Uttar Pradesh (U.P.) has emerged as the fourth-largest startup ecosystem in the country, featuring eight Unicorns and two potential Soonicorns, soon to be Unicorns.
With startups spread across all 75 districts, the state has achieved its goal of establishing 10,000 startups by mid-2023, surpassing the original target of 2025.
According to KPMG, a state government agency that tracks investment data, U.P. is home to eight out of the 108 unicorns in the country. These include Paytm, Paytm Mall, India Mart, Moglix, Pine Labs, Innovaccer, InfoEdge and Physics Wallah. A unicorn startup is one with a valuation exceeding one billion dollars, and currently, there are over 108 such startups in India.
Soonicorns are startups with the potential to reach unicorn status in the near future. Currently, Uttar Pradesh hosts two Soonicorn startups, including Class Plus and InShorts. The state’s startup ecosystem also includes Minicorns, which are startups with valuations surpassing one million dollars.
This report highlights that U.P.’s startup ecosystem ranks fourth in the nation. These startups have a presence in all 75 districts, with 49 percent of them originating from Tier 2 and Tier 3 cities. Notably, these startups have created employment opportunities for approximately one lakh individuals in the state.
Along with this, the state is witnessing the emergence of agri-tech-based startups, contributing to rural infrastructure development and job creation. The state government has already allocated ₹1000 crore to the U.P. Startup Fund and established 63 incubation centers across 23 districts.
The state government is actively promoting startups in sectors such as Artificial Intelligence, drones, Med Tech, Blockchain, 5G, 6G, Quantum Computing, Additive manufacturing, and Space Tech, showcasing its commitment to nurturing innovation and technological advancement.