About 40% of these solopreneurs founded fintech unicorns including Cred, Slice, GoDigit Insurance, Acko and others.
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Bengaluru, dubbed India’s Silicon Valley, was the most preferred headquarters location for solopreneurs in the last decade.
The data, however, suggests a higher win rate for startups with two or more founders. It shows that Indian unicorns, on average, have two founders.
Further, the average revenue generated by cofounder unicorns (Rs 2,909 crore) was 32% more than average revenue of solo founder unicorns (Rs 2,196 crore). This is based on the latest available revenue data for each company.
Variation in central tendencies of both groups indicate that on average cofounder-led companies raise more funds than solopreneurs. Central tendency is the statistical measure that represents the single value of the entire distribution or a dataset.
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However, some solopreneur-led unicorns have managed to raise large funding rounds, especially those based in Bengaluru.About six unicorns led by solopreneurs have successfully launched IPOs, while seven unicorns led by founding teams have been listed on the stock exchange.
“The founding team size dilemma is one of the oldest dilemmas faced by startup founders. Ultimately, the choice depends on the individual’s temperament, goals, and the specific dynamics of the venture they are embarking upon,” said Murali Loganathan, director, research at PrivateCircle.
He added that the higher average revenue of cofounder-led companies also hints towards the possibility that two or more founders bring complementary skills, and broader networks, which can lead to more effective resource utilisation, and in turn greater business success.
PrivateCircle considered a list of 113 unicorns for the analysis, out of which 61 unicorns were founded in the last decade. Unicorns are startups valuеd at $1 billion or more.