Why Unicorn logo will be installed in Bengaluru?

Bengaluru, Aug 23: The Karnataka government is prepping up to install a Unicorn logo in Bengaluru as the state has huge number of startups and unicorns.

Chief Minister Basavaraj Bommai has instructed officials to identify a suitable place in the city to put up the Unicorn logo, aimed at highlighting Bengaluru for having the most number of startups and unicorns in the whole country.

The works on the design and logo structure is in progress. A financial solutions company is reportedly making the design.

"Since Bengaluru has the most number of startups and unicorns in the whole of country, a suitable place must be identified in the city to put up the unicorn logo in order to highlight and encourage it," Deccan Herald quoted Bommai as saying at a meeting. It is likely to come up in between Vidhana Soudha and Vikas Soudha, sources informed the daily.

The term 'Unicorn' refers to the rarest of the rare startups who become Unicorns attaining a valuation of more than USD 1 billion. The Indian Startup Ecosystem, the third-largest in the world in number of Unicorns, as of 5th May 2022, is home to 100 unicorns with a total valuation of USD 332.7 billion.

It has to be noted that Bengaluru is home to nearly 5,000 startups and 53 startups turned unicorns in 2021-22, as per Crunchbase.