ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2024

20 June, 2024

The objective of ASK Private Wealth Hurun India Future Unicorn Index 2024 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 67 UNICORNS, 46 GAZELLES, AND 106 CHEETAHS, AS AGAINST 68 UNICORNS, 51 GAZELLES, AND 96 CHEETAHS IN THE 2023 INDEX.

RECORD DROP OUTS: 25 FUTURE UNICORNS DROPPED OUT FROM THE LIST. 5 GAZELLES, 20 CHEETAHS DROPPED OUT OF THE LIST.

38 NEW ENTRANTS: 7 GAZELLES AND 31 CHEETAHS ENTERED THIS YEAR’S LIST.

14 PROMOTIONS: 3 FROM THE 2023 ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX (2 GAZELLES AND 1 CHEETAH), PROMOTED TO UNICORN AND 10 CHEETAHS PROMOTED TO GAZELLES, MEANING THEY COULD ACHIEVE UNICORN STATUS IN THE NEXT 3 YEARS.

ONLINE TRAVEL AGGREGATOR IXIGO EXITS THE LIST OWING TO IPO WHICH GOT SUBSCRIBED 98 TIMES

HAVING INVESTED IN 47 PROBABLE UNICORNS, PEAK XV PARTNERS CONTINUES TO BE THE MOST ACTIVE INVESTOR IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2024 AND IS FOLLOWED BY ACCEL WITH STAKES IN 25 FUTURE UNICORNS.

ANAND CHANDRASEKARAN IS THE LEADING ANGEL INVESTOR, BACKING 20 FUTURE UNICORNS, FOLLOWED BY KUNAL BAHL, KNOWN FOR FOUNDING SNAPDEAL, WHO HAS INVESTED IN 11 FUTURE UNICORNS.

CO-FOUNDERS MATTER: 80% OF THE FUTURE UNICORNS HAD MORE THAN ONE FOUNDER.

SOLO HEROS: 30 IN THE LIST ARE RUN BY A SINGLE FOUNDER.

ESOPS: WITH AN ESOP POOL SIZE OF 18%, BOUNCE, THE EV STARTUP, HOLDS THE DISTINCTION OF BEING THE TOP CREATOR OF ESOP POOL.

INDIA’S FUTURE UNICORNS ARE CURRENTLY WORTH US$58BN, WITH AN INCREASE OF 1.8% AS COMPARED TO LAST YEAR.

DOUBLE PROMOTION: HOMEGROWN LOGISTICS SERVICES PLATFORM PORTER FROM LAST YEAR'S INDEX, “SKIPPED” THE GAZELLE STAGE AND DIRECTLY ENTERED THE UNICORN CLUB.

ZEPTO, THE INDIAN GROCERY DELIVERY START-UP AND FINTECH START-UP INCRED FINANCE PROMOTED TO UNICORN FROM GAZELLES

DEMOTION: DARWINBOX, FORMERLY A UNICORN HAS BEEN DEMOTED TO A GAZELLE

EDTECH START-UP LEAP SCHOLAR, FINTECH START-UP MONEY VIEW, AND AGRITECH START-UP COUNTRY DELIGHT ARE THE MOST VALUABLE GAZELLES.

FINTECH START-UP JUSPAY IS THE MOST VALUABLE CHEETAH.

INDIAN SPACE GAZELLE AGNIKUL, ACHIEVED A CRITICAL MILESTONE BY SUCCESSFULLY LAUNCHING THE NATION'S FIRST 3D-PRINTED ROCKET.

DROOLS, A PET FOOD BRAND BASED IN RAJNANDGAON AND A POTENTIAL FUTURE UNICORN, HAS MADE ITS DEBUT ON THE FUTURE UNICORN LIST.

BENGALURU CONTINUES TO BE THE FUTURE UNICORN CAPITAL OF INDIA. THE CITY IS HOME TO (46) PROBABLE UNICORNS AND IS FOLLOWED BY DELHI NCR (29) AND MUMBAI (19).

