New Delhi, Dec 7 (KNN) Owing to a significant fall in share of valuations of startups, India’s unicorn (with the USD 1 billion valuation and above) list has dropped to 85 from more than 100 a couple of months ago, said Finbold.

Amid the prevailing global economic turmoil the investors have also chosen to stay back.

As of November 2022, US has the highest number of unicorns at 704 while China comes a distant second with 243 unicorns, said the data compiled by Finbold.

“The United Kingdom ranks fourth with 56, while Germany ranks fifth with 36 unicorns. Indeed, the US has at least double the number of unicorns compared to both China and India combined,” according to the report.

In May 2022, India welcomed its 100th unicorn, which was Bengaluru- Indian startups raised more than USD 42 billion across 1,583 deals in 2021 and the country say 42 unicorns last year, taking the number to 86.

In the first half of 2022, India added 14 new unicorns, according to the Hurun Global Unicorn Index 2022, as the funding winter hit the startup ecosystem which has only gone worse with thousands of employees being asked to go.

The startup ecosystem's funding winter could last another 12 to 18 months.

Mirroring a global trend in decline in the number of new unicorns only two startups in India, Shiprocket and OneCard, attained unicorn status in the July-September period, as per PwC India report.  (KNN Bureau)