Is this the end of Byju’s era? Is this the end of a company that redefined education in India with the help of technology? Such questions are being emerging after the latest report titled Hurun Research Institute’s Global Unicorn Index 2024, which is a list of global startups which were founded in the 2000s. Unicorns have reached a record high of 1,453 globally, which is a 7% increase from the previous year. These Unicorns hail from 53 countries and 291 cities. The report reveals a growing entrepreneurial landscape in the world.
However, one notable occurrence is the significant decline in valuation of Byju’s. The edtech company once was valued at more than $22 billion. It has now fallen off the list. It is an indication that the current value of it is below the $1 billion unicorn mark. The drastic shift basically comes from the operational restructuring and cost reduction measures of the company to combat against escalating losses. The company even failed to meet revenue targets for the previous financial year. It is now grappling with a debt of $1.2 billion.
Hurun Report Chairman Rupert Hoogewerf acknowledged that while the challenges faced by Byju’s and other such startups attract media attention, their existence remains crucial with respect to economic dynamism as well as innovation.
India is a burgeoning hub for startup Unicorns. The country has witnessed a slight decrease in their numbers lately and this is for the first time in the period of past several years. It is a drop from 68 to 67. The United States has added 70 new Unicorns. China has added 56 new startups.
The report also simultaneously highlights the emergence of new Unicorns across various sectors such as fintech, AI, blockchain and new energy. India is now at the third-largest position contributing to the global Unicorn tally.
