Unicorns (those with valuations of $1 billion and above) remain one of the largest employers in India and overall, the 116 Indian unicorns employed 4,10,829 people in August this year, compared to 4,17,561 in the same month last year. were employees, this information was given in a report on Friday.
Unicorn hiring peaked in March, adding more than 42,000 cumulative employees, SaaS-based networking platform PrivateCircle reported.
“Unicorns remain large employers in India. We find that compounded revenue growth among most unicorns has been in high double digits over the two-year period and yet these unicorns have maintained stable employee numbers,” said Dr. Murali Loganathan, Director of Research at PrivateCircle.
This indicates efficient use of human capital even during periods of high growth. They reported that the monthly net change in unicorn employees over the selected time period has been between -0.9 percent and 2.5 percent.
Among all the major startup hubs, Delhi NCR saw the highest growth in the total number of employees between August 2023 and August 2024.
The Chennai-based unicorn added the second most employees, followed by Bengaluru.
In contrast, Mumbai unicorns saw a net loss of 7,024 employees from the cumulative workforce. Pune and Hyderabad have also recorded a decline in their overall workforce numbers.
According to the report, hiring at unicorn startups began in March 2024, which was the highest hiring month with 42,000 employees hired in a month.
“On the other hand, the highest number of employees (39,000) left from unicorn companies in September 2023, which was the highest in the time period under review,” it said. Meanwhile, six unicorns emerged in India's tech ecosystem in 2024, representing a 200 percent increase compared to 2 unicorns in 2023.
The country is expected to have more than 300 unicorns by 2030, up from 100 currently.
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