India’s start-up boom has produced 117 unicorns, making it the world’s third-largest tech ecosystem. But beneath the hype lies a sobering reality—the majority hold no patents at all.
Why India's Unicorns are Missing the Mark on Patents
High valuations, few patents. India's start-up ecosystem has produced several unicorns, but here's the paradox: Even among the profitable ones, very few are innovating
Patent filings
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This lack of intellectual property protection undermines innovation and weakens India’s competitive advantage in global markets
Weak innovation landscape
The two EV start-ups, Ola Electric and Ather Energy together account for almost two-thirds of all patents held by Indian unicorns.
On the other end of the spectrum are 101 unicorns with no patents at all—including well-known names like Paytm, PhonePe, Swiggy and Zomato
A handful of firms have a high share of patents
When it comes to private unicorns, Flipkart holds the highest number of patents and is pursuing more across areas such as supply chain, warehousing and data science
Flipkart stands out among private unicorns
Many unicorns have applied for far more patents than they’ve received, but applications are held up by India’s notoriously sluggish patent-review system
The patent review system slows down the process
And while India lags far behind China and the US, in 2023, it ranked among the top 10 countries in patent applications, according to the World Intellectual Property Indicators report.
However, close to 78% of patents granted in India were to foreign applicants—a sign that foreign entities still overshadow domestic innovation
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India lags far behind China in patent applications
Research: Rakshit Kumar and Nabodita Ganguly | Graphics: Shriya Bhatia
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