Friday, June 30, 2023

SUGAR Cosmetics inaugurates its 200th brand owned store


~Unlocks another milestone with hundred new outlets within the last twelve months~

28 June, 2023, Bengaluru: SUGAR Cosmetics (“SUGAR”), India’s leading omnichannel beauty brand and a cult favorite amongst Gen Z and Millennial consumers, achieves a historic milestone by opening its 200th exclusive brand-owned store within a year of its 100th store launch. With this recent store at Bengaluru - SUGAR now has the highest number of brand owned stores amongst all beauty brands available in India.

Situated in a total retail space of 450+ sq. ft. at Mantri Square Mall, SUGAR’s 200th store creates a vibrant and immersive shopping experience for make-up enthusiasts, that houses trending picks across categories such as Lips, Eyes, Face and more. The store has the brand’s trained beauty advisors and cutting-edge product range of 550+ SKUs such as foundations, highlighters, BB creams, concealers, lipsticks, eyeshadows, bronzers and even skincare.

Having started as a direct to consumer (D2C) brand in 2015, SUGAR Cosmetics rapidly ventured into offline retail in 2017 via partnerships with large format retailers and general trade stores. The brand’s first own store was launched in 2019 and soon became a popular destination for beauty enthusiasts. Today, SUGAR Cosmetics is available at 45,000+ retail outlets across 500+ cities with the southern region being a key market for the brand, housing the second highest number of retail touch-points. Since the pandemic, while competitors have rescinded plans of opening new stores and even closed existing ones, SUGAR has consistently continued to double-down on the brand’s own stores. This format has been proved to be wildly popular even beyond metro cities in locations such as Jalandhar, Surat, Nagpur and others.

Renowned PAN India Actor Tammannah Bhatia, SUGAR’s brand ambassador said, “A huge congratulations to SUGAR Cosmetics on their 200th store’s record-breaking opening. SUGAR has made space not only in mine, but every Indian woman’s vanity! I have always admired the brand and aligned with its core vision of providing women access to premium quality makeup products specifically catering to Indian skin requirements. This announcement makes me feel extra special as SUGAR is expanding its reach for a diverse range of makeup enthusiasts from the South. I am happy to be a part of this milestone with SUGAR.”

“The launch of our 200th SUGAR store in Bengaluru at a record-breaking pace after the inauguration of our 100th store a year ago is a strong testament to the loyalty of our customers and hard work of our team. We are incredibly humbled to reach this momentous milestone of expanding to 200 brand owned stores nationally (also the 40th store in the southern region).  SUGAR is on a mission to celebrate the everyday YOU with meticulously curated products for Indian skin tones. Since the opening of our first store, SUGAR has witnessed the evolution of the Indian beauty enthusiast who is aware of and chooses high-quality makeup for herself. We have always enjoyed strong traction from the brand in the south and are committed to further expanding our retail network across this region.  As the beauty industry evolves, SUGAR will continue to remain at the forefront and offer innovative and inclusive products that inspire self-expression and foster self-confidence.”, said Vineeta Singh, Co-founder and CEO, SUGAR Cosmetics

Continued…



With offline retail expected to dominate the lion’s share of sales over the next 10 years, SUGAR aims to expand its offline reach to over 100,000+ stores by the next fiscal year.  By augmenting rapid retail expansion and visual merchandising with core focus on product innovation, SUGAR Cosmetics is set to grow from strength to strength.

The milestone event for the brand was celebrated with day-long exciting activities for customers, visitors, social media influencers and media fraternity who tried out a mix of SUGAR’s newly-launched products and all-time classics along with a makeover experience. The brand also extended the celebrations to popular social media platforms where it enjoys a loyal fan base of over 2.7+ million followers on Instagram (largest by any Indian consumer brand) and 1.4+ million on YouTube.

~ ENDS ~

Notes to Editors:

About SUGAR Cosmetics (www.sugarcosmetics.com):

SUGAR Cosmetics, a cult-favourite amongst Gen Z and millennials, is one of the fastest-growing premium beauty brands in India. With its clutter-breaking persona, signature low-poly packaging and chart-topping products, SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped into roles. Crafted in state-of-the-art facilities across Germany, Italy, India, USA and Korea, the brand ships its best-selling products in Lips, Eyes, Face, Nails & Skin categories across the world. With a cruelty-free range that is high on style and higher on performance, the brand is obsessed with crafting products that are a perfect match for every Indian skin tone across seasons and around the calendar. Backed by the trust of marquee investors and the love of millions of makeup enthusiasts, SUGAR Cosmetics is rapidly scaling its physical presence with 45,000+ retail touchpoints across 550+ cities and a mission of reaching the doorstep of every makeup user in the country.

Social Media Page Links:

Instagram: https://www.instagram.com/trysugar/

Youtube: https://www.youtube.com/channelUCKVqnev2idvmUNKc2b91B8g

Facebook: https://www.facebook.com/trySUGAR/

Twitter: https://twitter.com/trysugar

LinkedIn: https://www.linkedin.com/company/sugar-cosmetics

SENCO GOLD LIMITED: INITIAL PUBLIC OFFERING TO OPEN ON JULY 04, 2023

 


SENCO GOLD LIMITED

Price Band fixed at ₹ 301 to ₹ 317 per Equity Share of face value of ₹ 10 each;

 

Offer will open on Tuesday, July 04, 2023 and  close on Thursday, July 06, 2023;


Bids can be made for a minimum of 47 Equity Shares and in multiples of 47 Equity Shares thereafter


June 30, 2023: Senco Gold Limited (the “Company”) proposes to open for subscription an initial public offering of equity shares of face value of ₹ 10 each (“Equity Shares”)aggregating up to ₹ 4,050 million (“Offer”) on Tuesday, July 04, 2023. The initial public offering comprises a fresh issue of equity shares aggregating up to ₹ 2,700 million (“Fresh Issue”) and an offer for sale  by SAIF Partners India IV Limited (the “Selling Shareholder”) of equity shares aggregating up to ₹ 1,350 million  (the “Offer for Sale”). The anchor investor bidding period is Monday, July 03, 2023.  The Offer will close on Thursday, July 06, 2023.

The Price Band of the Offer has been fixed from ₹ 301 to ₹ 317 per equity share. Bids can be made for a minimum of 47 equity shares and in multiples of 47 equity shares thereafter.

The Company proposes to utilize the net proceeds of the Fresh Issue towards funding working capital requirement of the Company which is estimated to be ₹ 1,960 million and balance amount towards general corporate purposes. (the “Objects of the Issue”)

The Equity Shares are being offered through the red herring prospectus (“RHP”) of the Company dated June 27, 2023 filed with Registrar of Companies, West Bengal at Kolkata (“ROC”) and are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the purposes of the Offer, the NSE is the Designated Stock Exchange.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulation”). The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, through the Book Building Process wherein not more than 50% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”), provided that our Company and SAIF Partners India IV Limited (the Selling Shareholder) in consultation with the BRLMs (defined below) may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Offer Price, in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. 


Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one third of such portion shall be reserved for applicants with application size of more than two lakh rupees and up to ten lakh rupees; and (b) two third of such portion shall be reserved for applicants with application size of more than ten lakh rupees, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of non-institutional bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. 


All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts, (including UPI ID in case of UPI Bidders), if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For further details, see “Offer Procedure” on page 403 of the RHP. 


IIFL Securities Limited, Ambit Private Limited and SBI Capital Markets Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.

Note to Editor:


Senco Gold Limited is a pan-India jewellery retail player with a history of more than five decades and have a fourth-generation entrepreneur in the jewellery industry as the Promoter. It is the largest organised jewellery retail player in the eastern region of India based on number of stores and among eastern India based jewellery retailers, it has the widest geographical footprint in non-eastern states (Source: CRISIL Report). Senco has been consistently in the league of most trusted jewellery brands and has improved its ranking from 4th most trusted jewellery brand by TRA’s Brand Trust Report 2017 to 2nd most trusted jewellery brand by TRA’s Brand Trust Report 2020.

