Women hold mere 5.8% of board seats in Indian unicorns: PrivateCircle Research
Leading in gender representation are financial sector unicorns, with 16 women directors, followed by software, retail, insurance, travel and hospitality, and emerging technology.
An analysis by PrivateCircle Research has shown that women occupy just 5.8% (76) of the 1,314 board seats across India’s 116 unicorns, highlighting a significant gender gap in leadership.
In comparison, women hold 18.3% of board seats across India Inc, and the global average stands at 23.3%, according to Deloitte’s 'Women in the Boardroom: A Global Perspective' report. This stark contrast comes as a reminder of the need for greater gender diversity in India's startup ecosystem.
At the company level, 48% of unicorns, that is, 56 out of 116, have at least one woman director, while only 11% (13 unicorns) have more than one woman director, noted Private Circle Research.
Leading in gender representation are financial sector unicorns, with 16 women directors, followed by software (8), retail (7), insurance (5), travel and hospitality (5), and emerging technology (4).
Among the companies setting an example with boardroom diversity are MapmyIndia, Incred, mobiKwik, PolicyBazaar, and Zomato.
“Companies with more diverse boards tend to perform better financially,” said Murali Loganathan, Director of Research at PrivateCircle Research. He cited McKinsey’s 2023 'Diversity Matters Even More' report, which found that firms in the top quartile for gender diversity on boards are 27% more likely to outperform financially.
According to the March 2024 edition of Women in the Boardroom report, female representation has increased by 3.6% since 2022, with the timeline for achieving gender parity shortening by seven years.
Edited by Kanishk Singh