A Credit Suisse report has named container glass manufacturer Piramal Glass as one of 100 unicorn start-ups from India.

The research report reveals that the nation has 100 unicorn companies with a combined market capitalisation of $240 billion.

A unicorn company, or unicorn start up, is a private company with a valuation over $1 billion. As of March 2021, there were more than 600 unicorns around the world.

The reasons for an explosion of unicorns in India, according to the report, are inflow of funding, expansion of the internet, penetration of mobile phones and highly-skilled human resources.

The highest growth and capita is expected in the FinTech companies and education technology companies like Byju's, that has grew exponentially during the Covid-19 lockdown.

The report highlighted non-conventional sectors like software-as-a-service (SaaS), gaming and logistics, where growth has been registered.

"These are only at the top of a fast-growing pyramid of 80,000 start-ups in India, which are incrementally now nearly 10% of new companies formed every year; the number of firms is up 70% in 8 years," the report said.