India Displaced UK To Be 3rd In Race Of Unicorn

Current Affairs

About Unicorn

  • The term is related to venture capital industry 
  • It is first coined by Allen Lee founder of COWBOY
  • It refers to startup that is valued at 1 billion dollar Or more
  • India has added 33 unicorn in the last twelve months resulting in total 119 unicorn out of which 54 are in India and 65 are outside India. 

Reasons For This Boom

  • Thriving digital payment ecosystem. Last year indian made 44 million digital payments, this helped start up to expand their customer base. 
  • Larger smartphone usage. Approx 173 million units of smartphone have been sold in India in previous year. This gave more access to startup
  • Digital 1st business model new start up are technology and data driven which help them to flourish easily. 

These three factor jointly resulted in flourishing of startup ecosystem in india

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