35 INDIAN FUTURE UNICORNS HAVE OVERSEAS HEADQUARTERS, 31 IN THE USA, 2 IN SINGAPORE, AND 1 EACH IN THE UK AND VIETNAM.

INTERNATIONAL PRESENCE: SERVIFY LEADS WITH A GLOBAL PRESENCE IN 42 COUNTRIES, FOLLOWED BY LOCONAV, WHICH OPERATES IN 25 COUNTRIES.

FINTECH, SAAS AND E-COMMERCE COMPRISE 43 PERCENT OF THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2024.

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

7 GAZELLES AND 15 CHEETAHS FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2024 MADE PROFITS IN FY 2023.

26-YEAR-OLDS AWAIS AHMED AND KSHITIJ KHANDELWAL, CO-FOUNDERS OF PIXXEL, ARE THE YOUNGEST INDIVIDUALS FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2024.

COMPANIES FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2024 EMPLOY MORE THAN 1,50,000 PEOPLE.

AN INTERESTING TREND:  2023 AND 2024 WITNESSED THE EMERGENCE OF 3 FUTURE UNICORNS BEING PROMOTED TO UNICORN STATUS WHILE 2022 WITNESSED THE PROMOTION OF 24 FUTURE UNICORNS

IIT DELHI IS THE PREFERRED CHOICE FOR UNDERGRADUATE STUDIES, AND IIM AHMEDABAD IS THE FAVOURED INSTITUTION FOR POSTGRADUATE EDUCATION AMONG THE FOUNDERS ON THE LIST.

Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2024

(20 June 2024, Bengaluru, India) The Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2024, 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 2024.

ASK Private Wealth Hurun India Future Unicorn Index 2024 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 2024, the start-up is required to have a minimum valuation of US$200mn (INR 1,670 crore).

Hurun Research found 152 Indian future Unicorns from 31 cities. On average, they were set up in 2015, with the vast majority selling software and services, with only 18% selling physical products. 44% are selling to businesses, while 56% are consumer-facing. Future Unicorns were seen disrupting financial services, business management solutions, education and healthcare.

Speaking at the launch, Rajesh Saluja, CEO & MD, ASK Private Wealth said, "The latest ASK Private Wealth Hurun India Future Unicorn Index report emphasizes the importance of a well-funded startup ecosystem in fostering a thriving economy. A transformative shift is in progress in the dynamic landscape of India's startups. It is the visionary entrepreneurs and forward-thinking investors who are driving this change, paving the way for a new generation of companies. These emerging companies, fuelled by innovation and resilience, are not just promising to shape India's future but also making a significant contribution to our nation's economic trajectory, thereby reinforcing their significance.”

“There is an increasing focus on profitability and sustainable operating models, with 22 of the list entrants making profits in FY23. More than 1.5 lakh people are employed by Future Unicorns. These are green shoots of tangible impact metrics.”

"ASK Private Wealth recognizes and supports India's most promising startups through this curated index of high-potential ventures as they pave the way for economic growth and innovation. Our dedicated team of wealth managers partners with founders to help them achieve their wealth creation and preservation goals and unlock their time so they can focus on what matters most to them – creating value through their startups. Our unwavering commitment to nurturing and promoting these promising ventures underscores our dedication to fostering a thriving startup ecosystem and contributing to India's economic development. " he added. 

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said, “"The ASK Private Wealth Hurun India Future Unicorn Index provides essential insights into the current state and future prospects of India's startup ecosystem. Amidst a funding winter, inflated pre-2021 valuations, and setbacks from companies like Byju's, the once golden startup ecosystem now faces a critical turning point. Despite 44 companies dropping out of the index over the past year, this year's index welcomes 38 new entrants.”

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

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

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

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

 “The rate of value generation within India's most disruptive sectors is striking. Out of 152      prospective unicorns established after 2000, 12 of these Gazelles and Cheetahs were founded in 2020, indicating that some of the most valuable companies in these sectors were non-existent just a few years ago!”

