India is the third largest producer of unicorns with 72 companies valued at $195.75 billion

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largest unicorns

As the Ministry of Corporate Affairs (MCA) contemplates stricter scrutiny for unicorn companies, a recent study commissioned by has unveiled comprehensive insights into the global unicorn landscape. Analyzing data from CB Insights, the research sheds light on the countries and industries that are most prolific in producing these high-valued startups.

India has emerged as a significant player, securing the third position with an impressive count of 72 unicorn companies and a combined valuation of $195.75 billion.

largest unicorn countries list

BYJU’s, the inaugural Indian company to secure a spot in these rankings, holds the 36th position with a noteworthy valuation of $11.50 billion. Despite sporting a comparatively lower average valuation per unicorn at $2.72 billion in contrast to certain counterparts, the collective contribution of India’s unicorns to the global unicorn valuation is a substantial 5%. This aligns India with the UK, underscoring its significance in the international startup arena.

China claims the second-highest number of unicorn companies, boasting a combined valuation of $641.67 billion, with ByteDance, the parent company of TikTok, standing out as the highest valued company in China at over $225 billion.

The United States, with an impressive 668 unicorn companies, surpasses all other nations, holding a commanding lead. The unicorn companies in the US have a combined valuation of over $2 trillion, constituting 54% of the total global unicorn valuation.

The research further delves into the industries producing these unicorn companies globally.

unicorns across industries

The enterprise tech industry takes the lead with 377 companies, amassing a total valuation of just over $1 trillion. Canva, with a valuation of $40 billion, emerges as the highest-valued company within this sector and the fifth highest globally. Projections indicate that enterprise tech is poised to maintain its position as a leading industry, surpassing growth and valuation expectations by 2027.

In the financial services sector, 216 unicorn companies contribute to a combined valuation of $706 billion. Stripe leads the pack with a valuation of $50 billion, securing the fourth position globally. Notably, the financial services industry outpaces the consumer and retail sector in total valuation by 10%, despite having the same number of unicorn companies.

The consumer and retail industry, ranking third with 216 unicorn companies, boasts a collective valuation exceeding $631 billion. SHEIN, with a valuation of $66 billion, stands out as the highest-valued unicorn in this industry, securing the third position globally. Notably, SHEIN’s valuation surpasses the combined valuation of all 27 unicorn companies in the insurance industry, which stands at $57.83 billion.

The findings from this research provide valuable insights into the dynamic landscape of unicorn companies globally, emphasizing the diverse contributions of nations and industries to the ever-evolving startup ecosystem.

Read next: 6 AI trends for 2024 that will guide CIOs to digital success

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