Senco's fund based working capital facilities have been assigned a rating of “ICRA A” with a stable outlook for long term facilities and a rating of “ICRA A2+” for short term facilities and its fixed deposit program has been assigned a rating of “ICRA A” with a stable outlook by ICRA Limited.


As on March 31, 2023, Senco has 136 showrooms, which have a total area of approximately 409,882 sq. ft., in 96 cities and towns over 13 states across India. Some of its Franchisee Showrooms are located in areas other than metros and tier-I, providing it greater reach in tier-II locations.

Senco's established ‘franchise’ model continues to promote asset-light growth for the company, while reducing the capital expenditure (capex) requirement and enabling faster expansion.

The Company primarily sells gold and diamond jewellery and also sell jewellery made of silver, platinum and precious and semi-precious stones and other metals. It offers a diverse jewellery collection, which includes gold jewellery, diamond jewellery, platinum jewellery and studded jewellery of various forms, across various price points (ranging from approximately ₹ 2,000 to approximately ₹ 500,000) to maximise the customer base. 

Senco has posted consistent revenue growth, profitability and return on equity from FY21 to FY23.

Its other offerings also include costume jewellery, gold and silver coins and utensils made of silver. Its products are sold under the “Senco Gold & Diamonds” tradename, through multiple channels, including the 75 Company Operated Showrooms and 61 Franchisee Showrooms (as on March 31, 2023) (including four franchisee owned and Company operated Showrooms) and various online platforms, including the website www.sencogoldanddiamonds.com.

Senco’s strategy of operating through multiple channels enables it to allocate capital as required, as it continues to expand geographic presence and work towards an omni channel network. With a catalogue offering more than 120,000 designs for gold jewellery and more than 69,000 designs for diamond jewellery, it offers a large variety of designs of handcrafted jewellery, most of which are designed and manufactured in-house by its designers in close collaboration with skilled local craftsmen (generally termed Karigars) in Kolkata and across the country. 

Machine made light weight jewellery in gold and diamonds are also manufactured at its manufacturing facility based on designs prepared by its inhouse designers and also sourced from third partner manufacturing vendors.

Disclaimer: 

SENCO GOLD LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the RHP with RoC on June 27, 2023. The RHP shall be available on the website of SEBI at www.sebi.gov.in, the websites of the Stock Exchanges i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and the websites of the BRLMs, i.e., IIFL Securities Limited, Ambit Private Limited and SBI Capital Markets Limited at www.iiflcap.com, www.ambit.co and www.sbicaps.com, respectively. Potential Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled “Risk Factors” on page 31 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in ‘offshore transactions’ as defined in, and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.

ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023

 



Background

According to data from the Union Ministry of Commerce & Industry, India has solidified its position as a significant global hub for the start-up ecosystem, securing an outstanding third place ranking with an astonishing count of 99,380 start-ups. 

The objective of ASK Private Wealth Hurun India Future Unicorn Index 2023 is to highlight India’s fast-growing start-up ecosystem to investors, governments, family offices, aspiring entrepreneurs, and the international community. Hurun Research Institute has classified start-ups as Unicorns (start-ups founded after the year 2000 with a valuation of US$1bn), Gazelles (start-ups that are most likely to go Unicorn in the next three years), and Cheetahs (start-ups that could go Unicorn in the next five years). The evaluation is based on regulatory filings, feedback from other entrepreneurs, and some of the active India-focused VC funds and angel investors.

IN SEARCH OF INDIA’S GAZELLES AND CHEETAHS


INDIA IS CURRENTLY HOME TO 83 UNICORNS, 51 GAZELLES, AND 96 CHEETAHS, AS AGAINST 84 UNICORNS, 51 GAZELLES, AND 71 CHEETAHS IN THE 2022 INDEX.

MORE THAN 80% OF THE STARTUPS THAT ACHIEVED UNICORN STATUS IN INDIA LAST YEAR HAILED FROM ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX.

24 FROM THE LIST TURNED UNICORNS LAST YEAR AND 3 TURNED THIS YEAR, INDICATING A SLOWDOWN IN INDIA’S STARTUP ECOSYSTEM.

8 GAZELLES DEMOTED TO CHEETAHS AND ANOTHER 19 DROPPED OUT OF THE INDEX.

INDIA’S FUTURE UNICORNS ARE CURRENTLY WORTH US$57BN, WITH AN INCREASE OF 16% AS COMPARED TO LAST YEAR – MAINLY DRIVEN BY ADDITION OF NEW FUTURE UNICORNS TO THE LIST.

PEAK XV PARTNERS TAKES THE LEAD AS THE TOP INVESTOR WITH 37 INVESTMENTS, WHILE ANAND CHANDRASEKARAN, PARTNER OF GENERAL CATALYST, HOLDS THE LEAD AS THE ANGEL INVESTOR WITH 16 INVESTMENTS IN THE INDEX.

BENGALURU CONTINUES TO BE THE START-UP CAPITAL OF INDIA. THE CITY IS HOME TO 53 PROBABLE UNICORNS AND IS FOLLOWED BY DELHI NCR (29) AND MUMBAI (19).


WITH 24 FOUNDERS, THE HIGHEST NUMBER OF FUTURE UNICORN FOUNDERS ARE IIT KHARAGPUR GRADUATES, FOLLOWED BY THOSE FROM IIT DELHI WITH 23 FOUNDERS.


IIM AHMEDABAD BOASTS THE HIGHEST NUMBER OF POST-GRADUATE FUTURE UNICORN FOUNDERS AT 14, ACCORDING TO THE 2023 ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX, WITH IIT KHARAGPUR TRAILING BEHIND WITH 11 FOUNDERS.

DOUBLE PROMOTION: CONSUMER ELECTRONICS START-UP BOAT FROM THE LAST YEAR'S INDEX, “SKIPPED” THE GAZELLE STAGE AND DIRECTLY ENTERED THE UNICORN CLUB.

EV START-UP ATHER ENERGY, QUICK COMMERCE START-UP ZEPTO AND EDTECH START-UP LEAP SCHOLAR ARE THE MOST VALUABLE GAZELLES.

ONLINE FURNITURE PLATFORM PEPPERFRY IS THE MOST VALUABLE CHEETAH.

30 INDIAN FUTURE UNICORNS HAVE OVERSEAS HEADQUARTERS, 27 IN THE USA, TWO IN SINGAPORE, AND ONE IN THE UK.

E-COMMERCE, FINTECH AND SAAS COMPRISE 42 PERCENT OF THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023.

FINANCIAL SERVICES, HEALTHCARE, BUSINESS MANAGEMENT SOLUTIONS, LOGISTICS AND RETAIL ARE THE SECTORS DISRUPTED MOST BY THE FUTURE UNICORNS. 

EIGHT GAZELLES AND THREE CHEETAHS FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023 MADE PROFITS IN FY 2022.

COMPANIES FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023 EMPLOY MORE THAN 1,02,650 PEOPLE.

20-YEAR-OLD KAIVALYA VOHRA, THE CO-FOUNDER OF QUICK COMMERCE START-UP ZEPTO, IS THE YOUNGEST CO-FOUNDER IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023.


Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2023

(27 June 2023, Mumbai, India) The Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2023, a ranking of India’s start-ups founded in the 2000s, worth at least US$200mn, not yet listed on a public exchange and most likely to ‘go Unicorn’ within three years (Gazelles) or five years (Cheetahs). The cut-off date was 31 May 2023.

ASK Private Wealth Hurun India Future Unicorn Index 2023 is a snapshot of India’s start-up ecosystem. This is an index of the most valuable private equity or venture capital-funded companies in India founded after 2000, ranked according to their latest funding round valuation. 

To feature in the ASK Private Wealth Hurun India Future Unicorn Index 2023, the start-up is required to have a minimum valuation of US$200mn (INR 1,650 crore).

Hurun Research found 147 Indian future Unicorns from 25 cities. On average, they were set up in 2015, with the vast majority selling software and services, with only 20% selling physical products. 37% are selling to businesses, while 63% are consumer-facing. Future Unicorns were seen disrupting financial services, healthcare, business management solutions and education.

