The Hurun Research Institute’s Global Unicorn Index 2024 has been released, showcasing the world’s most valuable startups founded in the 2000s. Unicorns, which are startups worth at least a billion dollars and not yet listed on a public exchange, have seen a significant increase in numbers. The report revealed a new world record of 1,453 Unicorns across 53 countries, up 7% from last year.
The United States led the rankings with 703 Unicorns, followed closely by China with 340. However, one notable drop in value was seen with troubled edtech major Byju’s. The Indian startup, once valued at over $22 billion, has now dropped off the list due to restructuring and financial challenges. Byju’s is now worth less than $1 billion, highlighting the volatile nature of the startup ecosystem.
India itself saw a dip in the number of startup Unicorns, dropping from 68 to 67. This decline comes as the US and China added 70 and 56 new Unicorns respectively. The report also highlighted the emergence of new Unicorns in sectors such as fintech, AI, blockchain, and new energy, with fintech leading the pack.
Despite the challenges faced by some startups, Hurun Report chairman Rupert Hoogewerf emphasized the importance of these companies to the economy. The report also noted that Indian founders have produced more offshore unicorns than any other country, with 109 unicorns founded outside of India. This trend highlights the global reach and impact of Indian entrepreneurs in the startup world.