Karnataka Cheif Minister Basavaraj Bommai instructed officials to find a location to install a unicorn in Bengaluru.
Story so far: Since Bengaluru is home to about 5,000 startups, the Karnataka CM wishes to establish a structure that will display a unicorn in the city, representing Bengaluru as the startup capital. The term unicorn is used to describe private companies that have a $1 billion valuation.
- According to Crunchbase, 19 of 53 Indian startups in Bengaluru turned unicorns in 2021-22.
- The idea behind setting up a unicorn ‘logo’ is to encourage and highlight startups in the city, according to Bommai.
New attraction: Sources suggest that the logo will be set up between Vidhana Soudha and Vikas Soudha. The state government hopes that the new structure will be accepted as an attraction in the city.
- The responsibility of designing the structure is vested in a financial solutions company, and it will be installed in the designated place in a few months.