Speaking at the launch, Rajesh Saluja, CEO & MD, ASK Private Wealth said, “The Indian start-up ecosystem is a dynamic force, brimming with immense potential and boundless opportunities. At ASK Private Wealth we have witnessed firsthand the relentless spirit and ingenuity of entrepreneurs who are shaping the future. We are committed to supporting this thriving ecosystem by providing not just financial expertise, but also mentorship and networking platforms, especially in the current funding climate. Despite the headwinds, we have seen founders demonstrating unwavering determination, adaptability, and resourcefulness. The funding winter serves as a catalyst for innovation, urging start-ups to think creatively, optimise resources and refine their strategies. It is during these times that the true spirit of entrepreneurship shines through. The 51 Gazelles and 96 Cheetahs in this index likely to go Unicorn in the next 5 years are a testimony to this.” 

"At ASK Private Wealth, we understand that start-up founders face unique financial challenges and complexities on their entrepreneurial journey. We recognize the value of providing strategic guidance and comprehensive financial solutions tailored to their specific needs. Our experienced team of advisors offers a wealth of knowledge and expertise, assisting founders in navigating the intricacies of wealth management, investment strategies, and risk mitigation. Beyond financial acumen, we also serve as trusted partners, offering mentorship, connections to industry experts, and a supportive network. We believe that by alleviating the burden of wealth management, founders can focus on what they do best—innovating, scaling their businesses, and making a lasting impact. We are dedicated to empowering start-up founders, helping them build a solid foundation for sustainable growth and achieving their long-term goals." he added. 

Hurun India Founder and Chief Researcher Anas Rahman Junaid said: “The Hurun Future Unicorns: Gazelles Index is a comprehensive list of the India’s startups most likely to ‘go unicorn’ within three years and Cheetahs are expected to go unicorn in 5 years. Gazelles and Cheetahs provide an insight into the economy of tomorrow.  What they are doing and where they are doing it gives an indication into which sectors are attracting the world’s top young talent and smartest capital, and which countries and cities have the best start-up ecosystems.”

“While rising interest rates and global uncertainties have dramatically reduced the appetite of investors to put money into start-ups in the past half year, there are nonetheless 147 companies, a new record, that Hurun Research believes are most likely to ‘go unicorn’ within five years.”

“The speed of value creation in the India’s most disruptive industries is remarkable. 135 future unicorns were founded after the year 2010, of which 10 of these Gazelles and Cheetahs were founded since Covid – meaning some of these most valuable companies did not even exist 3 years back!”

“The slow-down in the economy has been tough for certain companies, with almost 20% of last year’s Gazelles / Cheetahs either dropping off the list or being downgraded. Hurun Research believes these companies could take could no longer go unicorn within three years. Rising interest rates and geopolitical headwinds have combined to make it harder for start-ups to raise capital.”

“ASK Private Wealth - Hurun India Future Unicorns: Gazelles and Cheetahs Index is compiled using data from the India’s leading venture capitalists, making this perhaps the most comprehensive list of the India’s future unicorns.”

“The ASK Private Wealth Hurun India Future Unicorn Index is the pipeline for future unicorns, with 80% of last year's new unicorns coming from the index.”

“The fastest-growing sectors of the year were Consumer Services, HealthTech and Food & Beverages, followed by SaaS, Logistics, Electric Vehicle and AI.”

“Industries that have been most disrupted by future unicorns are Financial Services, Healthcare and Business Management Solutions.”

“The average age of the Hurun Gazelles is only eight years, suggesting that if you were to start-up today, you should aim to build a Gazelle by 2031! This list represents the best companies under a billion. The average age of Hurun Cheetahs is eight years”

“Which countries are most likely to produce unicorns in the next three years? The US and China dominate with two thirds of the world’s known Gazelles, despite representing only a quarter of the world’s population. The rest of the world is currently led by India, the UK, Germany, Israel and Singapore.”

“A successful start-up ecosystem requires role models, both individuals, such as those from the Hurun Rich Lists, and companies, such as those from the Hurun Global Unicorn and Hurun Global 500 most valuable companies series. If a city or country can attract the world’s most successful entrepreneurs and companies to set up shop there, that will have a roll-on effect. Entrepreneurship is infectious and cities with lots of role models are likely to attract the brightest and best young entrepreneurs. It becomes a self-fulfilling prophesy.”

“The role of investors is evolving from just providers of cash to mentorship and scale-up opportunities. India’s leading Gazelle and Cheetah venture capitalists are building ecosystems with their portfolios, hugely attractive to the world’s fastest-growing start-ups. Being able to say you have one of these brands as an investor adds significant credibility. Peak XV Partners is the India’s most successful VC platform at finding and investing into Gazelles and Cheetahs, followed by InnoVen Capital, Tiger Global Management, Accel and Blume Ventures.”

“What the Gazelles do gives an indication of the problems they are offering solutions to. In India, for example, quick commerce company Zepto, financial services start-up Vivriti Capital and EV space start-up Ather Energy are expected to play a critical role in solving credit, last mile logistics and renewable energy for India.  In the US, companies Virgin Hyperloop and vehicle automation start-up Robotic Research are making an impact.”

“Hurun Report is committed to promoting entrepreneurship through its lists and research. Hurun’s ‘start-up series’ has four main components. It begins with the Hurun U30s Entrepreneurs to Watch, a list of the top entrepreneurs under the age of 30. Next up are the two future unicorn lists: Hurun Cheetahs, most likely to ‘go unicorn’ within 5 years and currently with a valuation of between US$200 million and US$500 million, and Hurun Gazelles, most likely to ‘go unicorn’ within 3 years and currently with a valuation of between US$500 million and US$1 billion. The Hurun Global Unicorn Index is the pinnacle of the world’s start-ups.”




Gazelle: Unicorn in the next three years


Hurun Report defines “Gazelle” as a start-up founded after 2000 and has the potential to go Unicorn in three years. In the next three years, 51 Gazelles from the ASK Private Wealth Hurun India Future Unicorn Index 2023 are likely to become Unicorns.

In the ASK Private Wealth Hurun India Future Unicorn Index 2023, the Gazelles, which are the high-growth potential start-ups, boast valuations estimated between US$500 million to US$1 billion. However, the cumulative valuation of these Gazelles featured in the index experienced a year-on-year decrease of 1%, amounting to US$30.8 billion. Impressively, the 51 start-ups listed in the index have collectively secured a substantial funding of US$9.6 billion.

The ASK Private Wealth Hurun India Future Unicorn Index 2023 includes 11 Gazelles from the FinTech sector, while SaaS contributes six Gazelles, E-commerce and AgriTech sector have four Gazelles each. Among the leading Gazelles in the index, we have EV start-up Ather Energy, Quick Commerce start-up Zepto, and EdTech start-up Leap Scholar. Following closely behind are AI start-up Observe.AI and AgriTech start-up Ninjacart.



