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Despite the ongoing ‘funding winter’, which can impact startup valuations, the number of unicorns or startups valued at over $1 billion will grow by 122 to cross the 200 companies mark in the next four years, a report said on Wednesday.

The number of unicorns stand at 84 right now as against 51 in the year-ago period, and there are 122 others valued at over $200 million, which can achieve the unicorn status in the next two to four years, Hurun Research Institute said.

According to reports, a ‘funding winter’ is upon the otherwise fledgling Indian startup ecosystem due to various reasons like liquidity conditions getting tighter all across the world.

The report, which has been done in association with ASK Private Wealth, said the 122 companies most likely to achieve the ‘unicorn’ status are valued at $49 billion, which is a 36 percent jump since last year.

At present, these 122 companies employ 82,300 people, as per the ASK Private Wealth Hurun India Future Unicorn Index 2022.

Venture capital fund Sequoia is the most popular backer of unicorns, having invested in 39 out of 122 unicorns, followed by Tiger Global (27 unicorns).

The list classified startups into two categories and said that 51 companies can achieve unicorn status in two years, while 71 can do so in up to four years.

The 2017-founded logistics tech startup Shiprocket is most likely to achieve the unicorn status, followed by quick commerce company Zepto and ecommerce player Turtlemint, it said.

“The country’s startup ecosystem is expanding at an unprecedented rate. In just one year, the number of unicorns has increased by 65 percent,” Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun India, said.