India adds 14 unicorns in 2022 first half, builds 70K startups in 8 years

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NEW DELHI: Before the funding winter hit the Indian start-up ecosystem, the country gave birth to at least 14 unicorns in the first five months of the year.

According to Union Science and Technology Minister Jitendra Singh, the country has risen from 300 to 70,000 start-ups in the last 8 years, which is a massive 20,000 per cent increase.

“We should aim at a sustainable startup ecosystem because start-ups are going to determine the future economy of India. It is a matter of pride that globally out of every 10 unicorns, one is Indian,” the minister said during an event organised by the PHD Chamber of Commerce and Industry recently.

“The concept of start-up is still new to India so we should work collectively in this direction. We should explore sectors like agriculture, dairy and space which has immense potential and are exclusive to us,” Singh added.

According to a report by market intelligence provider Tracxn, 14 Indian companies turned unicorns between January and June 1.

Last year, India saw 13 unicorns in the same time period.

Union Minister of State for Commerce and Industry Anupriya Patel highlighted the astonishing growth of the start-ups in a short span of time.

“Start-ups are fuelled by innovation and entrepreneurial spirit, spreading across the length and breadth of the nation. More than 50 per cent of start-ups are witnessed in tier 2 and 3 cities which are a sign of great success,” she told the gathering.

Nearly 47 per cent of start-up businesses have women as their director or CEO. India today has more than 70,000 DPIIT-recognised start-ups.

PHDCCI President Pradeep Multani said by leveraging its strengths in human capital and ICT (information and communications technology) services, and transitioning to a digital and knowledge-based economy, “India is fast becoming a breeding ground for innovation and start-ups”.

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