Based on the Hurun India report launched on Thursday, solely three startups turned unicorns this 12 months (valuation of over $1 billion every), together with fast commerce startup Zepto, fintech startup InCred Finance, and logistics startup Porter.
The listing categorises startups as unicorns — startups based after 2000 with a valuation of $1 billion); gazelles — startups which might be most certainly to show unicorn within the subsequent three years; and cheetahs — startups that would flip unicorn within the subsequent 5 years.
SaaS and HR tech startup Darwinbox, which was a unicorn earlier, was demoted as gazelle in 2024.
Whereas edtech startup Leap Scholar, fintech startup MoneyView, and agritech startup Nation Delight are essentially the most precious gazelles this 12 months, fintech startup Juspay is essentially the most precious cheetah.
Round 5 gazelles and 20 cheetahs dropped out of the listing this 12 months.
General, India is presently house to 67 unicorns, 46 gazelles, and 106 cheetahs, as in opposition to 68 unicorns, 51 gazelles, and 96 cheetahs within the 2023 index. There are 38 new entrants — seven gazelles and 31 cheetahs — on this 12 months’s listing.
Sectors in focus
The Unicorn Index 2024 said that Peak XV companions, which has invested in 47 possible unicorns, is essentially the most lively investor, adopted by Accel with stakes in 25 future unicorns.
India’s future unicorns are presently price $58 billion, with a rise of 1.8 per cent over final 12 months. This 12 months’s index featured important developments. Ixigo, a former cheetah, went public with a 48 per cent premium.
The Unicorn Index 2024 famous that there are 152 future Indian unicorns throughout 31 cities. Most of them had been arrange in 2015, promoting software program and providers, and 18 per cent promote bodily merchandise. Round 44 per cent promote to companies, whereas 56 per cent are consumer-facing, it stated.
By way of sectors, these future unicorns are in monetary providers, enterprise administration options, schooling, and healthcare.
It famous that Bengaluru contined to be the long run unicorn capital as it’s house to 46 probale unicorns, adopted by Delhi NCR (29) and Mumbai (19).
Turning level
“There’s an growing concentrate on profitability and sustainable working fashions, with 22 of the listing entrants making income in FY23. Greater than 1.5 lakh persons are employed by future unicorns. These are inexperienced shoots of tangible influence metrics,” stated Rajesh Saluja, CEO and MD of ASK Personal Wealth.
“The ASK Personal Wealth Hurun India Future Unicorn Index supplies important insights into the present state and future prospects of India’s startup ecosystem. Amid a funding winter, inflated pre-2021 valuations, and setbacks from firms like Byju’s, the as soon as golden startup ecosystem now faces a vital turning level. Regardless of 44 firms dropping out of the index over the previous 12 months, this 12 months’s index welcomes 38 new entrants,” stated Anas Rahman Junaid, MD and chief researcher at Hurun India.
The listing famous that 35 of India’s future unicorns have abroad headquarters, together with 31 within the US, two in Singapore, and one every within the UK and Vietnam.
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