Connect with us

Tech

‘This billionaire tech startup’ saw the biggest fall in valuation globally in 2024 – Times of India

Published

on

The Hurun Research Institute’s Global Unicorn Index 2024, a ranking of the world’s startups founded in the 2000s, is out. For context, Unicorns are basically startups worth at least a billion dollars and not yet listed on a public exchange. The world’s unicorns come from 53 countries, up from 48 last year, spread around 291 cities, up from 271. The US led the rankings with 703 Unicorns, followed by China with 340.Hurun found 1,453 Unicorns across the world, a new world record and up 7 per cent or 92 Unicorns.
Byju’s valuation sees steepest fall globally
According to the report, troubled edtech major Byjus was the largest Unicorn to drop out of the list globally in terms of value. Byju’s, which was valued at over $22 billion a year back, dropped off from the list, meaning it is worth less than $1 billion at present. The 2008-founded Byju’s lost its coveted position as it restructured operations and cut costs after increasing losses, the report said, adding, “the former unicorn missed its revenue target for the financial year ending in March last year and is working to resolve a USD 1.2 billion debt”.
Hurun Report chairman and chief researcher Rupert Hoogewerf said about Byjus that some startups indeed fail and receive massive media attention in the process, but added that such companies are vital to an economy.
India sees dip in startup Unicorn numbers
For the first time in many years, India has seen a drop in the number of startup Unicorns from 68 to 67, according to the Hurun Global Unicorn Index. In 2024, the US added 70 new Unicorns, China added 56 new Unicorns, and the rest of the world added 45 new Unicorns. US and China also saw the most dropouts, with 21 and 11 companies ceasing to be Unicorns.
The report also highlights the emergence of new Unicorns in various sectors and regions, with fintech, AI, blockchain, and new energy being the fastest-growing sectors this year and fintech leading the pack.
According to the report by the Hurun Research Institute, India was placed third globally with 67 unicorns, led by on-demand delivery start-up Swiggy and fantasy sports platform Dream11 worth $8 billion each, and Razorpay worth $7.5 billion.
“One factor is that Indian founders produced more offshore unicorns than any other country, co-founding 109 unicorns outside of India compared with just 67 in India,” the report said. Of the unicorns founded outside of India, significantly all were in the US (95), led by the Bay Area, with four in the UK, three in Singapore, and two in Germany, the Index said.

Continue Reading