“The economic slowdown has posed challenges for specific companies, with 24% of last year's Gazelles / Cheetahs either falling off the list or being downgraded. Hurun Research suggests that these companies may no longer have the potential to become unicorns within three years. Rising interest rates and geopolitical challenges have created hurdles for startups in raising capital.”

“The ASK Private Wealth - Hurun India Future Unicorns: Gazelles and Cheetahs Index is formulated with insights from top venture capitalists in India, making this perhaps the most comprehensive list of India's future unicorns.”

“The Hurun Gazelles, boasting an average age of merely nine years, imply that aspiring entrepreneurs should target building a gazelle by 2033 if they were to start up today. Similarly, the average age of Hurun Cheetahs is also nine years.”

“Which countries are poised to generate unicorns in the next three years? The US and China lead the pack, accounting for two-thirds of the world's identified Gazelles, despite comprising only a quarter of the global population. India, the UK, and Germany lead the rest of the world in this regard.”

"A vibrant startup ecosystem thrives on the presence of role models, including the individuals highlighted in the Hurun Rich Lists and the companies showcased in the Hurun Global Unicorn and Hurun Global 500 rankings. When a city or country successfully attracts the world's leading entrepreneurs and businesses, it sparks a chain reaction. The entrepreneurial spirit is highly infectious, and regions rich in role models naturally attract the most talented and ambitious young innovators. This dynamic creates a self-perpetuating cycle of growth and success," concluded Anas Rahman Junaid.

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, 46 Gazelles from the ASK Private Wealth Hurun India Future Unicorn Index 2024 are likely to become Unicorns.

In the ASK Private Wealth Hurun India Future Unicorn Index 2024, the Gazelles, which are the high-growth potential start-ups, have a cumulative valuation of these Gazelles featured in the index experienced a year-on-year decrease of 6%, amounting to US$29bn. Impressively, the 46 start-ups listed in the index have collectively secured a substantial funding of US$9.7bn.

In the ASK Private Wealth Hurun India Future Unicorn Index 2024, the FinTech sector leads with 8 Gazelles, followed by SaaS with 6. Artificial Intelligence and EdTech each register 5 Gazelles. Among the top Gazelles featured in the index are EdTech startup Leap Scholar, FinTech startup Money View, and AgriTech startup Country Delight. Following closely are AgriTech startup Ninjacart and SaaS startup MoEngage.

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 (Porter) 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 2024, the Cheetahs, characterized by their high-growth potential, showcase an impressive count of 106 Cheetahs, collectively securing a funding of US$12.4bn. The cumulative valuation of these Cheetahs featured in the index experienced a year-on-year increase of 10%, amounting to US$29bn. Leading the Cheetah index are the FinTech start-ups with 22- representations, closely followed by SaaS with 14 and E-commerce with 11.

Chart 1: Number of Cheetahs have almost doubled over the last 4 years. Trend for Cheetahs and Gazelles over the last 4 years shown below

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Gazelles and Cheetahs turned to Unicorns

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

Table 2: Gazelles and Cheetahs that turned Unicorns from the Hurun India Future Unicorn Index 2024

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

1 Zepto Gazelle 2021 Quick Commerce 592

2 InCred Finance Gazelle 2016 FinTech 318

3 Porter Cheetah 2014 Logistics 150

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Table 3: Cheetahs that turned Gazelles from the Hurun India Future Unicorn Index 2024

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

1 Atlan 2019 SaaS 206

2 Fibe 2015 FinTech 228

3 Saas Labs 2016 SaaS 57

4 InsuranceDekho 2016 E-commerce 270

5 Pocket FM 2018 Media & Entertainment 213

6 Pixis 2018 Artificial Intelligence 209

7 Freshtohome 2015 E-commerce 256

8 Bounce 2014 Shared Economy 234

9 Carbon Clean Solutions 2009 CleanTech 212

10 K12 Techno Services 2010 EdTech 204

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 4: Almost 95% of unicorns in the Indian unicorn eco-system have come from ASK Private Wealth Hurun India Future Unicorn Index. Funding winter put a halt to the number of promotions in last 2 years. Chart below shows the key promotions over the years