Table 1: Gazelles in the ASK Private Wealth Hurun India Future Unicorn Index 2023

No. Company Year Founded Total Funding Received (US$mn) Start-up Sector

1 Ather Energy 2013 342 Electric Vehicle

2 Leap Scholar 2019 153 EdTech

3 Zepto 2021 360 Quick Commerce

4 Observe.AI 2017 214 Artificial Intelligence

5 Ninjacart 2015 367 AgriTech

6 Rapido 2015 310 Shared Economy

7 CleverTap 2013 182 SaaS

8 Twin Health 2018 199 HealthTech

9 Scaler 2019 55 EdTech

10 GreyOrange 2011 293 Artificial Intelligence

11 Medikabazaar 2014 177 E-commerce

12 MoEngage 2014 133 SaaS

13 Smartworks 2016 25 Shared Economy

14 Square Yards 2013 98 E-commerce

15 StashFin 2016 345 Neo Bank

16 Servify 2015 120 Consumer Services

17 KreditBee 2018 332 FinTech

18 Turtlemint 2015 200 E-commerce

19 IndMoney 2018 140 FinTech

20 Vivriti Capital 2017 190 FinTech

21 Bizongo 2015 240 E-commerce

22 La Renon 2007 46 BioTech

23 M2P Fintech 2014 107 FinTech

24 Progcap 2017 62 FinTech

25 Whatfix 2014 140 SaaS

26 Country Delight 2015 115 AgriTech

27 Gaana 2011 206 Media & Entertainment

28 Bira 91 2015 263 Food & Beverages

29 Ecom Express 2012 485 Logistics

30 Shadowfax 2015 113 Logistics

31 BetterPlace 2015 91 SaaS

32 BrightChamps 2020 51 EdTech

33 Captain Fresh 2019 127 LogisticsTech

34 InCred 2016 254 FinTech

35 Navi Technologies 2018 582 FinTech

36 Qure AI 2015 60 Artificial Intelligence

37 Rupeek 2015 172 FinTech

38 SirionLabs 2012 145 SaaS

39 Zupee 2018 121 Gaming

40 AgroStar 2013 112 AgriTech

41 Capillary Technologies 2008 102 SaaS

42 CogoPort 2016 67 Logistics

43 DeHaat 2012 194 AgriTech

44 HomeLane 2014 114 Consumer Goods

45 JusPay 2012 87 FinTech

46 MedGenome 2013 136 HealthTech

47 Money View 2014 109 FinTech

48 Mosaic Wellness 2019 35 HealthTech

49 Northern Arc 2008 447 FinTech

50 Stanza Living 2017 227 Shared Economy

51 TheMathCompany 2016 50 Analytics

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


Cheetah: Unicorn in the next five years


Hurun Report defines “Cheetah” as a start-up founded after 2000 and has the potential to go Unicorn in the next five years.


Cheetahs are the fastest mammals on land over short distances and have exceptional stride length. They are nimble at high speeds, and the length between their steps is six to seven meters and four strides are completed per second.


Hurun classification has been validated in this year’s report as one Cheetah (boAt) from the last year's index, ‘skipped’ the Gazelle stage, and directly entered the Unicorn club.

Within the ASK Private Wealth Hurun India Future Unicorn Index 2023, the Cheetahs, characterized by their high-growth potential, showcase estimated valuations ranging from US$200 million to US$500 million. India boasts an impressive count of 96 Cheetahs, collectively securing a significant funding of US$9.3 billion. The cumulative valuation of these Cheetahs featured in the index experienced a remarkable year-on-year increase of 47%, amounting to US$26.3 billion. Leading the Cheetah index are the E-commerce start-ups with 17 representations, closely followed by SaaS with 14.



Table 2: Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2023

No. Company Year Founded Total Funding Received (US$mn) Start-up Sector

1 Pepperfry 2011 285 E-commerce

2 Atlan 2018 69 SaaS

3 Clear 2011 140 FinTech

4 Dunzo 2015 700 Quick Commerce

5 InsuranceDekho 2016 170 E-commerce

6 mFine 2017 98 HealthTech

7 Pixis 2018 124 Artificial Intelligence

8 Porter 2014 131 Logistics

9 WayCool 2015 262 AgriTech

10 Bluestone 2011 100 E-commerce

11 Cuemath 2013 121 EdTech

12 Arzooo 2018 85 E-commerce

13 Chalo 2014 61 Transportation

14 Curefoods 2020 159 Cloud Kitchen

15 Healthifyme 2012 100 Fitness

16 Lentra 2018 98 SaaS

17 Pocket FM 2018 94 Media & Entertainment

18 GoKwik 2020 56 Enterprise Services

19 HealthKart 2011 196 E-commerce

20 Ixigo 2006 72 E-commerce

21 Freshtohome 2015 152 E-commerce

22 Wakefit 2016 60 Consumer Goods

23 SUGAR Cosmetics 2012 86 Consumer Goods

24 WinZo 2018 110 Gaming

25 Cloudnine 2007 102 HealthTech

26 Kissht 2015 142 FinTech

27 Prodigal 2018 12 SaaS

28 Uni Cards 2020 89 FinTech

29 Yulu 2017 118 Shared Economy

30 Park+ 2019 54 Consumer Services

31 Practo 2008 228 HealthTech

32 Fashinza 2020 123 Manufacturing as a service

33 Locus 2015 78 Artificial Intelligence

34 Quizizz 2015 47 EdTech

35 Wow! Momo 2008 55 Restaurant

36 Bankbazaar.com 2008 115 E-commerce

37 iD Fresh Food 2005 99 Food & Beverages

38 Pratilipi 2015 81 Media & Entertainment

39 Cashify 2013 118 E-commerce

40 Chaayos 2012 41 Restaurant

41 Mintifi 2017 166 FinTech

42 makeO 2018 90 HealthTech

43 Avataar 2016 52 RetailTech

44 CareStack 2015 74 SaaS

45 InVideo 2017 53 SaaS

46 Log9 Materials 2014 32 New Energy

47 Plum 2013 50 Consumer Goods

48 Safe Security 2012 99 SaaS

49 Zolve 2020 55 Neo Bank

50 Paper Boat 2009 154 E-commerce

51 Euler Motors 2018 92 Electric Vehicle

52 HeVo Data 2017 43 SaaS

53 Jiffy.ai 2012 71 Artificial Intelligence

54 Lendingkart 2014 264 FinTech

55 Smallcase 2015 62 FinTech

56 Ultraviolette 2014 20 Electric Vehicle

57 WOW Skin Science 2016 125 Consumer Goods

58 Acceldata 2018 46 Artificial Intelligence

59 Appsmith 2019 52 SaaS

60 Atomberg Technology 2012 127 Consumer Goods

61 BatterySmart 2019 41 Energy

62 Bombay Shaving 2015 46 Consumer Goods

63 Bounce 2014 214 Shared Economy

64 Carbon Clean Solutions 2009 215 CleanTech

65 CityMall 2019 112 E-Commerce

66 Credgenics 2018 29 SaaS

67 Detect Technologies 2016 43 SaaS

68 Drip Capital 2016 85 FinTech

69 Eggoz 2017 18 Food & Beverages

70 Exotel 2011 87 SaaS

71 FabHotels 2015 49 Shared Economy

72 Fibe 2015 33 FinTech

73 Finova Capital 2015 141 FinTech

74 Heads Up For Tails 2008 50 E-commerce

75 Headout 2015 58 E-commerce

76 Jai Kisan 2017 47 Neo Bank

77 Jumbotail 2015 160 E-commerce

78 K12 Techno Services 2010 18 EdTech

79 Koo 2020 45 Social Media

80 LambdaTest 2017 70 Cloud

81 LocoNav 2016 44 SaaS

82 Melorra 2016 94 Consumer Goods

83 Niyo Solutions 2015 164 Neo Bank

84 Orange Health Labs 2020 35 HealthTech

85 Pixxel 2019 33 Aerospace

86 Refyne 2020 105 FinTech

87 RenewBuy 2015 93 E-commerce

88 Rentomojo 2014 71 E-commerce

89 SaaS Labs 2016 73 SaaS

90 Sigmoid 2013 12 Data Analytics

91 Simple Energy 2019 42 Electric Vehicle

92 Truemeds 2019 26 HealthTech

93 Videoverse 2016 60 SaaS

94 Woodenstreet 2015 34 E-commerce

95 Yellow.ai 2016 102 Artificial Intelligence

96 Zolo 2015 98 Shared Economy

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


Top investors


Peak XV Partners, formerly known as Sequoia Capital India & SEA, is a prominent venture capital and growth investing firm that operates across multiple regions, including India, South East Asia, and beyond. With an impressive portfolio of 37 investments, Peak XV Partners emerges as the top investor in the ASK Private Wealth Hurun India Future Unicorn Index 2023. Notably, Peak XV Partners has notable successes in its kitty, including Turtlemint, CleverTap, MedGenome, and Bira 91.


InnoVen Capital, backed by Temasek and UOB Group, is Asia's premier venture lending platform. It provides debt capital to high-growth companies, specializing in financing solutions for startups and emerging enterprises. InnoVen Capital has made investments in 26 start-ups that are featured in the ASK Private Wealth Hurun India Future Unicorn Index 2023. Among the notable start-ups that have received funding from InnoVen Capital are Ather Energy, Captain Fresh, Jumbotail, and Porter.


