India has 7 unicorns – and they're just part of the country's growth story
![Bhavish Aggarwal, CEO and co-founder of Ola, an app-based cab service provider, poses in front of one of the company's vehicles..](https://assets.weforum.org/article/image/large_7IKkX--EfDAiRUk7CMyrBiXovQgwBskRqF4sTnYSma0.jpg)
Bhavish Aggarwal, CEO of app-based cab company Ola Image: REUTERS/Shailesh Andrade
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India
Unicorn. Single-horned mythical creature. Or a private company valued at over US$1 billion.
In India, and around the world, both were once nothing more than fantasy. Now though, as India’s economy grows and tech start-ups pop up everywhere, India can boast seven. (That’s private companies, not mythical creatures.)
India’s 7 unicorns
![These are India's 7 unicorns](https://assets.weforum.org/editor/EucE9MqFESd5NfYmDBRPbmuB03qhqmC4VnqQ5Sf3cKY.png)
Seven companies on Fortune’s 2016 Unicorn List are in India. That’s more than South Korea, the Netherlands and Canada combined.
The biggest is Flipkart, an e-commerce firm based in Bengaluru (also called Bangalore). Its valuation is nearly three times higher than second-placed Ola.
The majority of Indian unicorns are focused on e-commerce. This latter is an area of great potential in India. Underpinned by an enormous and increasingly well-educated youth population, e-commerce is set to drive consumer spending, according to a Goldman Sachs report.
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Government support
The Indian government’s Start-up India initiative aims to encourage entrepreneurship and innovation, with the goal that “India must become a nation of job creators instead of a nation of job seekers”.
A strong demographic dividend, entrepreneurial ecosystem and vast potential domestic market are all vital factors in India’s potential. And healthy economic growth is predicted.
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The World Economic Forum’s India Economic Summit 2016 will take place from 6-7 October.
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