Indian startups continue to make their mark globally, with 71 companies now achieving unicorn status—valued at over $1 billion—according to the latest report by MarketChain. In 2024, several Indian companies, particularly in fintech, AI, and auto-tech, joined this prestigious club, further solidifying India’s position as a hub for innovation and enterprise.
xAI, Elon Musk’s AI startup, launched in March 2023 raised $6 billion in December, doubling its valuation to $50 billion within just six months. This makes xAI the most valuable startup of 2024 and the seventh most valuable unicorn globally.
Indian unicorns in 2024
Among the standout Indian startups that became unicorns this year are:
• Ather Energy (Bengaluru): An electric vehicle (EV) startup, valued at $1.3 billion after securing significant funding. Ather has been at the forefront of India’s EV revolution, developing electric two-wheelers and expanding its charging infrastructure nationwide. • MoneyView (Bengaluru): A fintech company valued at $1.2 billion. MoneyView provides personal loans, credit management, and financial planning tools, catering to a growing base of digital-savvy users in India. • Rapido (Madhapur): India’s leading bike-taxi startup entered the unicorn club with a valuation of $1.1 billion. Rapido has tapped into the growing demand for affordable and convenient transportation options across Indian cities. • Perfios (Mumbai): A fintech company valued at $1 billion. Perfios focuses on automating financial data analysis, offering solutions for lending, credit assessment, and personal finance management. • Krutrim (Bengaluru): A promising AI startup, valued at $1 billion. Founded to advance India’s AI capabilities, Krutrim focuses on building innovative AI-powered solutions.
Bengaluru, often dubbed the “Silicon Valley of India,” has solidified its reputation as the country’s startup capital. Out of the new Indian unicorns this year, the majority are headquartered in Bengaluru. The city’s thriving ecosystem—fueled by tech talent, venture capital, and government support—continues to attract innovative businesses across sectors like AI, fintech, and electric mobility.
Globally, Bengaluru is emerging as a significant startup hub, rivalling cities like San Francisco and Beijing. With strong infrastructure and a network of experienced entrepreneurs, the city has been instrumental in driving India’s startup growth.
India now ranks third globally in terms of unicorns, trailing only the United States and China. The combined valuation of India’s unicorns stands at $186 billion. Startups here are leveraging technological advancements, digital transformation, and increasing investor confidence to achieve billion-dollar valuations.
The fintech sector remains a dominant force in India, with companies like MoneyView and Perfios addressing the growing demand for digital lending and financial services. Meanwhile, AI-focused startups like Krutrim highlight India’s potential to become a major player in artificial intelligence.
Globally, the United States leads with 683 unicorns, followed by China with 165. India’s 71 unicorns place it firmly in the third position. Bengaluru, Mumbai, and Delhi NCR are driving this growth, with Bengaluru leading as the epicentre of startup activity.