The Bommai government in Karnataka has revealed plans to install a unicorn logo in the megacity, drawing curiosity among Bangaloreans.
The reason?
It is to feature Bengaluru’s place as the startup capital of India. According to Inc42, a media firm, Bengaluru was named as the top and most funded start-up hub in the country in its ‘The State Of Indian Start-up Ecosystem Report, 2022’.
On Monday, the Chief Minister of Karnataka directed concerned authorities to finalize the installation of the unicorn logo in Bengaluru.
What are unicorn startups?
By definition, unicorns are privately owned start-up firms that are valued at over one billion dollars, without any stock market listings. These startups fall across technology and software, highly lucrative sectors in the booming economy of the country. Earlier on a CrunchBase website, data statistics revealed that out of 53 unicorns in India between 2011-2022, 19 were based in Bengaluru.
What’s so special about Bengaluru?
A melting pot of diversity and inclusion, Bengaluru is the silicon valley capital of India. A dream city for those in tech, the city is renowned as one birthing million-dollar startups, increasing every year. Owing credit to the vast IT ecosystem in Bengaluru, notable unicorns in India include Byju’s, Ola cabs, Flipkart, Swiggy, and CRED among others.
Image credit: Business insider India
On 31 Jan 2022, reports of a survey by Inc42 were presented to the parliament. Called ‘The State Of Indian Start-up Ecosystem Report, 2022’, it mentioned that Delhi has a higher number of startups in India ( around 5000) compared to Bengaluru. However, the latter is leading the way, being the number one spot for unicorns in the country. Inputs from PTI highlight the fact that about 100 startups have crossed the unicorn mark in India, with many more on the way.
Facts about the unicorn logo
Recently, the news agency PTI confirmed that the unicorn logo will be designed by a financial solutions company. Moreover, talks are underway to put up the logo near Vidhana Soudha, the seat of the State legislature and secretariat.
Union Minister Jitendra Singh recently stated in an interview that India ranks third globally in the start-up ecosystem and also in terms of the number of unicorns, after the US and China.
“India, in its 75th year of Independence, is now home to as many as 75,000 unicorns. Moreover, the nation is looking forward to seeing more than 250 unicorns by 2025,” the minister said.
