Entrepreneurs who graduated out of Indian Institutes of Technology (IITs) have built the fourth-largest number of Unicorns or privately held companies valued at more than $1 billion, according to an analysis by India, which has emerged as the world's third-largest startup hub, has seen IITians building 12 Unicorns, the fourth-highest number in the world -- next only to Stanford University, which tops the list with 51 Unicorns, Harvard (37) and the University of California (18).

IITs' ranking on the list is higher than Massachusetts Indstitute of Technology (MIT), whose alumni have set ...