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 5: Among the top leading sectors, FinTech witnessed a 50% growth in generating new future unicorns compared to the previous year. Chart below shows the Industry-Wise Analysis of New Entrants 

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 6: Fintech has grown by almost 70% over the last four years, and by more than 100% compared to last year. Chart below shows the Distribution of Key industries among Cheetahs over the years 

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 7: Among the leading industries, SaaS registers 3x growth since 2021. Chart below shows the Distribution of Key industries among Gazelles over the years

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Number of founders associated with future Unicorns

The ASK Private Wealth Hurun India Future Unicorn Index 2024 emphasizes the importance of co-founders, with only 20% of future Unicorns led by a solo co-founder. More than half of the future Unicorns have two founders, and 80% have more than a single founder, showcasing the collaborative nature of successful entrepreneurial ventures. On average, there are 2.2 founders per future unicorn.

     

Chart 8: More than half of the future unicorns have been founded by two founders while 20% of the startups were founded by a single founder. Chart below shows the Number of Co-founders

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Key Statistics

This year witnessed an increase in drop-offs from the Future Unicorn list, with a total of 25 start-ups dropping off. Twelve companies were downgraded from Gazelle to Cheetah, while ten transitioned from Cheetah to Gazelle. One Cheetah and two Gazelles were promoted to Unicorn status

 

Table 9: Key Statistics in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Particulars Number

Drop-offs 25

Cheetah to Gazelles 10

Gazelles to Cheetah 12

Cheetah to Unicorn 1

Gazelles to Unicorn 2

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Top investors

"We believe outlier founders and ideas shape the future of humanity”, is the purpose of venture capital (VC) firm Peak XV Partners (Formerly Sequoia Capital India & SEA). With an impressive portfolio of 47 investments, Peak XV Partners emerges as the top investor in the ASK Private Wealth Hurun India Future Unicorn Index 2024. Notably, Peak XV Partners registered successes, including Turtlemint, CleverTap and Classplus

Ranking 2nd on the ASK Private Wealth Hurun India Future Unicorn Index 2024, Accel has made investments in 25 companies that are poised to become the next generation of unicorns. Their portfolio features a diverse range of interesting companies, including Money View, Ninjacart, and Stanza Living.

Tiger Global Management's primary mission is to generate exceptional investment returns in the long run. As the third-largest investor in the ASK Private Wealth Hurun India Future Unicorn Index 2024, Tiger Global has made investments in 21 Gazelles and Cheetahs. Their portfolio showcases a diverse range of interesting companies, including Ather Energy, Captain Fresh and Classplus.

Table 10: Top 10 investors in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Rank (Change) Investor No. of Investments Main Investments

1 (0) Peak XV Partners 47 (+10) Turtlemint, CleverTap, Classplus

2 (+2) Accel 25 (+2) Money View, Ninjacart, Stanza Living

3 (0) Tiger Global Management 21 (-4) Ather Energy, Captain Fresh, Classplus 

4 (+3) Trifecta Capital Advisors 19 (+4) Cashify, Country Delight, Curefoods

4 (+1) Blume Ventures 19 (-3) Turtlemint, Zolve, Yulu

6 (-4) InnoVen Capital 18 (-8) Capillary Technologies, Safe Security, Bounce

7* Elevation Capital 15* Chaayos, Country Delight, Mintifi

8 (+2) Eight Roads Ventures 14 (+3) Shadowfax, Saas Labs, Toothsi

9 (-1) Alteria Capital 13 (0) Captain Fresh, Chaayos, Country Delight

10* Lightspeed Venture Partners 12* Pocket FM, Zolve, Classplus

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

*New to Top 10

Portfolio of Angel Investors 

Anand Chandrasekaran, a partner and investor at General Catalyst, leads third year in a row in the ASK Private Wealth Hurun India Future Unicorn Index 2024 with 20 investments in future Unicorns. Following closely behind is Kunal Bahl, with 11 investments. Notably, Kunal Shah has also made investments in 9 future unicorns, further contributing to the index’s robust investor portfolio.

