India displaces UK to be 3rd top country hosting unicorns

With 54 unicorns in total, India has displaced the United Kingdom (UK) to bag the third top spot in the list of countries with the most number of such companies, a report released by Hurun Research Institute showed on 23 December. Last year, India was ranked at the fourth spot. Unicorns are privately held start up companies having a valuation of more than $1 billion.

The start-boom helped it to add 33 unicorns during the entire year. This is higher than the UK which added 14 such companies during the year. In addition to the domestic companies, there are 65 unicorns founded by Indians abroad, mainly in Silicon Valley, the report noted.

In total, Indians founded 119 unicorns of which 54 are in India and 65 of them are in abroad.