The ASK Private Wealth Hurun India Future Unicorn Index 2024 paints a picture of a maturing Indian startup ecosystem. Despite some notable departures, the list showcases continued growth with 38 new entrants.
Here's a breakdown of the key findings:
Overall Numbers: India remains home to 67 unicorns (companies valued at over $1 billion), 46 gazelles (high-growth companies projected to become unicorns within 3 years), and 106 cheetahs (promising startups with the potential to reach unicorn status within 5 years). While these figures show a slight decrease in unicorns and gazelles compared to 2023, the significant increase in cheetahs (31 new entrants) indicates a robust pipeline of emerging startups.
Financial Performance: India's future unicorns hold a combined valuation of $58 billion, reflecting a modest 1.8% increase from the previous year. This indicates a cautious yet optimistic investment climate.
The 2024 list highlights several success stories:
Ixigo's Public Listing: Former Cheetah company Ixigo, an online travel aggregator, went public with a significant premium, showcasing the potential for rapid growth within the Indian startup scene.
New Unicorns Emerge: Three startups – Zepto (quick commerce), Porter (logistics), and Incred Finance (fintech) – achieved coveted unicorn status, demonstrating the diversity and innovation driving India's entrepreneurial landscape.
Founded in 2020, Zepto is a Mumbai-based quick commerce company delivering groceries and essentials within minutes.
Latest Update (June 2024): Zepto achieved unicorn status (valuation exceeding $1 billion) in a Series F funding round, raising a whopping $665 million. This signifies a significant growth trajectory and positions them as a major player in the rapidly growing quick commerce market in India.
Key Differentiators: Zepto focuses on ultra-fast deliveries, leveraging a robust dark store network and efficient logistics infrastructure. They also boast near EBITDA positivity, indicating a sustainable business model.
Founded in 2014, Porter is a Bengaluru-based tech-enabled logistics platform offering intracity and intercity delivery services.
Latest Update (June 2024): Porter has not yet released any major updates for June 2024. However, they continue to be a leading player in the Indian logistics space, offering a wide range of services for businesses and individuals.
Key Differentiators: Porter caters to diverse logistics needs, offering mini trucks, bikes, and larger vehicles for intracity and intercity deliveries. Their user-friendly app and focus on reliable, cost-effective solutions have contributed to their success.
3. Incred Finance (Fintech):
Founded in 2017, Incred Finance is a Gurugram-based fintech company offering a variety of loan products for individuals and small and medium businesses (SMBs).
Key Differentiators: Incred Finance focuses on providing credit solutions to underserved segments, leveraging technology to assess creditworthiness and facilitate loan approvals. Their focus on financial inclusion and innovative loan products sets them apart.
Overall, these three companies represent the dynamism of the Indian startup scene. Zepto's rapid rise in quick commerce, Porter's established presence in logistics, and Incred Finance's focus on financial inclusion showcase the diverse sectors and innovative approaches driving growth in the Indian startup ecosystem.
Despite the exit of 25 established names like Dunzo, Practo, and Rapido, the report highlights the influx of new contenders. A total of 38 new entrants join the index this year, categorized as follows:
The list also reflects a growing focus on future-oriented sectors:
SpaceTech: The presence of a Gazelle and 2 Cheetahs in SpaceTech signifies India's rising ambitions in this domain.
Artificial Intelligence: With 5 Gazelles and 6 Cheetahs associated with AI, the Hurun India list acknowledges the transformative potential of this technology in various industries.
EV/Renewable Energy: The inclusion of 1 Gazelle and 5 Cheetahs in the EV/Renewable Energy space highlights India's commitment to sustainable solutions.
The ASK Private Wealth Hurun India Future Unicorn Index 2024 underscores the resilience and dynamism of the Indian startup landscape. While some established players may exit the list due to various factors, the influx of new entrants and the rise of innovative companies in key sectors like SpaceTech, AI, and renewables indicate a promising future for Indian innovation.
The Hurun India Future Unicorn Index 2024 paints a dynamic picture of India's startup ecosystem, showcasing both the rise of new unicorns and the exit of others. The inclusion of 38 new entrants reflects the evolving landscape and the potential for growth in sectors like AI, SpaceTech, and renewable energy. With strategic investments and robust support, these startups are well-positioned to drive innovation and economic growth in India.