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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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
