There are 67 unicorn start-ups, 46 gazelles and 106 cheetahs in India currently, according to the ASK Private Wealth Hurun India Future Unicorn Index 2024. Three start-ups, Zepto, InCred Finance and Porter, became unicorn in 2024. However, 25 start-ups, including Dunzo, Rapido and Practo, were dropped from the unicorn list during the year.
Apart from these, there are 38 new entrants in 2024 — 7 gazelles and 31 new Cheetahs in the list this year.
In the previous 2023 index, there were a total of 68 unicorns, 51 gazelles and 96 cheetahs in India.
According to Hurun Research Institute, unicorns are start-ups founded after the year 2000 and have a valuation of $1 billion, gazelles are start-ups that are most likely to go unicorn in the next three years. Cheetahs are the start-ups that could go unicorn in the next five years.
India’s future unicorns are currently worth $58 billion, with an increase of 1.8 per cent as compared to last year, according to the latest Hurun-ASK report 2024.
Hurun Research found 152 Indian future Unicorns from 31 cities. On average, they were set up in 2015, with the vast majority selling software and services, with only 18 per cent selling physical products. A total of 44 per cent are selling to businesses, while 56 per cent are consumer-facing. Future Unicorns were seen disrupting financial services, business management solutions, education and healthcare
Peak XV partners, which has invested in 47 probable unicorns, continues to be the most active investor, followed by Accel with stakes in 25 future unicorns, according to the Hurun-ASK report.
According to the report, 80 per cent of the future unicorns had more than one founder. However, 30 in the list are run by a single founder.
Drools, a Chhattisgarh-based pet food brand, has made its debut on the future unicorn list.
Anas Rahman Junaid, MD and chief researcher, Hurun India, said, “Amid 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.”
This year’s index saw notable promotions. Online travel aggregator ixigo, a former Cheetah, went public with a 48 per cent premium. In 2022, ixigo was predicted to become a unicorn within five years, and it has now leaped directly to an IPO, bypassing Gazelle status. With a market cap of Rs 6,000 crores (US$700 million), ixigo is on track for a billion-dollar valuation. Zepto, Porter, and Incred Finance achieved unicorn status, while 10 Cheetahs were promoted to Gazelles, highlighting the resilience and dynamism of India’s start-up landscape, he added.
Rajesh Saluja, CEO & MD of ASK Private Wealth, said, “There is an increasing focus on profitability and sustainable operating models, with 22 of the list entrants making profits in FY23. More than 1.5 lakh people are employed by Future Unicorns. These are green shoots of tangible impact metrics.”
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