Table 11: Top five angel investors in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 (0) Anand Chandrasekaran 20 (+4) SaaS Labs, MoEngage, Safe Security, InVideo, 

2 (+1) Kunal Bahl 11 (+3) Bira 91, MoEngage, AgroStar, Shadowfax

3 (-1) Kunal Shah 9 (-3) Scaler, Khatabook, Mosaic Wellness, Dezerv

4* Jitendra Gupta 7* Captain Fresh, M2P Fintech, GoKwik, Khatabook

4 (-1) Rohit Bansal 7 (-1) AgroStar, Bira 91, Shadowfax, Headout

4* Ramakant Sharma 7* Captain Fresh, Chaayos, GoKwik, LoopHealth

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

*New to Top 5

Sector analysis 

The ASK Private Wealth Hurun India Future Unicorn Index 2024 showcases a variety of start-ups, with FinTech leading with the highest number of companies, totalling 30. Following closely are SaaS with 20 and E-commerce with 15 companies. Collectively, FinTech, SaaS, and E-commerce represent 43% of the featured companies in the index, underscoring their importance in the Indian start-up ecosystem. Moreover, sectors like Artificial Intelligence (11), SpaceTech (3) and New Energy (6).

Table 12: Top 10 sectors in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 (0) FinTech 30 (+9) 11,373 8 22

2 (+1) SaaS 20 (0) 7,620 6 14

3 (-2) E-commerce 15 (-6) 5,880 4 11

4 (+1) Artificial Intelligence 11 (+3) 4,350 5 6

4 (+4) EdTech 11 (+5) 4,864 5 6

6 (-2) HealthTech 8 (-1) 2,485 1 7

7 (+2) AgriTech 7 (+2) 3,175 3 4

7 (-2) Consumer Goods 7 (-1) 2,075 - 7

9 (-2) Shared Economy 5 (-2) 2,065 2 3

9* Media & Entertainment 5* 1,910 2 3

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

*New to Top 10

FinTech. India is home to 30 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, Money View stands out as the most valuable FinTech Gazelle, while JusPay takes the lead as the most valuable FinTech Cheetah. The FinTech start-ups featured in the ASK Private Wealth Hurun India Future Unicorn Index 2024 have collectively raised an investment of US$5.7bn. FinTech holds a strong position, commanding a substantial share of the overall value of future Unicorns, with a total of US$11.4bn or 20% of the total value.

SaaS, standing as the second-largest sector, showcases an impressive count of 20 future Unicorns within the ASK Private Wealth Hurun India Future Unicorn Index 2024. Among them, MoEngage emerges as the most valuable SaaS Gazelle, while Lentra, Multiplier and FarEye 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$2.1bn, reflecting the investor confidence and support in this sector's growth and potential.

E-commerce. In the ASK Private Wealth Hurun India Future Unicorn Index 2024, the e-commerce sector registered a remarkable count of 15 future Unicorns, amounting to a total value of US$6bn. Notably, InsuranceDekho and Medikabazaar emerge as the most valuable e-commerce Gazelles, while Jumbotail takes the lead as the most valuable e-commerce Cheetah. The e-commerce start-ups listed in the index have collectively raised an investment of US$2.4bn, highlighting the strong support and investor confidence in this sector.

Artificial Intelligence (AI) showcases a notable increase, with 11 future Unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2024, surpassing the previous year's count of eight. The cumulative value of AI future Unicorns amounts to US$4.4bn, representing approximately 8% of the total value of all future Unicorns. The AI start-ups featured in the index have collectively raised an investment of US$1.6bn, reflecting the confidence and support in the potential of AI-driven innovations. Notably, Observe.AI stands out as the most valuable AI Gazelle, while Locus takes the lead as the most valuable AI Cheetah.

