New Delhi, June 21: At least 152 startups from 31 Indian cities are expected to become unicorns in the next three to five years, taking the current tally to 67, according to a new report.
According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, India is currently home to 67 unicorns, 46 gazelles and 106 cheetahs, while the 2023 index will see 68 unicorns, 51 gazelles and 96 cheetahs.
The report categorizes startups into unicorns (startups founded after 2000 that are valued at $1 billion), gazelles (startups most likely to become unicorns within the next three years), and cheetahs (startups that have the potential to become unicorns within the next five years).
The Fintech sector has the most gazelles with 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, followed by agritech startup Ninjacart and SaaS startup MoEngage.
“The index has seen notable promotions this year. Online travel aggregator ixigo, once a cheater, listed at a 48% premium. In 2022, ixigo was predicted to become a unicorn within five years, but has now bypassed gazelle status and jumped straight into an IPO,” said Anas Rahman Junaid, MD and chief researcher, Hurun India.
He further cited Zepto, Porter and Incred Finance becoming unicorns and 10 cheetahs being promoted to gazelles, highlighting the “resilience and dynamism of India’s startup industry.”
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