New Delhi: India’s unicorn count slipped to 67 from 68 with the exit of travel aggregator IXIGO, according to the ASK Private Wealth Hurun India Future Unicorn Index 2024 which highlights India’s unicorn ecosystem to the government as well as potential investors.
The report classifies startups in 3 categories:
Startups
Valuation
Unicorns
$1 billion
Gazelles
$1 billion in 3 years
Cheetahs
$1 billion in 5 years
Amidst a funding winter, inflated pre-2021 valuations, and setbacks from companies like Byju’s, the once golden startup ecosystem now faces a critical turning point. Despite 44 companies dropping out of the index over the past year, this year’s index welcomes 38 new entrants,” said Anas Rahman, MD and chief researcher, Hurun India
According to ASK Private Wealth Hurun, 25 unicorns dropped out of the list followed by 5 gazelles and 20 cheetahs.
Meanwhile, 38 new startups joined the list with 7 gazelles and 31 cheetahs.
3 startups from the list, 2 gazelles and 1 cheetah were promoted to unicorn status.
According to the report, IXIGO dropped out of the list since the company went the IPO route.
Which is the most active investor in Indian unicorns?
Peak XV Partners remained the largest investor in Indian startups with a stake in 47 unicorns, according to the report.
Accel Partners was the second largest investor with a stake in 25 startups.
Among angel investors Anand Chandrasekaran led the field with a stake in 20 future unicorns, while Snapdeal founder Kunal Bahl invested in 11 future unicorns.
What is the value of future unicorns in India?
“These emerging companies, fuelled by innovation and resilience, are not just promising to shape India’s future but also making a significant contribution to our nation’s economic trajectory, thereby reinforcing their significance,” said Rajesh Saluja, CEO and MD, ASK Private Wealth.
The value of India’s future unicorns jumped 1.8 per cent to $58 billion, according to to the report.
Several startups did well, led by logistics startup Porter, which skipped the gazelle stage to become a unicorn.
Quick grocery platform Zepto and fintech comoany Icred also became unicorns from gazelles.
Employee resource manager Darwinbox as demoted to gazelle from Darwinbox.
Youngest startup founders on the list
Pixxel co-founders Awais Ahmed and Kshitij Khandelwal, both 26-year-olds were the youngest startup founders to feature on the ASK Private Wealth Hurun India Future Unicorn Index 2024.
Unicorn capitals of India
Bengaluru led the country with 46 probable unicorns, followed by Delhi with 29 potential unicorns. Mumbai comes third with 19 potential unicorns.
Indian Unicorns List: India’s unicorn count slipped to 67 in 2024 from 68 in 2023 as IXIGO and Darwinbox exited the list, while 3 new companies joined the $1 billion club, according to ASK private Wealth Hurun India Future Unicorn Index 2024 list. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