EdTech, also holding 11 future Unicorns, secures the fifth position alongside AI within the ASK Private Wealth Hurun India Future Unicorn Index 2024, representing 7.2% of all future Unicorns. The cumulative value of all EdTech future Unicorns amounts to US$4.9bn, accounting for 8% of the total value of all future Unicorns. Notably, Leap Scholar emerges as the most valuable EdTech Gazelle, while Cuemath takes the lead as the most valuable EdTech Cheetah. 

Where are they headquartered?

India has emerged as the third-largest startup ecosystem globally, with Bengaluru being a major tech hub within India. The ASK Private Wealth Hurun India Future Unicorn Index 2024 features 46 start-ups with headquarters in Bengaluru, emphasizing the city's prominence. With a cumulative valuation of US$18.3bn, Bengaluru serves as the home to 13 Gazelles and 33 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.

After Bengaluru, the cities of Delhi NCR and Mumbai emerge as pivotal players in the start-up scene. Start-ups from Delhi NCR, registered an impressive cumulative valuation of US$10.3bn, highlighting the city's vibrant entrepreneurial environment. Conversely, Mumbai is home to 19 future unicorns in the index, with a cumulative valuation of US$6.5bn, consolidating its status as a significant centre for start-up innovation and advancement. Together, these cities contribute to the diverse and flourishing start-up landscape in India.

Notably, the top three cities account for 61 percent of the future Unicorns identified in the ASK Private Wealth Hurun India Future Unicorn Index 2024.

Table 13: Top five Indian cities in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 (0) Bengaluru 46 (-7) Leap Scholar, Money View 18,302

2 (0) Delhi NCR 29 (0) Country Delight, InsuranceDekho 10,310

3 (0) Mumbai 19 (0) Medikabazaar, Servify 6,499

4 (0) Chennai 8 (+2) Northern Arc, Vivriti Capital 3,220

5 (0) Pune 4 (+1) Lentra, AgroStar 1,550

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Youngest & oldest start-up founders

Within the ASK Private Wealth Hurun India Future Unicorn Index 2024, we find an inspiring example in Awais Ahmed and Kshitij Khandelwal, who, at the age of 26, are the youngest founders. Meeting at BITS Pilani, they jointly established Pixxel during their final year in 2018, with a mission to transform satellite imaging through a network of small, high-resolution satellites. Their pioneering strategy swiftly captured interest, propelling Pixxel to remarkable achievements. Their narrative underscores the foresight and promise of budding entrepreneurs.

K. Satyanarayana, at 63, is the oldest founder listed in the index, heading Ecom Express. The average age of the founders in the index is 41, highlighting a diverse range of experienced entrepreneurs. Significantly, there are 11 founders under the age of 30, demonstrating the emergence of young and ambitious entrepreneurs, alongside 31 founders who are over 50, emphasizing the influence of seasoned professionals in the start-up ecosystem. This diverse range of ages enriches the dynamic landscape of Indian entrepreneurship.

Table 14: Youngest founders in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Name Age Start-up founded Gazelle/Cheetah

Awais Ahmed 26 Pixxel Cheetah

Kshitij Khandelwal 26 Pixxel Cheetah

Dilsher Singh 28 Zupee Gazelle

Siddhant Saurabh 28 Zupee Gazelle

Mayank Kale 28 LoopHealth Cheetah

Amrit Singh 28 LoopHealth Cheetah

Vrushali Prasade 29 Pixis Gazelle

Harikrishna Valiyath 29 Pixis Gazelle

Kartik Hajela 29 Log9 Materials Cheetah

Anand Agrawal 29 Credgenics Cheetah

Vikas Goyal 29 KukuFM Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Table 15: Oldest founders in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Name Age Start-up founded Gazelle/Cheetah

