152 Indian startups on track to turn unicorns over next 5 years — Report

NEW DELHI — At least 152 Indian startups are on track to turn unicorns from 31 cities over the next 3 to 5 years to its current tally of 67 unicorns, a new report has said.

As per ASK Private Wealth Hurun India Future Unicorn Index 2024, India is presently home to 67 unicorns, 46 gazelles, and 106 cheetahs, as against 68 unicorns, 51 gazelles, and 96 cheetahs in the 2023 index.

The report has classified startups as unicorns — startups founded after the year 2000 with a valuation of $1 billion, gazelles — startups that are most likely to go unicorn in the next three years, and cheetahs — startups that could go unicorn in the next five years.

The fintech sector has the most gazelle companies at eight, followed by SaaS with six. Artificial intelligence (AI) and edtech both have five gazelles.

Some of the top gazelles featured in the index include edtech startup Leap Scholar, fintech startup Money View, and agritech startup Country Delight. Following closely are agritech startup Ninjacart and SaaS startup MoEngage.

 “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 leapt directly to an IPO, bypassing the gazelle status,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

He further mentioned that Zepto, Porter, and Incred Finance achieved unicorn status, while 10 cheetahs were promoted to gazelles, highlighting the “resilience and dynamism of India’s startup landscape”.