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21 Indian startups turn unicorn in 2022 outpacing China

Uttar Pradesh now looking to push the startup ecosystem

Notwithstanding challenges for the startup ecosystem in 2022, 21 startups turned unicorn in India compared to seven in China. However, in 2021, 44 startups turned unicorns.

According to Inc42, China’s ‘Zero Covid’ policy and the consequent business disruptions contributed significantly to the decline in the unicorn pace. The website added that Indian startups raised Rs 25 billion in 2022 despite economic uncertainty — a 40 per cent decrease from the Rs 42 billion raised in 2021. However, capital inflows were 2.1X higher than in 2020, the website said, adding that the year 2022 saw an increase in venture capital investments outside of the top three startup hubs of Bengaluru, Delhi NCR, and Mumbai, with emerging startup hubs witnessing a 41 per cent surge in funding.

Last month, Union Minister Piyush Goyal said that the success rate of startups in India is relatively higher than in the rest of the world, Union Minister Piyush Goyal said on Wednesday.

Goyal informed Parliament that the number of recognised startups in India increased from 452 in 2016 to 84,012 as on November 30.

“Startups are prone to failures is a very high probability. Though I must say, the success rate of startups in India is relatively higher than the rest of the world,” the minister said.

Also read: Modi govt sanctions Rs 7,300 crore for big push to startups