Tiger Global's primary mission is to generate exceptional investment returns in the long run. As the second-largest investor in the ASK Private Wealth Hurun India Future Unicorn Index 2023, Tiger Global has made significant investments in 25 start-ups. Their portfolio showcases a diverse range of interesting companies, including Ather Energy, Captain Fresh, Bizongo, and Avataar. It is worth mentioning that the start-ups listed in the ASK Private Wealth Hurun India Future Unicorn Index 2023 have collectively raised a substantial funding of approximately US$18.8 billion thus far, attracting investments from over 300 investors.


Table 3: Top 10 investors in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank (Change) Investor No. of Investments Main Investments

1 (0) Peak XV Partners 37 (-2) Turtlemint, CleverTap, MedGenome, Bira 91

2 (+1) InnoVen Capital 26 (+10) Ather Energy, Healthifyme, Jumbotail, Porter

3 (-1) Tiger Global Management 25 (-2) Ather Energy, Captain Fresh, Avataar, Bizongo

4 (-1) Accel 23 (+3) CleverTap, HomeLane, Ninjacart, Rupeek

5 (-1) Blume Ventures 22 (+6) Dunzo, Healthifyme, Turtlemint

6* Stride Ventures 18 Zepto, Bira 91, Fashinza, HomeLane, Bizongo

7 (-1) Trifecta Capital Advisors 15 (0) Jai Kisan, Kissht, Servify, Arzooo, DeHaat

8 (0) Alteria Capital 13 (0) Dunzo, Fibe, Pratilipi, Stanza Living

9 (+1) Matrix Partners 12 (+2) Captain Fresh, Country Delight, Zupee

10 (-3) Eight Roads 11 (-3) MoEngage, Northern Arc, Fibe, Quizizz

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023

*New to Top 10


Portfolio of Angel Investors 

Anand Chandrasekaran, a partner and investor at General Catalyst, leads the ASK Private Wealth Hurun India Future Unicorn Index 2023 with an impressive record of 16 investments in future Unicorns. Followed by Kunal Shah with 12 future unicorn investments, Rohit Bansal and Kunal Bahl both boasting an impressive eight future unicorn investments each. Notably, Anupam Mittal has also made investments in six future Unicorns, further contributing to the index's robust investor portfolio.

Table 4: Top five angel investors in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank (Change) Angel Investors No. of Investments Main Investments

1 (0) Anand Chandrasekaran 16 (+5) InCred, InVideo, SaaS Labs, Scaler, Rupeek

2 (0) Kunal Shah 12 (+2) Rapido, M2P Fintech, Rupeek, Zupee

3 (+1) Kunal Bahl 8 (-1) AgroStar, Bira 91, Rapido, Shadowfax

3 (-1) Rohit Bansal 8 (-2) Bira 91, MoEngage, Fashinza, AgroStar

5* Anupam Mittal 6* GoKwik, Porter, Rapido, Rupeek

 Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023

*New to Top 5


Sector analysis 


The ASK Private Wealth Hurun India Future Unicorn Index 2023 comprises a diverse range of start-ups, with E-commerce and FinTech leading the pack by contributing the highest number of companies, with 21 each, following closely by SaaS with 20. Together, FinTech, E-commerce, SaaS, HealthTech, AI and Consumer Goods make up more than half of the featured companies in the index, highlighting their significance in the Indian start-up ecosystem. Additionally, sectors such as Shared Economy, AgriTech and EdTech also show promising growth and potential in the Indian start-up landscape.


Table 5: Top 10 sectors in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank (Change) Start-up Sector No. of Companies (Change) Cumulative Valuation (US$mn) No. of Gazelles No. of Cheetahs

1 (+1) E-commerce 21 (+8) 7,670 4 17

1 (0) FinTech 21 (-7) 8,750 11 10

3 (0) SaaS 20 (+9) 6,990 6 14

4 (+5) HealthTech 9 (+5) 3,510 3 6

5 (-1) Artificial Intelligence 8 (+1) 3,380 3 5

5 (+1) Consumer Goods 8 (+2) 2,260 1 7

7 (+2) Shared Economy 7 (+3) 2,750 3 4

8 (-4) EdTech 6 (-1) 3,020 3 3

9 (-3) AgriTech 5 (-1) 2,850 4 1

10* Electric Vehicle 4* 1,500 1 3

10* Logistics 4* 1,990 3 1

10 (-2) Neo Bank 4(-1) 1,310 1 3

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023

*New to Top 10


E-commerce. In the ASK Private Wealth Hurun India Future Unicorn Index 2023, the e-commerce sector boasts a remarkable count of 21 future Unicorns, amounting to a total value of US$7.7 billion. Notably, Square Yards and Medikabazaar emerge as the most valuable e-commerce Gazelles, while Pepperfry takes the lead as the most valuable e-commerce Cheetah. The e-commerce start-ups listed in the index have collectively raised a significant investment of US$2.8 billion, highlighting the strong support and investor confidence in this sector.

FinTech. India is home to 21 future Unicorns in the FinTech sector, with consumer lending emerging as the dominant subcategory, constituting more than half of the FinTech future Unicorns. Among them, KreditBee stands out as the most valuable FinTech Gazelle, while Clear takes the lead as the most valuable FinTech Cheetah. The FinTech start-ups featured in the ASK Private Wealth Hurun India Future Unicorn Index 2023 have collectively raised a significant investment of US$3.8 billion. FinTech holds a strong position, commanding a substantial share of the overall value of future Unicorns, with a total of US$8.7 billion or 15.5% of the total value.

SaaS, standing as the third-largest sector, showcases an impressive count of 20 future Unicorns within the ASK Private Wealth Hurun India Future Unicorn Index 2023. Among them, CleverTap emerges as the most valuable SaaS Gazelle, while Atlan takes the lead as the most valuable SaaS Cheetah. The SaaS start-ups listed in the index have collectively raised a substantial investment of US$1.6 billion, reflecting the investor confidence and support in this sector's growth and potential.

HealthTech, holding nine future Unicorns, secures its position as the fourth-largest sector within the ASK Private Wealth Hurun India Future Unicorn Index 2023, representing 6.1% of all future Unicorns. The cumulative value of all HealthTech future Unicorns amounts to US$3.5 billion, accounting for nearly 6.2% of the total value of all future Unicorns. Notably, Twin Health emerges as the most valuable HealthTech Gazelle, while mFine takes the lead as the most valuable HealthTech Cheetah. These HealthTech start-ups exemplify the potential and growth within the sector, attracting significant investor attention and support.

Artificial Intelligence (AI) showcases a notable increase, with eight future Unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2023, surpassing the previous year's count of seven. The cumulative value of AI future Unicorns amounts to US$3.4 billion, representing approximately 6.1% of the total value of all future Unicorns. The AI start-ups featured in the index have collectively raised a significant investment of US$990 million, reflecting the confidence and support in the potential of AI-driven innovations. Notably, Observe.AI stands out as the most valuable AI Gazelle, while Pixis takes the lead as the most valuable AI Cheetah.

Consumer Goods consists of business segments such as personal care, furniture, Jewellery and Cosmetics. The companies from the Consumer Goods sector has raised a cumulative investment of US$700 million. The future unicorns in the consumer goods sector comprise of a single gazelle start-up and seven cheetah start-ups.


Where are they headquartered?


Bengaluru has the third-highest number of tech start-ups in the world. It has a well-developed ecosystem, deep technology talent, and respect for entrepreneurship. The ASK Private Wealth Hurun India Future Unicorn Index 2023 features 53 start-ups with headquarters in Bengaluru, emphasizing the city's prominence. With a cumulative valuation of US$19.9 billion, Bengaluru serves as the home to 12 Gazelles and 41 Cheetahs, further solidifying its position as a hotbed for start-up growth. With numerous Unicorns already established, Bengaluru is set to maintain its status as the Unicorn capital of India for the foreseeable future.

