UNLEASHING INDIA'S DIGITAL POTENTIAL: INFORMATION AND TECHNOLOGY INDUSTRY OUTLOOK 2023

Monday, August 14 2023

India is acknowledged as a prominent international centre for IT services and has emerged as the third-largest startup ecosystem globally with a remarkable count of over 100 unicorns. Till FY 2016-17, approximately one unicorn was being added every year. Over the past four years (since FY 2017-18), this number has been increasing at a rapid pace, with a whopping 66 per cent Year-on-Year (YoY) growth in the number of additional unicorns being added every year. As of 31st May 2023, India is home to 108 unicorns with a total valuation of USD 340.80 billion. Out of the total number of unicorns, 44 unicorns with a total valuation of $ 93.00 billion were born in 2021 and 21 unicorns with a total valuation of USD 27 billion were born in 2022.

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