The Hurun Research Institute said that India, at present, has 83 unicorns, 51 gazelles and 96 cheetahs as against 84 unicorns, 51 gazelles, and 71 cheetahs in 2022.
The report highlighted that India has solidified its position as a significant global hub for the start-up ecosystem, securing an outstanding third place across the world. As per the data from the Union Ministry of Commerce and Industry, India has 99,380 active start-ups.
The report stated that the rise of Indian unicorns shows the future and potential for exponential wealth creation in India. Around 59 entrepreneurs on the list are founders of unicorns and two founders of gazelles, defined as most likely to ‘go unicorn’ within two years.
As per Hurun’s valuation, a gazelle is a start-up funded in the 2000s, is worth over $500 million, is not listed yet, and is most likely to become a unicorn within three years.
According to Hurun India Future Unicorn List 2023, India is ranked third in terms of the number of unicorns featured in the list at 84. The 360 ONE Wealth Hurun India Rich List 2023 features founders from 33 Indian unicorns and two Gazelles.
The report said 84 startup founders, with a cumulative wealth of Rs 4.23 crore and an average age of 41, feature in 360 One Wealth Hurun India rich list 2023.
The report said the youngest on the list is 20-year-old Kaivalya Vohra who founded next-door quick commerce business Zepto.
“The youngest, ten years ago, was 37 and today, is 20, indicating the impact of the startup revolution in India,” the report said.
The report further said India’s future unicorns are worth $57 billion.
The report further noted that the cumulative wealth contributed by the Indian Unicorn and Gazelle listers to the rich list decreased by 13 per cent to Rs 2.73 lakh crore.
The report further said venture capital firm Peak XV Partners, formerly known as Sequoia Capital India and Southeast Asia, is the top investor in India with 37 investments.
While Anand Chandrasekaran, Partner of General Catalyst, holds the lead as the angel investor with 16 investments in the index.
Bengaluru emerged as the home to the startup ecosystem in India, with 53 unicorns based there. It was followed by Delhi-NCR (29) and Mumbai (19).
"Although the startup ecosystem has showcased strength across diverse sectors, it has not been without its setbacks. The 'funding winter' and its ripple effects led to startup founders on the 360 ONE Wealth Hurun India Rich List experiencing a collective wealth dip of Rs 85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by start-ups," said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
Also read: Mukesh Ambani overtakes Gautam Adani to secure 'richest Indian' title on Hurun India Rich List 2023
Also read: BYJU'S founder Byju Raveendran out of Hurun India Rich List 2023 amid investor markdowns