Unicorn Companies Remain Key Employers in India: New Report
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Bengaluru, Dec 20 (NationPress) Unicorn companies (valued at $1 billion and above) are still recognized as significant employers in India. A recent report indicates that a total of 116 Indian unicorns provided jobs to 410,829 individuals in August this year, a slight decrease from 417,561 employees reported in the same month last year.
The peak of unicorn hiring occurred in March, with a remarkable addition of over 42,000 employees during that month, as noted in the report by the SaaS-based network platform PrivateCircle.
Dr. Murali Logananthan, the Director of Research at PrivateCircle, stated, “Unicorns remain large employers in India. We observe that the compounded revenue growth among most unicorns has been in high double digits over a two-year span, while these unicorns have successfully maintained stable employee numbers.”
This trend indicates an efficient use of human resources even amid substantial growth. The monthly net variation in the unicorn workforce has fluctuated between -0.9 percent and 2.5 percent throughout the analyzed period, he informed.
Among various startup hubs, Delhi NCR experienced the highest number of employee additions from August 2023 to August 2024.
Following that, Chennai based unicorns recorded the second-highest growth in employee numbers, with Bengaluru coming in third.
Conversely, unicorns in Mumbai encountered a net reduction of 7,024 employees from their total workforce. Pune and Hyderabad also faced declines in their workforce statistics.
Hiring within unicorn startups surged from March 2024, culminating in peak hiring with 42,000 employees brought on board in a single month, as per the report.
However, it was reported that 39,000 employees departed from unicorn firms in September 2023, marking the highest turnover during the reviewed timeframe.
Moreover, India's technology landscape has seen the rise of six new unicorns in 2024, reflecting a 200 percent increase compared to just two unicorns in 2023.
Forecasts suggest that the country is likely to have over 300 unicorns by 2030, up from more than 100 currently.