K. Satyanarayana 63 Ecom Express Gazelle

Sanjay Sharma 62 Aye Finance Cheetah

Kishore Kumar 61 Cloudnine Cheetah

Arulmany Duraisamy 61 Veritas Finance Cheetah

D Venkatesh 60 Lentra Cheetah

Ketan Malkan 59 Medikabazaar Gazelle

Manju Dhawan 58 Ecom Express Gazelle

Manish Patel 57 Mswipe Technologies Cheetah

Satyanaryan Chakravarthy 55 Agnikul Gazelle

Sanjoy Shome 55 Mintifi Cheetah

Pankaj Singh 54 La Renon Gazelle

Srikanth Iyer 53 HomeLane Cheetah

Abdul Nazer 53 iD Fresh Food Cheetah

Sanjay Aggarwal 53 Money View Gazelle

Ajay Adiseshann 53 PayMate Cheetah

Babu Sivadasan 52 Jiffy.ai Cheetah

Maluk Mohamed 52 Twin Health Gazelle

Alok Mittal 52 Indifi Technologies Cheetah

Harish Bahl 52 SingleInterface Cheetah

Anil Kumar SG 52 Samunnati Cheetah

Ashish Kashyap 51 IndMoney Gazelle

Mahesh Pratapneni 51 MedGenome Cheetah

Manjul Jain 51 Toothsi Cheetah

Pravin Agarwala 51 BetterPlace Cheetah

Parikshit Dar 51 Bookmyshow Gazelle

Rajesh Balpande 51 Bookmyshow Gazelle

Mohit Dubey 50 Chalo Cheetah

Puneet Agarwal 50 Money View Gazelle

Anirudha Kale 50 Toothsi Cheetah

Sunita Sahney 50 Finova Capital Cheetah

Junaiz Kizhakkayil 50 kitchens@ Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Women-led future Unicorns

In the ASK Private Wealth Hurun India Future Unicorn Index 2024, 20 women entrepreneurs from 19 companies have co-founded a total of 5 Gazelles and 14 Cheetahs, demonstrating their significant impact on the startup ecosystem. Notably, Heads Up For Tails is the only company in the index with two women co-founders, showcasing the leadership and commitment of women in driving the future of Indian entrepreneurship.

Vrushali Prasade, 29, is the youngest female co-founder in the ASK Private Wealth Hurun India Future Unicorn Index 2024. She co-founded Pixis, a codeless AI infrastructure company specializing in marketing. Prasade's entrepreneurial journey exemplifies the ambition and innovation of women in India's start-up ecosystem.

Manju Dhawan, at 58, is the oldest female co-founder in the ASK Private Wealth Hurun India Future Unicorn Index 2024. Her co-founding of Ecom Express underscores the lasting spirit and entrepreneurial drive of women in India's start-up ecosystem.

Table 16: Women-led future Unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2024

No. Company Women Entrepreneur Gazelle/Cheetah

1 Ecom Express Manju Dhawan Gazelle

2 Finova Capital Sunita Sahney Cheetah

3 Chalo Priya Singh Cheetah

4 StashFin Shruti Aggarwal Cheetah

5 SUGAR Cosmetics Vineeta Singh Cheetah

6 Zypp Electric Rashi Agarwal Cheetah

7 Square Yards Kanika Gupta Cheetah

8 Zolo Sneha Choudhry Cheetah

9 WinZo Saumya Singh Rathore Cheetah

10 Toothsi Arpi Mehta Cheetah

11 Atlan Prukalpa Sankar Gazelle

12 Garuda Aerospace Rithika Mohan Cheetah

13 Pixis Vrushali Prasade Gazelle

14 Bankbazaar.com Rati Shetty Cheetah

15 Northern Arc Kshama Fernandes Gazelle

16 Pratilipi Sahradayi Modi Cheetah

17 Begin Stephanie Powell Dua Gazelle

18 Heads Up For Tails Rashi Narang Cheetah

19 Heads Up For Tails Ridhima Coelho Cheetah

20 Rare Rabbit Akshika Poddar Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Most of the Cheetahs and Gazelles Founders graduated from IIT Delhi, post-graduation in IIM Ahmedabad and Wharton/ HBS for international masters

IIT Delhi leads as the top undergraduate institute with 22 co-founders of future Unicorns, followed closely by IIT Kharagpur with 20 co-founders. In the post-graduate category, IIM Ahmedabad is the preferred choice with 10 co-founders. Among foreign universities, The Wharton School and Harvard Business School stands out with 4 co-founders each, and Stanford University with 3 co-founders highlighting their substantial contributions to the start-up ecosystem.

