India is the world's third largest startup hub, 21 unicorns and 29 unicorns are home here
India's Ambassador to the US Taranjit Singh Sandhu said at an event that India is currently the third largest startup ecosystem in the world and has 21 unicorns worth USD 73.2 billion. He expects that by 2022, more than 50 startups can join the Unicorn Club.
Unicorns are startup companies whose value is more than one billion dollars. Sandhu said that entrepreneurship has grown rapidly in India. India was one of the top 50 innovative economies in 2020. He said that today India is the third largest startup ecosystem in the world and is home to 21 unicorns worth $73.2 billion.
By 2022, more than 50 sunicorn startups may join the unicorn club, according to some estimates. Sunicorns are startups that have the potential to become a unicorn. Sandhu was addressing an event of the Indian National Startup Awards 2020. The co-sponsor of the event was the Embassy of India.
The event was organized in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT) and the US-India Strategic Partnership Forum. According to a recent report, Indian startups have raised USD 9.3 billion till mid-December this year, Sandhu said.
