India leads with 96 unicorns. The list only counts the survivors.
NFAP's 2026 report ranks India the No. 1 country of origin for immigrant founders of U.S. billion-dollar startups. We audited all 96.
96
on the 2026 list
17
marked down or laying off
6
of those, on stale marks
24
not solely Indian-founded
The unicorn list only counts companies worth $1B today, so a startup drops off the moment it fails or falls below the line. That makes the headline count a survivors' gallery. We pulled all 96 India-founded companies and checked each one's current health. 17 are marked down or laying off, and 6 of those run on stale marks that would not clear $1B if priced now. Another 4 already fell below $1B and off the list since 2022 (Lacework, Truepill, Biofourmis, Hasura). Only 72 of the 96 are solely Indian-founded. The other 24 are mixed-nationality teams, which NFAP also counts toward other countries' totals.
Healthy: stable or up-round Distressed: marked down or laying off Zombie: stale mark, likely below $1B today