-demand delivery startup Swiggy, fantasy sports platform Dream11, both valued at USD 8 billion each, and Razorpay, valued at USD 7.5 billion.

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The report attributed the higher number of offshore unicorns to Indian founders' significant contributions outside their homeland.

The majority of these offshore unicorns were established in the US (95), particularly in the Bay Area, with a few in the UK, Singapore, and Germany.

London emerged as the most active city for unicorns outside of the US and China, followed closely by Bengaluru, Paris, and Berlin.

However, the report noted a slowdown in new unicorn investments in 2024, especially compared to the peak period in 2021, as investor exits became more challenging.

The report concluded with a hopeful message, expressing the potential of unicorns to inspire value creation in new sectors and emphasizing their vital role in the future economy.

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