According to a survey released, India has surpassed the United Kingdom to take third position in the list of nations that are home to such firms valued at more than $1 billion each, after adding 33 'unicorns' in a single year. Last year, India was ranked fourth in the world for the number of unicorns. According to the data produced by Hurun Research Institute, the United States and its northern neighbour China, who are in first and second place, are well ahead.

The United States added 254 unicorns, bringing its total to 487, while China added 74, bringing its total to 301 start-ups valued at over $1 billion, according to the report.

According to the report, the top two occupants house 74% of the unicorn universe, with 673 'new faces' and 201 drop-offs on the overall list.

As going public or being bought, 28 percent of the drop-offs, or 162 firms, were 'promoted' out of the unicorn list, while 7%, or 39 companies, were 'demoted' after their valuations fell below $1 billion.

To designate a unicorn, the institution looked at companies founded in this century, and the list will be updated through November 2021.

The United Kingdom added only 15 unicorns, bringing their total to 39, and was so ousted by India, according to the report.

"India is in the midst of a start-up boom, more than doubling its unicorns to take the country's official tally of unicorns to 54, and overtake the UK to third place in the world," Hurun Report India's Managing Director and Chief Researcher Anas Rahman Junaid said.

He claims that, in addition to domestic businesses, Indians have launched 65 unicorns abroad, mostly in Silicon Valley.

According to the report, edtech start-up Byju's is the most valuable unicorn in India, with a valuation of $21 billion, followed by Inmobi ($12 billion), Oyo ($9.5 billion), and Razorpay ($7.5 billion).

Bengaluru has the most unicorns of any Indian city, according to the report, with the financial capital, adjacent cities of Pune and Thane, and Gurugram also having candidates.