India ranks third with 72 unicorn companies, with a total valuation of $195.75 billion. The country’s unicorns make a substantial 5 per cent contribution to the total global unicorn valuation, according to research by Journalistic Org. The first Indian company to make an appearance in global rankings is BYJU’s, which stands at 36th place with a valuation of $11.50 billion.

Despite a lower average valuation per unicorn at $2.72 billion compared to some counterparts, India’s unicorns make a substantial 5 per cent contribution to the total global unicorn valuation. This places India in league with the UK, emphasising its significance in the international start-up arena. China has the second-highest number of unicorn companies, with a combined valuation of $641.67 billion, accounting for 17 per cent of the total valuation of all unicorn companies in China. ByteDance - the parent company of TikTok - is the highest-valued company in China, and is valued at over $225 billion. 

The US has the highest number of unicorn companies worldwide with an impressive 668 - over three times more than China in second place (172). Unicorn companies in the US have a combined valuation of over $2 trillion, accounting for over half (54 per cent) of the total valuation of unicorn companies, the report notes. 

Leading sectors

The research commissioned by also reveals that the enterprise tech industry dominates unicorn companies, boasting a total of 377 with a combined valuation of just over $1 trillion. Enterprise tech is projected to remain in its position as a leading industry, surpassing growth and total valuation projections by 2027.

Within the financial services sector, 216 companies boast a combined valuation of $706 billion. Despite having the same number of unicorn companies, those in the financial services industry have a 10 per cent higher total valuation than the consumer and retail industry. The consumer and retail industry ranks third (216), with a  collective valuation of over $631 billion, according to the report.