Forty-four Indian tech unicorns have generated huge value for founders, employees, investors, and the economy by creating $106 billion in value, resulting in direct and indirect employment of 1.4 million-plus jobs annually.
Over the last decade, these unicorns with a valuation of over a billion dollars include MakeMyTrip, InMobi, Paytm, Byjus, Cars24, Ola and others have cumulatively created $106 billion value for the startup ecosystem, according to Indian Tech Unicorn Report 2020 by Orios Venture Partners, an early-stage venture capital fund.
While the financial payments sector saw the maximum number of unicorns, retail and SaaS were a close second. Other verticals include logistics, data analytics, travel, food, and gaming. In 2020, 12 startups including Razorpay, PineLabs, Zerodha, and Postman, joined the coveted unicorn club, the highest ever in a year. At $16 billion, Paytm continues to be the most valuable unicorn, followed by edtech startup Byju’s.
“The Indian startup ecosystem has generated tremendous value for founders, employees, investors, and the economy. Most of these are backed by technology and that is the key differentiating factor between unicorns of the 21st century versus the prior era,” said Rehan Yar Khan, managing partner, Orios Venture Partners.
Interestingly, 41% of unicorns are from India’s startup capital Bengaluru, followed by Delhi at 34% and Mumbai at 14%. Startups in the country are also likely to see a rush of initial public offerings (IPOs) this year, aided by improving profitability and scale in various verticals.
While MakeMyTrip, JustDial, and Naukri are the only unicorns to have been listed so far, multiple firms such as food delivery startup Zomato, logistics firm Delhivery, Walmart-owned Flipkart, and e-tailer Nykaa are expected to enter the public market this year.