Indian-born entrepreneurs account for the largest group of immigrant founders of billion-dollar companies, or unicorns, in the US, according to a new study by the National Foundation for American Policy (NFAP).

The US-based non-profit organisation found that 96 American unicorns were founded or co-founded by entrepreneurs of Indian origin. Among them is Perplexity AI, co-founded by Aravind Srinivas, which ranks 12th with a valuation of USD 20 billion.