Entrepreneurship Industry News

IIT entrepreneurs develop fourth largest number of start-ups globally

NEW DELHI, APRIL 7 (ENA) Entrepreneurs who have graduated from Indian Institutes of Technology (IITs), have achieved worldwide appreciation by building the fourth-largest number of start-ups that are valued at more than $1 billion, according to an analysis done by a software firm, Sage, United Kingdom.

At present, India is in the third place in terms of start-ups and IITians have played a significant role in building 12 Unicorns and stood at the fourth place across the globe in terms of the number of Unicorns. Stanford University is in the first place with 51 Unicorns followed by Harvard University with 37 and the University of California with 18. IITs overtook the Massachusetts Institute of Technology (MIT) in the list. The alumni of MIT have set up 9 Unicorns so far.

Binny Bansal and Sachin Bansal, co-founders of Flipkart, India’s largest e-commerce firm graduated from IIT, Delhi. In contrast, co-founder of Snapdeal, Rohit Bansal is from IIT, Kanpur. InMobi and Adtech firms were also founded by the graduates of IIT Kanpur. All these startups turned out to be profitable ventures last year.

Likewise, Ankit Bhati and Bhavish Agarwal, the co-founders of India’s largest taxi aggregator Ola, were the graduates from IIT, Madras.

IITs are the leading technical institutes in the country after Indian Institute of Science (IIS). Most of the top most companies prefer to hire graduates from these institutes. These institutes also motivate students in starting their own ventures

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