Following Bengaluru, the cities of Delhi NCR and Mumbai emerge as key players in the start-up landscape. Start-ups based in Delhi NCR, featured in the current Hurun Index, boast a remarkable cumulative valuation of US$11.3 billion, showcasing the city's vibrant entrepreneurial ecosystem. On the other hand, Mumbai houses 19 start-ups in the index, with a cumulative valuation of US$8 billion, solidifying its position as a significant hub for start-up innovation and growth. Together, these cities contribute to the diverse and thriving start-up ecosystem in India.

Interestingly, the top three cities account for approximately 70 percent of future Unicorns in ASK Private Wealth Hurun India Future Unicorn Index 2023.

Table 6: Top five Indian cities in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank (Change) City No. of Companies (Change) Main Companies Cumulative Valuation (US$mn)

1 (0) Bengaluru 53 (+6) Ather Energy, Leap Scholar 20,330

2 (0) Delhi NCR 29 (+4) Smartworks, Square Yards 11,290

3 (0) Mumbai 19 (+3) Zepto, InCred, Servify 7,970

4 (0) Chennai 6 (+1) Vivriti Capital, M2P Fintech 2,660

5 (0) Pune 3 (0) Fibe, AgroStar, Lentra 1,100

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Youngest & oldest start-up founders

In the realm of entrepreneurship, age neither serves as a barrier nor an advantage. What truly matters is the strength of one's concept and the conviction behind it. Within the ASK Private Wealth Hurun India Future Unicorn Index 2023, we find an inspiring example in Kaivalya Vohra, who, at the age of 20, is the youngest founder. Together with his co-founder Aadit Palicha, who is just a few months older at 21, they embarked on their entrepreneurial journey. Both Vohra and Palicha, dropouts from Stanford University, found themselves quarantined in Mumbai during the lockdown, where they conceived the idea of Zepto—a 10-minute grocery delivery company. Their youthfulness and ingenuity exemplify how innovative ideas can emerge at any age, showcasing the limitless potential of entrepreneurship.

K Satyanarayana of Ecom Express, aged 62, is the oldest founder in the ASK Private Wealth Hurun India Future Unicorn Index 2023. On average, Indian start-up founders in the index are 39 years old, showcasing a diverse mix of experienced individuals. Notably, there are 19 founders under 30, reflecting the rise of young and ambitious entrepreneurs, while 26 founders are above 50, highlighting the presence of seasoned professionals in the start-up ecosystem. This age diversity contributes to the vibrant landscape of Indian entrepreneurship.


Table 7: Youngest founders in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Name Age Start-up founded Gazelle/Cheetah

Kaivalya Vohra 20 Zepto Gazelle

Aadit Palicha 21 Zepto Gazelle

Awais Ahmed 25 Pixxel Cheetah

Kshitij Khandelwal 25 Pixxel Cheetah

Dilsher Singh 27 Zupee Gazelle

Siddhant Saurabh 27 Zupee Gazelle

Shreshth Mishra 27 Simple Energy Cheetah

Suhas Rajkumar 27 Simple Energy Cheetah

Harikrishna Valiyath 28 Pixis Cheetah

Harikrishnan Arangali Shaji 28 Detect Technologies Cheetah

Daniel Raj David 28 Detect Technologies Cheetah

Anand Agrawal 28 Credgenics Cheetah

Shubham A Mishra 29 Pixis Gazelle

Vrushali Prasade 29 Pixis Gazelle

Neetish Sarda 29 Smartworks Gazelle

Sanjay Dasari 29 WayCool Cheetah

Akshay Singhal 29 Log9 Materials Cheetah

Kartik Hajela 29 Log9 Materials Cheetah

Rishabh Goel 29 Credgenics Cheetah 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023

Table 8: Oldest founders in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Name Age Start-up founded Gazelle/Cheetah

K Satyanarayana 62 Ecom Express Gazelle

Sam Santhosh 61 MedGenome Gazelle

Kishore Kumar 60 Cloudnine Cheetah

TA Krishnan 59 Ecom Express Gazelle

D Venkatesh 59 Lentra Cheetah

Ketan Malkan 58 Medikabazaar Gazelle

Manju Dhawan 57 Ecom Express Gazelle

Ajay Agrawal 56 SirionLabs Gazelle

Sanjoy Shome 54 Mintifi Cheetah

Vivek Parasuram 53 HomeLane Gazelle

Pankaj Singh 53 La Renon Gazelle

Saroja Yeramilli 53 Melorra Cheetah

Srikanth Iyer 52 HomeLane Gazelle

Abdul Nazer 52 iD Fresh Food Cheetah

Sanjay Aggarwal 52 Money View Gazelle

Bhupinder Singh 51 InCred Gazelle

Babu Sivadasan 51 Jiffy.ai Cheetah

Maluk Mohamed 51 Twin Health Gazelle

Mohit Dubey 50 Chalo Cheetah

Ashish Kashyap 50 IndMoney Gazelle

Mahesh Pratapneni 50 MedGenome Gazelle

Ambareesh Murty 50 Pepperfry Cheetah

Manjul Jain 50 makeO Cheetah

Pravin Agarwala 50 BetterPlace Gazelle

Sunita Sahney 50 Finova Capital Cheetah

Balachander Sekhar 50 RenewBuy Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


Women-led future Unicorns


In the ASK Private Wealth Hurun India Future Unicorn Index 2023, 18 women entrepreneurs from 17 companies have co-founded six Gazelles and 11 Cheetahs, making significant contributions to the start-up ecosystem. Notably, Heads Up For Tails stands out as the only company in the index with two women co-founders, highlighting the leadership and dedication of women in shaping the future of Indian entrepreneurship.

Vrushali Prasade, aged 29, is the youngest woman co-founder in the ASK Private Wealth Hurun India Future Unicorn Index 2023. She co-founded Pixis, a codeless AI infrastructure company focused on marketing. Prasade's entrepreneurial journey showcases the drive and innovation of women in India's start-up ecosystem.

Manju Dhawan, aged 57, is the oldest woman co-founder featured in the ASK Private Wealth Hurun India Future Unicorn Index 2023. Her role as a co-founder of Ecom Express highlights the enduring spirit and entrepreneurial drive of women in the Indian start-up ecosystem.



Table 9: Women-led future Unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2023

No. Company Women Entrepreneur Gazelle/Cheetah

1 Ecom Express Manju Dhawan Gazelle

2 Melorra Saroja Yeramilli Gazelle

3 Northern Arc Kshama Fernandes Gazelle

4 Progcap Pallavi Shrivastava Gazelle

5 Square Yards Kanika Gupta Gazelle

6 SirionLabs Kanti Prabha Gazelle

7 Atlan Prukalpa Sankar Cheetah

8 Bankbazaar.com Rati Shetty Cheetah

9 Chalo Priya Singh Cheetah

10 Finova Capital Sunita Sahney Cheetah

11 Heads Up For Tails Rashi Narang Cheetah

12 Heads Up For Tails Ridhima Coelho Cheetah

13 Pixis Vrushali Prasade Cheetah

14 Pratilipi Sahradayi Modi Cheetah

15 SUGAR Cosmetics Vineeta Singh Cheetah

16 makeO Arpi Mehta Cheetah

17 WinZo Saumya Singh Rathore Cheetah

18 Zolo Sneha Choudhry Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Alumni of start-up founders


IIT Kharagpur leads as the top undergraduate institute with 24 co-founders of future Unicorns, followed closely by IIT Delhi with 23 co-founders. In the post-graduate category, IIM Ahmedabad is the preferred choice with 14 co-founders. Among foreign universities, the University of Pennsylvania stands out with eight co-founders, followed by Stanford University and INSEAD with three each, highlighting their substantial contributions to the start-up ecosystem.


