Over 100 unicorns in India now, total valuation $330bn: PM Modi

Prime Minister Narendra Modi on Sunday said that the number of unicorns in the country has reached 100 with a total valuation of $330 billion. 

Entrepreneurs are emerging from smaller cities and towns and India’s start-up ecosystem is not limited to just big cities, Modi said during his monthly ‘Mann ki Baat’ radio broadcast.

Out of the total unicorns that have come up in the country, Modi said that forty-four came up last year which is evidence that start-ups have been creating wealth even in this phase of the global pandemic. 

“Not only that, 14 more Unicorns were formed anew in 3-4 months this year… The average annual growth rate of Indian Unicorns is more than those of the USA, UK and many other countries. Analysts also say that in the coming years there will be a sharp spike in these numbers,” he added.

Modi further claimed that Unicorns are diversifying and are operating in several fields such as E-commerce, Fin-Tech, Ed-Tech, and Bio-Tech. 

“Another thing which I consider more important is that the world of start-ups is reflecting the spirit of New India,” Modi said

“India’s start-up ecosystem is not limited to just big cities; entrepreneurs are emerging from smaller cities and towns as well. This shows that in India, the one who has an innovative idea can create wealth,” he added.