India home to 67 unicorns, 46 gazelles, 106 cheetahs: ASK Private Wealth Hurun India Future Unicorn Index 2024

The Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2024 that stated 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. There are 38 new entrants -- 7 gazelles, 31 new Cheetahs in this year’s list.

The Unicorn Index 2024 stated Peak XV partners, which has invested in 47 probable unicorns, is the most active investor and is followed by Accel with stakes in 25 future unicorns. 

India’s future unicorns are currently worth $58 billion, with an increase of 1.8% as compared to the last year. This year's index featured significant advancements. Ixigo, a former Cheetah, went public with a 48% premium. Predicted to reach unicorn status by 2022, Ixigo jumped straight to an IPO, skipping Gazelle status. With a market cap of Rs 6,000 crores($700 million), Ixigo is poised for a billion-dollar valuation. Zepto, Porter, and Incred Finance joined the unicorn club.

"The ASK Private Wealth Hurun India Future Unicorn Index highlights how Indian startups and investors are adapting to a new reality. Despite previous dropouts, India has added 38 new entrants to the index, including 7 Gazelles (companies expected to become unicorns within 3 years) and 31 Cheetahs (projected to reach unicorn status within 5 years). This year's list is particularly exciting, featuring 1 Gazelle and 2 Cheetahs from SpaceTech, 5 Gazelles and 6 Cheetahs from Artificial Intelligence, and 1 Gazelle and 5 Cheetahs from the EV/Renewable Energy sectors. These companies are poised to shape India's future," said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

He added: "This year's index saw notable promotions. Online travel aggregator Ixigo, a former Cheetah, went public with a 48% premium. In 2022, ixigo was predicted to become a unicorn within five years, and it has now leaped directly to an IPO, bypassing Gazelle status. With a market cap of Rs 6,000 crores ($700 million), Ixigo is on track for a billion-dollar valuation. Zepto, Porter, and Incred Finance achieved unicorn status, while 10 Cheetahs were promoted to Gazelles, highlighting the resilience and dynamism of India's start-up landscape."

Aerospace, in particular, stands out as one of the hottest sectors to watch. AI companies in the index have received a combined $1.6 billion in funding, while aerospace startups have garnered $160 million, and EV companies have attracted $1.2 billion. The significant gap in funding for aerospace compared to other sectors highlights its enormous growth potential.

"Agnikul Cosmos, which has emerged as a new Gazelle on the list, successfully launched a 3D printed rocket, showcasing India's innovative prowess in aerospace technology. The sector is also being propelled forward by the rising demand for large aircraft, driven by increasing passenger traffic, and substantial government defence expenditures. These factors, coupled with strategic government support and a strong focus on sustainability, are setting the stage for significant growth and value creation in the Indian aerospace industry in the coming years," Junaid added.

Gazelles and Cheetahs turned to Unicorns

From the last year's index, only two Gazelles and one Cheetah have successfully transitioned into Unicorns. Zepto, the Indian grocery delivery startup, rocketed to unicorn status in August 2023 while InCred Finance smashed through the billion-dollar barrier in December 2023, joining the coveted unicorn club. Homegrown logistics platform Porter achieved unicorn status recently, surpassing a valuation of $1 billion. Ten companies were promoted from Cheetahs to Gazelles.