India adds 23 unicorns in 2022, overtakes China for 2nd consecutive year

India overtook China by adding 23 unicorns in 2022 while the neighbouring country created 11 such startups with valuation of USD 1 billion or more, according to a report released on Wednesday.

For the second time in a row, India topped China creating 23 unicorns in 2022, taking the total number of such high-value companies to 96, as against China's 11 in the year, said a reporty by IVCA-Bain & Co.

However, this year's number is just half of the unicorns created in 2021 when it stood at a record 44, which took the overall number to 73 in that year.

According to the report, nine of the 23 unicorns added in the year have emerged from cities outside of the top 3 metros, indicating a shift to more democratic funding geographically. This means that funding to startups in non-metros grew to 18 per cent of the total inflows share.

The year also many investors raising their largest ever India-focused funds, the report said, adding the SaaS (Software as a Service)-based and fintech players .