China only produced seven unicorns in 2022, while 21 Indian startups turned unicorns during the year
However, India saw a 54% decline in the number of unicorns produced compared to a record 44 in 2021
China’s ‘Zero COVID’ policy and the consequent business disruptions contributed significantly to the decline in the unicorn pace
Even as a funding slowdown plagued the Indian startup ecosystem in 2022, the country produced 21 new unicorns during the year, four times more than that produced by the world’s second-largest startup ecosystem China.
According to Crunchbase, China only saw seven startups turning unicorns this year. Meanwhile, 21 Indian startups joined the $1 Bn valuation club to take the total number of unicorns to 108 in the country.