Start-ups raise money from venture capitalists through various rounds of funding. During every funding round, the investors and owners of the start-up agree to a certain start-up valuation. Based on this valuation, investors invest money in the start-up in exchange for a stake in it. When the valuation of the start-up reaches USD 1 billion, it is known as a unicorn start-up.\rFor start-ups, the term unicorn was first used in 2013 by Aileen Lee, the founder of Cowboy Ventures, a venture capital fund in the US. According to Lee, from the many start-ups that started during the dot-com boom during 2000, very few (0.07%) reached the USD 1 billion valuation mark. She used the term ‘unicorn’ for start-ups in this context, as finding a start-up with a valuation of USD 1 billion was so rare that finding one was as difficult as finding a mythical unicorn.