Table 10: Top Institutes from which the founders in the ASK Private Wealth Hurun India Future Unicorn Index 2023 graduated

Alumni Graduation No. of Start-up founders Main Start-ups

IIT Kharagpur 24 Leap Scholar, Vivriti capital, Stanza Living, DeHaat

IIT Delhi 23 Observe.AI, Qure AI, DeHaat, HealthKart, Chalo

University of Mumbai 15 Turtlemint, Dunzo, AgroStar, Kissht, Clear

BITS Pilani 15 Pratilipi, Pixxel, GreyOrange, Exotel, Locus

IIT Bombay 14 Turtlemint, Rupeek, Bizongo, Uni Cards, Avataar

IIT Kanpur 12 Zupee, Porter, Yulu, BatterySmart, Porter

IIT Madras 12 Ather Energy, HomeLane, WayCool, CleverTap

Visvesvaraya Technological University 9 Observe.AI, Vivriti capital, Ultraviolette, Zolo

Anna University 7 Ninjacart, Pratilipi, Juspay, Bankbazaar.com

IIT Roorkee 7 Wakefit, Acceldata, Log9 Materials, Hevo Data

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Table 11: Post-graduation Institutes that founders in the ASK Private Wealth Hurun India Future Unicorn Index 2023 studied at

Alumni Post Graduation No. of Start-up founders Main Start-ups

IIM Ahmedabad 14 Stanza Living, Ninjacart, Navi Technologies, Koo

IIT Kharagpur 11 Arzooo, Porter, smallcase, Sigmoid, Locus

Indian School of Business 8 Vivriti capital, WayCool, Lendingkart, Wakefit

IIM Calcutta 8 Turtlemint, WinZo, Pepperfry, Medikabazaar

University of Pennsylvania 8 Avataar, Paper Boat, Prodigal, Drip Capital

IIM Bangalore 6 Vivriti capital, Lendingkart, HomeLane, BetterPlace

IIM Kozhikode 5 Ninjacart, Zolo, Mosaic Wellness 

University of Delhi 4 Pratilipi, GoKwik, Avataar, InsuranceDekho

IIT Delhi 4 Chalo, Chaayos, Fashinza, Credgenics

IIT Bombay 4 Atomberg Technology, Rupeek, SirionLabs, Mintifi

BITS Pilani 4 Pratilipi, GreyOrange, Pixxel, Locus

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Number of founders associated with future Unicorns


The ASK Private Wealth Hurun India Future Unicorn Index 2023 emphasizes the importance of co-founders, with only 15% of future Unicorns led by a solo co-founder. Nearly half of the future Unicorns have two founders, showcasing the collaborative nature of successful entrepreneurial ventures. On average, there are 2.4 founders per future Unicorn, highlighting the value of teamwork in driving innovation and growth.











Chart 1: This graph shows the number of future Unicorns broken down by number of founders.

  

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


The Revenue Growth of Indian Gazelles and Cheetahs

The combined revenue of companies in the ASK Private Wealth Hurun India Future Unicorn Index 2023 surged by 83% to INR 30,034 crore. Cheetah BatterySmart, a battery swapping start-up, experienced an astounding 44-fold increase in revenue in FY2022, reaching INR 7.95 crore from INR 20 lakhs in FY2021. Similarly, Bengaluru based storytelling platform Pratilipi witnessed a remarkable 40-fold increase in their top line. One-third of the index's companies doubled their revenue compared to the previous year. Furthermore, eight Gazelles and three Cheetahs featured in the index achieved profitability in FY2022.


Table 12: Top 10 future Unicorns by revenue growth in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank Company YoY Revenue Growth (%) Start-up Sector Gazelle/Cheetah

1 BatterySmart 4317% Energy Cheetah

2 Pratilipi 3868% Media & Entertainment Cheetah

3 Pocket FM 1045% Media & Entertainment Cheetah

4 Mosaic Wellness 582% HealthTech Gazelle

5 Orange Health Labs 529% HealthTech Cheetah

6 BetterPlace 442% SaaS Gazelle

7 Bizongo 441% E-commerce Gazelle

8 makeO 430% HealthTech Cheetah

9 Park+ 427% Consumer Services Cheetah

10 Credgenics 425% SaaS Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Top funded start-ups

Gazelles and Cheetahs featured in the index collectively raised a total of US$18.8bn, marking a 6% increase compared to the previous year. Among them, Navi Technologies secured the highest funding of US$582mn, making it the most funded future Unicorn in India. Following closely is Northern Arc with a funding of US$559mn.


Table 13: Top 10 fundraised Gazelles and Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank Company Total Fund Raised (US$mn) Latest Funding Round Key Investors

1 Navi Technologies 582 Private Equity Gaja Capital, International Finance Corporation

2 Northern Arc 559 Private Equity Eight Roads Ventures, LeapFrog Investments

3 Ecom Express 524 Private Equity Warburg Pincus, CDC Group, Peepul Capital

4 Dunzo 458 Series E BlackSoil, Lightrock, Alteria Capital

5 StashFin 442 Series C InnoVen Capital, Trifecta Capital Advisors

6 Ninjacart 367 Series D Accel, Tiger Global Management

7 WayCool 363 Series D FMO, Lightrock, Stride Ventures, Lightbox

8 Zepto 360 Series D Y Combinator, Glade Brook Capital Partners

9 Ather Energy 342 Series E Tiger Global Management, InnoVen Capital

10 Rapido 310 Series D Westbridge Capital, Nexus Venture Partners

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


Foreign headquartered Indian Gazelles and Cheetahs

Out of the 30 companies featured in the index, comprising 10 Gazelles and 20 Cheetahs, 27 have their headquarters located in the USA, two in Singapore, and one in the UK. Leading the pack among these overseas-based companies is the USA-based Artificial intelligence start-up Observe.ai, closely followed by SaaS start-up CleverTap.



Table 14: Foreign headquartered Indian Gazelles and Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2023

No. Company Country Start-up Sector Gazelle/Cheetah

1 Observe.AI USA Artificial Intelligence Gazelle

2 CleverTap USA SaaS Gazelle

3 Twin Health USA HealthTech Gazelle

4 GreyOrange USA Artificial Intelligence Gazelle

5 MoEngage USA SaaS Gazelle

6 Whatfix USA SaaS Gazelle

7 BrightChamps USA EdTech Gazelle

8 SirionLabs USA SaaS Gazelle

9 TheMathCompany USA Analytics Gazelle

10 Capillary Technologies Singapore SaaS Gazelle

11 Atlan Singapore SaaS Cheetah

12 Pixis USA Artificial Intelligence Cheetah

13 Prodigal USA SaaS Cheetah

14 Quizizz USA EdTech Cheetah

15 CareStack USA SaaS Cheetah

16 InVideo USA SaaS Cheetah

17 Safe Security USA SaaS Cheetah

18 HeVo Data USA SaaS Cheetah

19 Jiffy.ai USA Artificial Intelligence Cheetah

20 Acceldata USA Artificial Intelligence Cheetah

21 Appsmith USA SaaS Cheetah

22 Carbon Clean Solutions UK CleanTech Cheetah

23 Drip Capital USA FinTech Cheetah

24 Headout USA E-commerce Cheetah

25 LambdaTest USA Cloud Cheetah

26 LocoNav USA SaaS Cheetah

27 Pixxel USA Aerospace Cheetah

28 SaaS Labs USA SaaS Cheetah

29 Sigmoid USA Data Analytics Cheetah

30 Yellow.ai USA Artificial Intelligence Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



How many do they employ?

 

The start-ups featured in the ASK Private Wealth Hurun India Future Unicorn Index 2023 collectively employ over 1,02,650 individuals, averaging 700 employees per company. Among them, 18 future Unicorns stand out with a workforce of over 1,000 employees, with Ecom Express leading the way with 19,000 employees and Square Yards with 7,000 employees.


Table 15: Top 10 employers in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank Company Number of employees Start-up Sector

1 Ecom Express 19,000 Logistics

2 Square Yards 7,000 E-commerce

3 Shadowfax 2,325 Logistics

4 HomeLane 2,140 Consumer Goods

5 Ninjacart 2,000 AgriTech

6 KreditBee 1,960 FinTech

7 Dunzo 1,860 Quick Commerce

8 Scaler 1,800 EdTech

9 Stanza Living 1,555 Shared Economy

10 AgroStar 1,300 AgriTech

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Gazelles and Cheetahs turned to Unicorns


From the previous year's index, only two Gazelles and one Cheetah have successfully transitioned into Unicorns. However, India has experienced a slowdown in the addition of new Unicorns in the last two quarters, commonly referred to as a "funding winter." Interestingly, in April 2021, India witnessed the emergence of six new Unicorns within a span of seven days, which became famously known as the 'Unicorn Week.'


