India is now home to 67 unicorns, 46 gazelles, and 106 cheetahs, according to ASK Private Wealth Hurun India Future Unicorn Index 2024 released by the Hurun Research Institute.
This is a slight change from the previous year’s index (2023), which listed 68 unicorns, 51 gazelles, and 96 cheetahs. This year’s index features 38 new entrants, comprising seven gazelles and 31 cheetahs.
Unicorns refer to privately held startups valued at over $1 billion, while Gazelles are startups that are valued over $100 million and are expected to achieve unicorn status within three years. And Cheetahs are startups that are valued between $200-$500 million and are projected to reach unicorn status within five years.
“Meet the Cheetahs of the ASK Private Wealth Hurun India Future Unicorn Index 2024! These start-ups, founded after 2000, are sprinting towards Unicorn status within 5 years. This year’s index features an impressive 106 Cheetahs, up from 96 last year,” Hurun India stated in a LinkedIn post.
As per the report, Peak XV Partners is the most active investor, with stakes in 47 potential unicorns, followed by Accel, which has invested in 25 future unicorns. The overall value of India’s future unicorns has reached $58 billion, marking a 1.8% increase from last year.
This year, there have been notable advancements among Indian startups. Ixigo, a former cheetah, went public with a 48% premium, bypassing the gazelle stage and heading straight for an IPO. With a market cap of Rs 6,000 crores ($700 million), Ixigo is on track for a billion-dollar valuation. Additionally, Zepto, Porter, and Incred Finance have joined the unicorn club.
Aerospace, AI, and EV/Renewable Energy are among the hottest sectors to watch. AI companies in the index have received a combined $1.6 billion in funding, aerospace startups have garnered $160 million, and EV companies have attracted $1.2 billion.
The fintech sector, with 30 future unicorns is valued at $11.4 billion, making up 20% of the total value of future unicorns. Consumer lending is the leading subcategory within fintech. Money View and JustPay are notable names, with Money View being the most valuable FinTech gazelle and JustPay the most valuable fintech cheetah. Collectively, the 30 startups in the fintech sector have raised $5.7 billion.