“Comprehensive List of India’s 111 Unicorn Startups | Updated for 2024”

“As of 2024, India currently boasts a remarkable 111 unicorn companies, with a combined valuation of $349.67 billion.” Zepto (Online grocery delivery startup ) is recently added in India’s 111 unicorn list in August 2023 and became India’s first unicorn by securing $200 million in funding, resulting in a valuation of $1.4 billion.

India has emerged as one of the fastest-growing hubs for new businesses globally. It boasts more than 100 startup companies, each valued at over a billion dollars, earning them the title of “unicorn” startups. India now ranks as the third-largest startup ecosystem worldwide, with official recognition for over 1,12,718 DPIIT-recognized startups located in 763 different districts across the country.

Furthermore, India has achieved significant success in the realm of innovation, securing the second spot among countries with similar income levels. This achievement reflects India’s prowess in producing high-quality scientific research and hosting world-class universities. What’s particularly noteworthy is that innovation in India is not confined to a single sector. Instead, startups in India are addressing challenges across 56 diverse industries. Key sectors include IT services (13%), healthcare and life sciences (9%), education (7%), agriculture (5%), and food & beverages (5%).”

What is a unicorn startup?

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A unicorn startup is a term used to explain a privately owned startup company that’s worth more than $1 billion. The term was created by Aileen Lee, The term ‘UNICORN’ is used because these companies are exceptionally rare and valuable, similar to mythical unicorns.

Unicorn startups are known for their innovative and unconventional approach to business. They can be found in various industries such as technology, e-commerce, finance, healthcare, and more. What sets them apart is their rapid growth and ability to attract substantial investments from venture capitalists and other investors.

These companies often use advanced technologies, unique business models, or smart market strategies to get ahead of the competition and capture a large market share.

Unicorns Of India | Indian Startup Ecosystem has seen exponential growth in past few years (2015-2023):

In the last few years, India has seen a remarkable increase in the number of successful startup companies known as “unicorns.” These are companies valued at over a billion dollars.

Union Minister Rajeev Chandrasekhar, who is in charge of promoting entrepreneurship, skills, electronics, and technology, is very hopeful and supportive of India’s unicorn culture. He believes that in the next 2-3 years, the number of unicorns in India will grow ten times larger, surpassing 1,000 in total.

The government of India also thinks that the next group of people who start and run successful startups will come from smaller cities and towns, not just the big ones.

These Indian unicorn companies are doing really well in our fast-moving economy. They’re not only creating new and clever solutions and technologies, but they’re also providing a lot of jobs.

Before the financial year 2016-17, we used to see just one new unicorn every year. But in the past four years, starting from the financial year 2017-18, this number has been growing super fast. In fact, it’s been growing by 66% every year!

As of 2024, India has a total of 111 unicorn companies. And all these companies together are worth a massive $349.67 billion!

To be more specific:

• Out of these 109 unicorns, 44 of them were born in 2021, and their combined value is $93 billion.
• In 2022, 21 new unicorns emerged, and they are worth a total of $27 billion.
• In 2020, there were 11 new unicorns
• And in 2019, there were 7 new unicorns.
• The total funding for startups has grown by 15X.
• The number of investors has increased by 9X.
• The number of incubators has seen a 7-fold increase.

When it comes to high-tech businesses in India, Bengaluru is like the main hub. It has the most unicorn companies based there. After Bengaluru, you have Delhi (including the surrounding National Capital Region) and Mumbai. Now, even though we mostly hear about these unicorn companies in the big cities, they’re actually popping up all over the country, even in the smallest districts. Most of these companies are in traditional areas like online shopping, financial technology, supply chain management, and software. But now, we’re also seeing a bunch of new and different types of companies like those in content, gaming, hotels, and data analysis joining the list.

India’s Unicorn Club: Here’s The Comprehensive List Of 111 Unicorns In India

Investors in Unicorns :

In the first half of 2022, the strength of the Indian startup ecosystem became evident. According to a report by YourStory, there were 891 funding deals recorded, marking an 82.8% increase compared to H1 2021, which had 541 deals. Startups managed to secure over $17 billion in funding during this period, which was nearly twice the $9.4 billion raised in H1 2021.

Some of the most active investors included Sequoia Capital India, Tiger Global Management, Kunal Shah (the founder of CRED), Better Capital, Inflection Point Ventures, LetsVenture, Accel, Blume Ventures, 9Unicorns, and Alpha Wave Global.

The sectors that attracted the most funding encompassed FinTech (financial technology), EdTech (education technology), Ecommerce (online shopping), Social Networks, FoodTech (food technology), Logistics and Supply Chain, Media and Entertainment, Direct-to-Consumer Brands, Software-as-a-Service (SaaS), and HealthTech (health technology). Specifically, FinTech, EdTech, and Ecommerce collectively represented a significant portion of the total funding.

Furthermore, there has been a shift in the traditional approach to funding, with startups now exploring alternative avenues such as crowdfunding, revenue-based financing, venture debt, and bank loans. Notably, startups like Zerodha, which have been self-sustaining from the beginning (bootstrapping), are challenging the conventional unicorn funding model. They are prioritizing financial independence and revenue generation right from the early stages. Additionally, due to the impact of COVID-19, there is a new trend where startups are achieving unicorn status without relying on large billion-dollar investments.

The Next Stage: Advancing Beyond Unicorn Status

The global startup landscape is undergoing a notable transformation, with growing recognition of the immense potential held by startups. We are slowly moving away from the era of unicorns and entering the era of decacorns.

A decacorn is a company that has achieved a valuation exceeding $10 billion. As of May 31, 2023, there are 56 companies worldwide that have reached the prestigious decacorn status. India boasts four startups – Flipkart, BYJU’s, Nykaa, and Swiggy – that have recently joined the ranks of decacorn companies.

Healthcare

The HealthTech market in India is expected to be worth around $5 billion by 2023. This growth is happening because more people are using digital health services, better technology is being used in healthcare, and the government is supporting this sector.

A company called Innovaccer, based in Noida, is the first Indian healthcare startup to become a unicorn. It’s now valued at $1.3 billion. Innovaccer looks at healthcare data to give useful information to healthcare providers, hospitals, insurance companies, and other organizations.

Pharmeasy, which is an online pharmacy and diagnostics brand, also became a unicorn recently with a value close to $1.5 billion. They’re planning to become a publicly traded company (IPO) soon and aim for a valuation of about $7 billion.

Other companies like Tata 1mg, Cure.fit, and Pristyn Care have also become unicorns in the healthcare industry. Altogether, there are now five healthcare unicorns in India, with a total value of $12.79 billion.

The healthcare sector in India is likely to have more unicorns soon because of the growth of health-tech startups like Practo and HealthifyMe, among others.

Also Read-“Top 10 Most Valuable Companies in India by Market Capitalization in 2023”