India is quickly closing the hole with China in minting new unicorns – privately held startups with worth reaching as much as $1 billion or extra.

Over the course of the previous 12 months, 15 corporations from India raised capital at a valuation of $1 billion or extra for the primary time, in keeping with Nikkei Asia. 10 of them had grow to be unicorns in 2021. By comparability, solely two of the 15 corporations from China that joined the listing over the previous 12 months did so in 2021.

India’s digital financial system has lagged behind China, however its quickly catching up.

China nonetheless dominates the general unicorn listing in Asia with 138 unicorns, greater than 4 occasions the quantity in India. A few of China’s largest unicorns are additionally a lot bigger in measurement, comparable to Tiktok operator Bytedance, which has a valuation of $140 billion. Nonetheless, India’s largest unicorn is One97 Communications, the cell funds app Paytm, price $16 billion.

However, Pakistan has solely three unicorns within the type of Careem valued at $3.1 billion, Afiniti at $1.6 billion, and KeepTruckin valued at $1.25 billion. Nonetheless, these corporations have both been began by non-resident Pakistanis or function out of the Silicon Valley. Pakistan nonetheless awaits its first homegrown unicorn.

Supply: Nikkei Asia