Connect with us
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad

Technology

54 tech unicorns expected in India by 2024

New Delhi, Aug 1 

With average time taken to reach unicorn status in India coming down of late, the country is likely to have 54 tech unicorns by 2024, according to a report.

Of this 54 unicorns, 10 are expected to be in the e-commerce and business-to-business segment each, eight in payments and content/social each, five in mobility, education and logistics each, and three in food delivery, said the report by Fosun RZ Capital, a venture arm of Chinese conglomerate Fosun.

In 2018, India had 18 tech unicorns valued at more than $1 billion. The combined valuation of unicorns in India grew to $71 billion in 2018 from $38 billion in 2017.

The report indicated that e-commerce in India has just five per cent penetration of overall retail market, compared with 20 per cent in China, suggesting huge potential for the e-commerce segment to grow in India.

According to Fosun RZ Capital, India is the start-up capital of the world with over 100 active venture capitalists. India saw 21 Chinese VC investments in 2018, it added.