According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, India has 67 unicorns, 46 gazelles and 106 cheetahs, while in 2023 there will be 68 unicorns, 51 gazelles and 96 cheetahs. There are 38 new entrants in the list this year – 7 gazelles, 31 new cheetahs. According to the list, Peak XV Partners, which has invested in 47 potential unicorns, is the most active investor, followed by Accel, which has stakes in 25 future unicorns.
India's would-be unicorns are valued at $58 billion—a 1.8% increase over last year. According to the listing, ixigo, the former Cheetah, went public with a 48% premium and is set for a valuation of a billion dollars. Zepto, Porter and InCred Finance joined the unicorn club.
Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “The ASK Private Wealth Hurun India Future Unicorn Index highlights how Indian startups and investors are adapting to the new reality. Despite past dropouts, India has added 38 new entrants to the index, including 7 Gazelles (companies expected to become unicorns within 3 years) and 31 Cheetahs (projected to achieve unicorn status within 5 years). This year’s list is particularly exciting, with 1 Gazelle and 2 Cheetahs from SpaceTech, 5 Gazelle and 6 Cheetahs from Artificial Intelligence and 1 Gazelle and 5 Cheetahs from EV/Renewable Energy sectors. These companies are set to shape India’s future.”
He said, “This year’s index saw a significant rise. Online travel aggregator ixigo, formerly Cheetah, went public with a 48% premium. In 2022, ixigo was predicted to become a unicorn within five years, and now it has gone straight to an IPO, bypassing Gazelle’s status. With a market cap With ₹6,000 crore ($700 million), ixigo is set 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.