With 39%, Bengaluru tops list of Indian cities on Unicorn Creations

NT Correspondent

Bengaluru: The word ‘Unicorn’ is another term for private fir ms or start-ups with a valuation of over $1 billion.

While India became the home to hundred unicorns in 2022, the recent report by the media firm Inc42 says that Bengaluru topped the list of five cities in the country with a percentage of 39.

The previous report from the Inc42 in 2022 also noted that Karnataka was on top of the list of states in the country in terms of local startup ecosystem development with 62 billion dollars in funding.

Bengaluru secured the top place in both reports, which also mention being the biggest hub for women-led startups in terms of venture capital inflow. While Bengaluru shares 39%, cities like Gurgaon, Mumbai, Noida, and Delhi share 16%, 15%, 6%, and 6% respectively.

The report by the Inc42 2023 also says Bengaluru is home to the highest number of Unicorns in India and is the Indian headquarters of Unicorns. At present, there are 110 Unicorns in the country, which employs more than 4.5lakh individuals directly.

Of that, Flipkart is the biggest employer with 47,859 employees on its payroll, says the report. However, 84% of employment was generated by Bengaluru and Delhi NCR Unicorns to date.

And Bengaluru-based Unicorns emerged as the leader in terms of job creation. Some of the Bengalurubased startups that entered the Unicorn clubs in 2021 are CRED, Blackbuck, and Digit Insurance.

Digit Insurance, the tech-driven general insurance company founded by Kamesh Goyal in 2016 is the first unicorn of 2021, which raised $18 million from existing investors A91 Partners, Faering Capital, and TVS Capital in January at a valuation of $1.9 billion.