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India has third largest startup ecosystem, home to 21 unicorns: Ambassador to US

India’s Ambassador to the US Taranjit Singh Sandhu said on Monday that India is now the third-largest startup ecosystem in the world and is home to 21 unicorns valued at $73.2 billion. He also expressed hope that more than 50 startups might join the unicorn club as early as 2022.

“Today India is the third-largest, startup ecosystem in the world and is home to 21 unicorns valued at $73.2 billion. By some estimates, more than 50 soonicorn’ startups might join the unicorn club as early as 2022,” he said.

It is to be noted that a unicorn is a term to indicate a privately owned startup company valued at over $1 billion. Soonicorns are startup companies that have a good possibility of becoming ‘unicorns’, with the chance of acquiring late-stage investment.

He made these statements at the mentoring programme for Indian National Startup Awards 2020 finalists that was co-hosted by the Embassy of India, in partnership with the Department of Promotion of Industry and Internal Trade (DPIIT) and US-India Strategic Partnership Forum (USISPF) on Monday. Read from source….