The 30 startups featured in the ASK Private Wealth Harun India Future Unicorn Index have raised a combined total of $5.7 billion in investments.
 "Fintech sector leads with 30 future unicorns worth $11.4 billion")
Roshni Shekhar Mumbai
India has 30 future fintech unicorns (startups founded after 2000 and valued at $1 billion) of which consumer lending has emerged as a major subcategory, accounting for more than half of the future fintech unicorns.
According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, the fintech sector accounts for a significant portion of the overall value of future unicorns, accounting for a total of $11.4 billion, or 20% of the total value.
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Money View stands out as the most valuable FinTech Gazelle (a startup likely to become a unicorn within the next three years) while JustPay tops the list as the most valuable FinTech Cheetah (a startup likely to become a unicorn within the next five years).The 30 startups featured in the ASK Private Wealth Hurun India Future Unicorn Index have collectively raised investments of $5.7 billion.
Rajesh Sarja, managing director and CEO, ASK Private Wealth, said at the launch of the ASK Private Wealth Hurun India Future Unicorn Index 2024 that the future movement in technology is shifting from fintech to deep tech. Climate is the biggest theme of the decade, so on the startup side, we will see a lot of movement in electric vehicles (EVs), green energy and semiconductors, he added.
The FinTech sector is followed by the Software as a Service (SaaS) sector with 20 companies and e-commerce with 15. FinTech, SaaS and e-commerce together account for 43% of the companies featured in the index, highlighting the importance of these companies in the Indian startup ecosystem.
The future of the Indian aerospace industry
The latest Gazelle on the list, Agnikul Cosmos, has successfully launched a 3D printed rocket. The sector is driven by rising demand for larger aircraft, driven by rising passenger numbers and the government’s significant defense spending. These factors, coupled with the government’s strategic support and strong focus on sustainability, are setting the stage for significant growth and value creation in India’s aerospace industry in the coming years.
“Aerospace, in particular, stands out as one of the hottest sectors to watch. AI companies in the index have raised a total of $1.6 billion in funding, aerospace startups $160 million, and EV companies $1.2 billion,” Saluja said. “The large disparity in funding for aerospace compared to other sectors highlights its enormous growth potential.”
