According to the Hurun Research Institute‘s ASK Private Wealth Hurun India Future Unicorn Index 2024, 25 future Unicorns (5 Gazelles and 20 Cheetahs) including Rapido, Koo, Dunzo, and Paper Boat, were dropped from the list. The drop reflects the impact of funding constraints and valuation corrections in the Indian startup ecosystem.
About ASK Private Wealth Hurun India Future Unicorn Index:
i.This index highlights India’s fast-growing start-up ecosystem for investors, governments, the international community, etc.
ii.This is an index of India’s most valuable private equity or Venture Capital (VC)-funded companies founded after 2000, ranked based on their latest funding round valuation.
iii.To feature in the index, the start-up is required to have a minimum valuation of USD 200 million (Rs 1,670 crores).
Note: ASK Private Wealth (ASK Private Wealth Advisors Pvt Ltd) is the Wealth Management arm of the Blackstone-backed ASK Asset & Wealth Management Group.
Classification of Start-ups:
i.The Hurun Research Institute has classified start-us as:
- Unicorns (Start-ups founded after 2000 with a valuation of USD 1 billion).
- Gazelles (Start-ups that could turn Unicorns in 3 years).
- Cheetahs (Start-ups that could turn Unicorns in 5 years).
ii.The evaluation is based on regulatory filings, feedback from other entrepreneurs, and some of the active India-focuses VC funds and angel investors.
Index 2024:
i.The 2024 Index includes 152 Indian future unicorns from 31 cities. Of the 152, 12 of these Gazelles and Cheetahs were found in 2020.
- On average, most of them were set up in 2015, with the majority selling Software and Services, only 18% selling physical products, and around 44% selling to businesses, while 56% are consumer-facing.
ii.As per the 2024 Index, India is currently home to 67 Unicorns, 46 Gazelles, and 106 Cheetahs as against 68 Unicorns 51 Gazelles, and 96 Cheetahs in the 2023 Index.
- 12 companies in the 2023 Index were downgraded from Gazelle to Cheetah, while 10 were transitioned from Cheetah to Gazelle.
iii.India’s future unicorns are valued at USD 58 billion collectively, with an increase of 1.8%, compared to the 2023 index.
iv.In terms of sectors, these future unicorns came from financial services, business management solutions, education, and healthcare.
v.46 start-ups listed in the index have collectively secured substantial funding of USD 9.7 billion.
Key Points:
i.In the 2024 index, one Cheetah (Porter) skipped the Gazelle stage and directly entered into the Unicorn club.
ii.The 106 Cheetahs in the 2024 index collectively secured funding of USD 12.4 billion, the cumulative valuation of these Cheetahs experienced a 10% Y-o-Y increase, amounting to USD 29 billion.
iii.The Gazelles featured in the index experienced a Year-on-Year (Y-o-Y) decrease of 6%, amounting to USD 29 billion.
iv.The FinTech sector leads with 8 Gazelles, followed by SaaS (6), Artificial Intelligence (AI), and EdTech (each 5) Gazelles.
Gazelles and Cheetahs turned into Unicorns:
Only 3 start–ups (2 Gazelles and 1 Cheetah) from the 2023 Index were promoted to Unicorns with a valuation of over USD 1 billion each.
| Company | Category | Year Founded | Total Funding Received (USD Million) | Sector |
|---|---|---|---|---|
| Zepto | Gazelle | 2021 | 592 | Quick Commerce |
| InCred Finance | Gazelle | 2016 | 318 | FinTech |
| Porter | Cheetah | 2014 | 150 | Logistics |
Note: Zepto achieved unicorn status in August 2023; InCred Finance reached unicorn status in December 2023; and Porter became a unicorn in May 2024.
Top 5 Indian Cities :
| Rank | City | No. of Companies (Change) | Cumulative Valuation (USD Million) |
|---|---|---|---|
| 1 | Bengaluru (Karnataka) | 46 (-7) | 18,302 |
| 2 | Delhi NCR | 29 (0) | 10,310 |
| 3 | Mumbai (Maharashtra) | 19 | 6,499 |
| 4 | Chennai (Tamil Nadu) | 8(+2) | 3220 |
| 5 | Pune (Maharashtra) | 4(+1) | 1550 |
Top 3 Sectors in the ASK Private Wealth Hurun India Future Unicorn Index 2024:
| Rank | Sector | No. of Companies | Cumulative Valuation (USD Million) | No. of Gazelles | No. of Cheetahs |
|---|---|---|---|---|---|
| 1 | FinTech | 30 (+9) | 11,373 | 8 | 22 |
| 2 | SaaS | 20 (0) | 7,620 | 6 | 14 |
| 3 | E-Commerce | 15 (-6) | 5,880 | 4 | 11 |
Key Highlights:
i.The 2024 index saw 38 new entrants; 7 Gazelles and 31 Cheetahs. The combined revenue of the companies featured in the index has surged by 71% to Rs 51,422 crore.
ii.35 Indian future unicorns have overseas headquarters, with 31 in the United States of America (USA), 2 in Singapore, and 1 each in the United Kingdom (UK) and Vietnam.
iii.Bengaluru (Karnataka) houses 46 probable unicorns and continues to be the future unicorn capital of India.
iv.In the 2024 index, 20 women entrepreneurs from 19 companies have co-founded a total of 5 Gazelles and 14 Cheetahs.
- Vrushali Prasade (29) co-founder of Pixis, is the youngest female co-founder, while Manju Dhawan (58) co-founder of Ecom Express is the oldest.
v.26-year-olds Awais Ahmed and Kshtji Khandelwal, Co-founders of Aerospace start-up, Pixxel are the youngest individuals featured in the list.
vi.Peak XV Partners (formerly Sequoia Capital India & SEA) continues to be the most active investor in the 2024 index having invested in 47 probable unicorns.
vii.Companies featured in the 2024 index employed over 1,50,000 people.
About Hurun India:
Hurun Report Inc. is a leading research, luxury publishing and events group established in 1998 in London (UK). Hurun India was launched in 2012.
Managing Director(MD) and Chief Researcher– Anas Rahman Junaid
Headquarters– Mumbai, Maharashtra
