Indian entrepreneurs have emerged as the largest immigrant group behind America’s billion-dollar startup ecosystem, founding or co-founding 96 US unicorns, according to a new study that underscores the growing influence of Indian talent on the world’s biggest innovation economy.The report by the National Foundation for American Policy (NFAP) found that immigrants have founded or co-founded 455 of America’s 775 privately held startups valued at $1 billion or more, accounting for 59% of all US unicorn companies. India ranks first among countries of origin, ahead of Israel, the United Kingdom and China.The findings come amid an increasingly heated debate in the United States over skilled immigration, H-1B visas and employment-based green cards — pathways that have enabled thousands of Indian students and professionals to build careers and companies in America.“The research indicates that more open immigration policies will produce more startup companies in America, including cutting-edge companies that transform industries and employ many Americans. On the other hand, immigration restrictions could threaten America’s technological leadership and competitiveness,” said Stuart Anderson, executive director of NFAP and author of the report.Anderson said the entrepreneurs highlighted in the study “typically came from modest means, including as children or international students, before achieving the American Dream” and often owed their success to sacrifices made by their parents.The report found that nearly two-thirds of all US unicorns were founded or co-founded by immigrants or the children of immigrants, while almost 80% have either an immigrant founder or an immigrant occupying a key leadership role.India comfortably ahead of other countriesIndia’s lead over every other country is substantial.

The report examined 775 privately held US startups valued at $1 billion or more as of April 2026. India’s tally means nearly one in eight American unicorns has an Indian-born founder.From Indian campuses to Silicon ValleyThe report highlights the crucial role played by US universities in attracting Indian talent.Nearly one in four US unicorn companies has at least one founder who first arrived in America as an international student. NFAP identified 233 former international students who went on to become founders or co-founders of billion-dollar companies.Many founders followed a familiar path: higher studies in the United States, employment through the H-1B visa programme and eventually entrepreneurship.Among Indian-born founders who first entered the US as students are Mohit Aron of Cohesity, Arvind Jain of Glean, Ashutosh Garg of Eightfold AI and Bloomreach, Sri Satish Ambati of H2O.ai, Kanav Hasija of Innovaccer and several others.Indians among America’s most successful repeat foundersThe study identifies 15 immigrant entrepreneurs who have founded multiple billion-dollar companies. Six of them are Indian-born.1.Mohit Aron (Nutanix, Cohesity)2.Jyoti Bansal (AppDynamics, Harness)3.Ashutosh Garg (Bloomreach, Eightfold AI)4.Arvind Jain (Rubrik, Glean)5.Sachin Nayyar (Securonix, Saviynt)6.Ajeet Singh (Nutanix, ThoughtSpot)That means Indians account for 40% of all immigrant repeat founders identified in the study. $5 trillion immigrant economyThe report estimates that immigrant-founded unicorns are collectively worth $5 trillion, exceeding the total stock market value of most countries around the world.The companies employ an average of 833 people each, with most jobs located in the United States.NFAP argues that the economic impact extends far beyond startup founders themselves. “Immigrants have always and continue to make enormous contributions to the US economy, driving American innovation, entrepreneurship and job creation,” Senator Alex Padilla said in a statement accompanying the report.For India, the findings offer perhaps the clearest evidence yet that Indian-origin entrepreneurs have become one of the most influential forces in the American technology sector. From AI and cybersecurity to enterprise software and healthcare technology, Indian founders are increasingly building — not merely working for — some of America’s most valuable companies.NFAP’s release gives several illustrations. For instance: Ashutosh Garg, born in India, arrived in the United States in 1998 and earned a Ph.D. in electrical and computer engineering at the University of Illinois Urbana-Champaign. In 2009, Garg co-founded and became chief technology officer of Bloomreach, which provides companies in e-commerce with “real-time customer and product data.” In 2016, he co founded and became CEO of Eightfold.AI, which pioneered a “Talent Intelligence Platform” to allow companies to hire, promote and manage their most valuable resource—people. The two companies are each valued at over $2 billion and employ approximately 1,700 people combined. Garg has over 50 patents and 6,000 research citations.It states that the father of Munjal Shah (CEO and cofounder of Hippocratic AI), arrived in America on a steamship with $16 in his pocket to attend graduate school at Berkeley, Shah who was born in India, moved to Silicon Valley when he was seven years old. He founded Hippocratic AI in 2023, and it already has 190 employees and is valued at $3.5 billion. The company uses AI to bring “deep healthcare expertise” to patients, backed by a network of more than 7,500 US-licensed clinics.Several Indian-origin entrepreneurs today sit at the centre of America’s AI revolution. Most prominent among them is Aravind Srinivas, co-founder of Perplexity AI, now valued at $20 billion.The findings arrive at a time when Indian professionals continue to dominate the H-1B programme while also facing some of the longest waits for US employment-based green cards. Yet the report suggests that the very immigration pathways under scrutiny today have helped create some of America’s most valuable companies. From AI and enterprise software to healthcare and cybersecurity, Indian-born founders are increasingly shaping the next generation of US innovation — a reminder that talent mobility remains central to America’s technological leadership.