Table 16: Gazelles and Cheetahs that turned Unicorns from the Hurun India Future Unicorn Index 2023

No. Company Category Founded Year Start-up Sector Total Funding (US$mn)

1 Shiprocket Gazelle 2017 Logistics 387

2 OneCard Gazelle 2019 FinTech 225

3 Boat Cheetah 2016 Consumer Goods 177

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


Table 17: Cheetahs that turned Gazelles from the Hurun India Future Unicorn Index 2023

No. Company Founded Year Start-up Sector Total Funding (US$mn)

1 AgroStar 2013 AgriTech 112

2 Bira 91 2015 Food & Beverages 263

3 Capillary Technologies 2008 SaaS 147

4 CleverTap 2013 SaaS 182

5 JusPay 2012 FinTech 87

6 MedGenome 2013 HealthTech 186

7 Servify 2015 Consumer Services 120

8 Shadowfax 2015 Logistics 113

9 SirionLabs 2012 SaaS 171

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Some of the notable exits of future Unicorns


Shiprocket, OneCard, and boAt have exited the ASK Private Wealth Hurun India Future Unicorn Index 2023 after achieving Unicorn status last year. GoMechanic lost the Gazelle status due to alleged financial misreporting and was eventually sold on a slump sale.





Table 18: Notable Exits of Future Unicorns from Hurun India Future Unicorn Index 2023

No. Company Founded Year Start-up Sector Cause

1 Shiprocket 2017 Logistics Upgraded to Unicorn

2 OneCard 2019 FinTech Upgraded to Unicorn

3 Boat 2016 Consumer Goods Upgraded to Unicorn

4 GoMechanic 2016 E-commerce Downgraded and Slump Sale

5 Ezetap 2011 FinTech Acquired

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023



Future Unicorns with international presence


Over 30 percent of the future Unicorns highlighted in the ASK Private Wealth Hurun India Future Unicorn Index 2023 have expanded their presence overseas. MoEngage and Square Yards lead the way with active operations in nine countries each, showcasing their global footprint and strategic international expansion.


Table 19: Top five start-ups that have international presence in the ASK Private Wealth Hurun India Future Unicorn Index 2023

Rank Company Countries of Presence Start-up Sector Headquartered

1 MoEngage 9 SaaS San Francisco

1 Square Yards 9 E-commerce Gurugram

3 Capillary Technologies 7 SaaS Singapore

3 Locus 7 Artificial Intelligence Bengaluru

3 SirionLabs 7 SaaS New York

3 Yellow.ai 7 Artificial Intelligence San Mateo

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023


Interesting facts 

BatterySmart and Pratilipi, two future unicorns, witnessed remarkable revenue growth in FY22 compared to FY21. BatterySmart's revenue soared by a staggering 44 times, while Pratilipi saw a significant increase of 40 times.

Pixxel, an aerospace start-up, is on a mission to create the world's first and highest-resolution hyperspectral satellite constellation.

Log9 Materials, a deep-technology and advanced battery-technology startup, recently inaugurated India's inaugural commercial lithium-ion (Li-ion) cell manufacturing facility in Bengaluru.




Mergers and Acquisitions 

GoMechanic, which was backed by Peak XV Partners and Tiger Global, faced financial misreporting allegations and was eventually acquired by a consortium led by Lifelong Group, an auto component maker.

Razorpay, the fintech unicorn, has successfully acquired Ezetap, a Bengaluru-based point-of-sale (PoS) payments solution provider. 

Scaler, an edtech Gazelle, has acquired Delhi-based education start-up Pepcoding to enhance the learner experience, specifically focusing on the Low-Level Design (LLD) curriculum.

BrightCHAMPS, an edtech Gazelle, has successfully acquired Metamorphosis Edu, an education start-up incubated by ISB, in a cash-and-stock deal.

Betterplace, a frontline workforce management platform, has acquired a majority stake in MyRobin, an Indonesia-based blue-collar workforce fulfillment platform, in a cash-and-stock deal.

Lendingkart, a fintech Cheetah, has successfully acquired Upwards, a Mumbai-based personal loan provider.





Methodology


The ASK Private Wealth Hurun India Future Unicorn Index 2023 is compiled by the Hurun Research Institute with 31st May 2023 as the cut-off. Hurun defines a ‘Future Unicorn’ as a start-up founded in the 2000s that has reached of valuation of less than US$1bn and greater than US$200mn, but is not yet listed on a public exchange.


Hurun Research believes the ASK Private Wealth Hurun India Future Unicorn Index 2023 to be the most serious attempt to capture India’s future Unicorns into one index.


Valuing start-ups can be tricky. The very nature of these superfast-growing companies makes valuation hard to pin down. To ensure consistency of the valuations, the Hurun research team has used the most recent valuation based on a sizeable round. Countries and cities are ranked according to the start-up head office.


The Hurun research team used databases that specialize in recording rounds of investments by the professional investment world, cross-checking the data with some of the world’s top investment houses, industry experts, start-up co-founders, and media sources.


Future Unicorns can drop out from the list either by going public (IPO), being acquired by another company, or dropping in valuation below US$200mn. 





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Disclaimer. All the data collection and the research has been carried out by Hurun Research. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources that are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun. Hurun does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.


About ASK Private Wealth

ASK Private Wealth (ASK Wealth Advisors Pvt Ltd) provides wealth advisory and distribution services to the HNI and UHNI segment in India focusing on advisory led investment solutions as opposed to product specific solutions and on long term wealth creation through disciplined investment techniques rather than short term gain. They seek to partner with clients to help them meet their long-term financial goals around wealth creation, preservation, and transfer to the next generation by investing their surplus wealth into quality financial products that have the ability to generate long-term compounding returns over many years. The firm is a SEBI Registered Investment Advisor and currently represents ~3,000 HNI families. They are recipients of several reputed national and international awards.

About ASK Group:

ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has 20 offices and branches across India, Dubai, and Singapore through which it services the needs of clients. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK group manages assets over Rs. 79,00 Cr as on 31st May 2023.

About Hurun India: “Promoting Entrepreneurship Through Lists and Research”

Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in the pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.

The Five core pillars of Hurun India are:

1. Wealth Creation - We celebrate transparent wealth creation by bringing to light the success stories of some of the most amazing entrepreneurs through Hurun Rich Lists.

Hurun India Rich List is a ranking of individuals with a net worth of INR 1,000 Crore+ and has grown to become the most comprehensive rich list from India. Over the last decade, the list grew from 100 individuals from ten cities to 1,103 richest Indians, from 122 cities.

Hurun Leading Wealthy Women List is the ranking of the richest self-made women in India.

Hurun Real Estate Rich List ranks the most successful Real Estate entrepreneurs in the country.  

Hurun India Wealth Report is the most detailed Hurun study on the wealth distribution landscape in India.


2. Value Creation - Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500 - a ranking of most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.


3. Sustainability and Philanthropy - Hurun India Philanthropy List, which is on its sixth anniversary, ranks India’s most generous entrepreneurs. Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with the UN’s Sustainable Development Goals.


4. Art - In 2019, the Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. Through the art list, our endeavour is to encourage individuals to collect Indian art.


5. Lifestyle and Luxury -The Hurun Luxury Consumer Survey debuted in 2019 to encourage an understanding about lifestyle and brand preferences of ultra-high net worth individuals, while curating a survey to help them explain their spending habits. 


Globally, the Hurun brand registers an estimated eight billion views, 50% YoY growth, on the back of lists and research reports.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2023, a ranking of the 3,112 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the tenth India Rich List which ranks the 1,103 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.

For the full details, please refer to ww.hurunindia.com