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India Challenges China on Unicorn Race

India is accelerating startup growth at a high level according to Inc42: "The data suggests that India is now minting unicorns faster than any other country in the world, leaving China, which has 174 unicorns, behind to take the crown. Israel closely follows India with 96 unicorns and is on its way to entering the three-figure mark."

  • In the last 20 months, the Indian startup ecosystem churned out 60% of the country’s 105 unicorns
  • According to Inc42’s ‘The State of Indian Startup Ecosystem Report 2022’, India will have 250 unicorns by 2025, second only to the US
  • India’s unicorns are valued collectively at $341 Bn, having raised $93 Bn in funding over the last two decades

Of course, China has no chance when its government does not want to see unicorns. Most of its edtech unicorns are not nonprofits by law.