India outdoing China in producing tech unicorns while Pakistan awaits first homegrown unicorn

In minting new unicorns – private startups with a size of up to one billion dollars or more, India quickly closes the split with China.

According to Nikkei Asia, 15 firms from India collected money in the last year for the first time at an estimate of $1 billion or more. In 2021, 10 of them were unicorns. In contrast, only two of China's fifteen firms have entered the list in 2021 in the last year.

The digital economy of India has been lagging behind China but it is quickly recovering.

With 138 unicorns and more than four times as many in India China is dominated by the total unicorn list in Asia. Some of China's largest unicorns, including Tiktok operator Bytedance with an estimate of $140 billion, are also much larger in scale. The largest unicorn in India, though, is One97 Communications, the $16 billion electronic payments app Paytm.

Pakistan, by contrast, has only three unicorns worth $3.1 billion for Careem, $1,6 trillion for Afiniti, and $1,25 trillion for KeepTruckin. These businesses are either initiated or run from the Silicon Valley by Pakistani non-residents. The first homemade unicorn of Pakistan has yet to await.

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