Delhi-NCR unicorns hired more than Bengaluru's between August 2023 and August 2024, Report says

Delhi-NCR’s unicorn startups hired the most employees among India’s leading startup hubs from August 2023 to August 2024, surpassing regions like Bengaluru and Mumbai, according to data from private market intelligence firm PrivateCircle.

However, the overall workforce at Indian unicorns shrank by about 6,700 employees during the same period.

Delhi-NCR leads hiring

Delhi-based firms such as PolicyBazaar, Blinkit, and Zomato led a wave of new hires, with PrivateCircle’s research showing 18,554 additional employees in NCR unicorns.

In contrast, Bengaluru—widely regarded as India’s startup capital—added only 2,384 employees, while Mumbai saw a net decline of 7,024.

Among the factors behind Mumbai’s drop, industry insiders point to high-growth companies like Zepto relocating their headquarters to Bengaluru. Still, as a region, Delhi-NCR appears to have gained momentum in attracting and onboarding fresh talent, even though it hosts fewer unicorns in total (26) compared to Bengaluru’s 42.

Chennai on the rise

Chennai emerged as another bright spot, with a net increase of 4,785 employees in unicorn companies. The city has also been attracting foreign corporations’ global capability centers (GCCs), boosting local employment.

Despite some regions adding employees, India’s 116 unicorns collectively employed 410,829 people in August 2024, down from 417,561 in the previous year—an overall net decrease of about 6,700. Much of this contraction can be attributed to the mass layoffs that took place over the last several months.

According to PrivateCircle, many unicorns’ staffing levels have remained relatively stable, even as these companies increase revenues and expand into new markets.

“Unicorns continue to be large employers in India,” said Murali Logananthan, Director of Research at PrivateCircle. “We find that the compounded revenue growth among most unicorns has been in high double digits over a two-year period and yet these unicorns have maintained stable employee numbers.”