India now has 72 unicorns at total valuation of $196 bn: Report

India is ranked third with 72 unicorns (companies with a valuation of $1 billion and above), after the US (668) and China (172), according to the report from Forex.com, via data obtained and analysed from CB Insights.

Despite a lower average valuation per unicorn at $2.72 billion compared to some counterparts, India's unicorns make a substantial 5 per cent contribution to the total global unicorn valuation.

This places India in league with the UK, emphasising its significance in the international startup arena, the report mentioned.

The US has the highest number of unicorn companies worldwide with an impressive 668 -- over three times more than China in second place (172).

Unicorn companies in the US have a combined valuation of over $2 trillion, accounting for over half (54 per cent) of the total valuation of unicorn companies.

The research commissioned by Forex.com also revealed that the enterprise tech industry dominates unicorn companies globally, boasting a total of 377 with a combined valuation of just over $1 trillion.

The highest-valued company within the enterprise tech sector is Canva, with an impressive valuation of $40 billion. Canva has the fifth highest valuation out of all global unicorn companies.

Enterprise tech is projected to remain its position as a leading industry, surpassing growth and total valuation projections by 2027.

Within the financial services sector, 216 companies boast a combined valuation of $706 billion. Stripe claims the title for the highest-valued company within financial services valued at $50 billion and ranks fourth overall.

Despite having the same number of unicorn companies, those in the financial services industry have a 10 per cent higher total valuation than the consumer and retail industry. The consumer and retail industry ranks third (216), with a collective valuation of over $631 billion.

The unicorn with the highest valuation within this industry is Shein, valued at $66 billion, ranking third globally. Shein is valued at $8.17 billion higher than the combined valuation of all 27 unicorn companies in the insurance industry ($57.83 billion), the report mentioned.