Number of unicorns in India reaches 100, valuation over Rs 25 lakh crore: PM Modi in ‘Mann Ki Baat’

Highlighting that Indian startups have been creating wealth and value even during the Covid-19 pandemic, Prime Minister Narendra Modi on Sunday said that the country has reached a landmark figure of 100 unicorns with a valuation of more than 300 billion dollars.

Addressing the nation during ‘Mann Ki Baat’ radio programme, PM Modi emphasised that India’s startup ecosystem is not limited to just big cities but entrepreneurs are emerging from smaller cities and towns as well.

“On the 5th of this month, the number of unicorns in the country has reached the figure of 100 and you surely know that a unicorn is a startup worth at least seven and a half thousand crore rupees. The total valuation of these unicorns is more than 330 billion dollars, that is, more than 25 lakh crore rupees. Certainly, this is a matter of pride for every Indian,” PM Modi said.

Sharing this month’s #MannKiBaat. Tune in.

— Narendra Modi (@narendramodi) May 29, 2022

Modi said that a record 44 unicorns were established last year amidst the pandemic. “You will also be surprised to know that out of our total unicorns, forty-four came up last year. Not only that, 14 more unicorns were formed anew in three-four months this year. This means that even in this phase of the global pandemic, our startups have been creating wealth and value,” he said.

Modi highlighted that the average annual growth rate of Indian unicorns is more than those of the USA, UK, and many other countries. “Analysts also say that in the coming years there will be a sharp spike in these numbers. The good thing is that our unicorns are diversifying. They are operating in many fields like E-commerce, Fin-Tech, Ed-Tech, Bio-Tech,” Modi said.

“Another thing which I consider more important is that the world of startups is reflecting the spirit of New India. Today, India’s startup ecosystem is not limited to just big cities; entrepreneurs are emerging from smaller cities and towns as well. This shows that in India, the one who has an innovative idea, can create wealth,” Modi said.

Modi further pointed out that in the world of startups, the right mentoring is important. “…behind this success of the country, the youth-power of the land, the talent and the government here, all are putting in efforts together… Everyone is contributing. But, another thing that is important in the world of startUps is, right mentoring, that is, the right guidance. A good mentor can take a startup to new heights… can guide the founders in every way toward the right decision. I am proud that many such mentors in India have dedicated themselves to promote startups,” Modi said.

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