We often talk about Unicorns like Uber, Snapchat, Pinterest, etc. But what are they and how can one startup be a Unicorn? In this article, we will be knowing about Unicorn startups and how you can be one.
What Is A Unicorn?
The startup in any venture capital industry that attains a worth of $1 billion is termed as a Unicorn startup. This term was coined by Aileen Lee, who is the founder of the Cowboy venture when she mentioned 39 startups that were of more than $1 billion valuations as Unicorns. Primarily the term was used to lay importance on the infrequency of such startups. This definition of a unicorn startup has remained unaltered since that time. However, the number of such startups has increased to a great extent. Apart from that, there are many upcoming unicorn startups 2021 that are yet to come.
Features Of Unicorn Startups
To be among the new unicorn startups 2021 is not a cakewalk and each unicorn these days has its own story along with some features that worked for them. Here is a list of all those features that have helped the companies to attain this position.
- Disruptive Innovation: Mostly, all the unicorn startups have conveyed a disruption in the arena they belong to. Uber, for instance, altered the way people exchanged. Airbnb altered the way people made plans about their stays while they were traveling, and Snapchats and disturbed the use of social media networks and many more.
- The “Firsts”: It has been witnessed that unicorns are mainly starters in their sector. They alter the way in which people do things and gradually formulate a requirement for themselves. They are also seen to keep up the innovation and also keep it running to remain ahead of the competitors that might boom later.
- High on tech: Another common unicorn startup is that their business models operate on technology. Uber got its structure accepted by creating a friendly application. Airbnb made the world look smaller by making the best out of the WWW.
As per the latest report that recommends 87% of the unicorn products are software, 7% hardware, and the remaining 6% are other services and products.
- Consumer-focused: again as per reports, 62% of these unicorn startups are B2B companies. Their aim is to simplify and make the things easy for users and be a part of their regular life. Keeping their products or services affordable is another important highlight that these startups focus on. For instance, Spotify made listening to music very much easier.
- Privately owned: Most of the unicorn startups are owned privately which receives their valuation bigger when an established business invests in them.
List Of Unicorn Startups In India
Now that the idea of unicorns is clear to you, let us quickly have a look at the unicorn startups in India 2021. This will include the unicorn companies 2021.
Among the list of startup companies in India, this is one. Flipkart is the success story of Binny Bansal and Sachin Bansal, two friends. This startup was founded in 2007 and is listed as the biggest e-commerce brand in India. Among all other e-commerce startups in India, Flipkart is at the front with a present valuation of over $15.5 billion.
The second unicorn startup India is PayTM. When mobile just entered into the lives of the layman, One97 Communications that was founded in 2010, founded PayTM in the same year. This company was founded by Vijay Sekhar. Gradually One97 Communications shifted from top-service to train and bus ticket booking, bill payment provider, to complete payment service provider. With the present day valuation of nearly $2 billion, this provider has certainly traveled a long way.
Meesho offers a reselling platform for medium and small sized businesses that enables them to initiate their online venture via social media channels like Instagram, WhatsApp, and Facebook. This unicorn startup was founded by Aatrey and Sanjeev Bansal in 2015. This company that is based in Bangalore has registered nearly 100k registered suppliers to more than 26k postal codes in more than 4000 cities, creating more than INR 500 Cr in income for individual entrepreneurs.
The term ‘unicorn’ has traveled a long way from just being a creature in mythology to a normal feature in finance and business discussion. Presently, the unicorn startups have gained recognition and have created a place for themselves in the industry. Having said that, it is not mandatory that all the startups that are unicorns will succeed. There are many failed unicorn startups as well in the market.