Table 17: Top Institutes from which the founders in the ASK Private Wealth Hurun India Future Unicorn Index 2024 graduated

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

IIT Delhi 22 Sanjay Aggarwal, Puneet Agarwal, Swapnil Jain

IIT Kharagpur 20 Vaibhav Singh, Arnav Kumar, Raviteja Dodda, Yashwanth Kumar

IIT Bombay 17 Manoj Meena, Sibabrata Das, Sagar Khatri, Vamsi Krishna

University of Mumbai 16 Sunil Thomas, Khadim Batti, Archit Gupta, Ankit Solanki

IIT Madras 12 Suresh Kondamudi, Tarun Mehta, Swapnil Jain

BITS Pilani 11 Akash Gupta, Shubham Mishra, Vrushali Prasade, Harikrishna Valiyath

Anna University 9 Thirukumaran Nagarajan, Kartheeswaran K, Sharath Loganathan

IIT Roorkee 8 Ankit Garg, Naisheel Verdhan, Gaurav Nagar

IIT Kanpur 7 Siddhant Saurabh, Dilsher Singh, Amit Gupta, Naveen Dachuri, RK Misra

Bangalore University 5 Vivekananda Hallekere, Anil G, Saurabh Tandon

Visvesvaraya Technological University 5 Sharath Keshava Narayana, Chaitanya Ramalingegowda, Srikanth Iyer

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Table 18: Post-graduation Institutes that founders in the ASK Private Wealth Hurun India Future Unicorn Index 2024 studied at

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

IIM Ahmedabad 10 Kartheeswaran K, Ankit Agarwal, Anindiya Dutta, Sandeep Dalmia

Indian School of Business 8 Chaitanya Ramalingegowda, Laxmikant Vyas, Shankar Prasad

IIT Kharagpur 7 Aniruddha Sharma, Geet Garg, Anugrah Shrivastava, Vasanth Kamath

IIM Kozhikode 6 Thirukumaran Nagarajan, Sharath Loganathan, Ashutosh Vikram

IIM Calcutta 5 Vivek Tiwari, Ankush Talwar, Paavan Nanda 

IIM Bangalore 4 Vineet Sukumar, Pravin Agarwala, Sanjay Sharma

The Wharton School 4 Shantanu Gangal, Pushkar Mukewar, Neil Kothari

Harvard University 4 Amit Gupta, Sameer Maheshwari, Srikanth Iyer

IIT Bombay 3 Ankit Mehta, Manoj Meena, Amit Kumar

Stanford University 3 Manu Sharma, Karthik Venkateswaran, Ashish Jhina

University of Delhi 3 Chirag Taneja, Ranjeet Pratap Singh, Sankaranarayanan Devarajan

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

The Revenue Growth of Indian Gazelles and Cheetahs

The combined revenue of companies in the ASK Private Wealth Hurun India Future Unicorn Index 2024 surged by 71% to INR 51,422 crore. Mumbai based startup KukuFM witnessed a remarkable 10-fold increase in their top line. Similarly, Future Unicorn Battery Smart, experienced an astounding 8-fold increase in revenue in FY2023. 30% of the index's companies doubled their revenue compared to the previous year. Furthermore, 7 Gazelles and 15 Cheetahs featured in the index achieved profitability in FY2023.

Table 19: Top 10 future Unicorns by revenue growth in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 KukuFM 916% Media & Entertainment Cheetah

2 Battery Smart 750% Energy Cheetah

3 Pocket FM 670% Media & Entertainment Gazelle

4 Neo Wealth And Asset Management 578% Asset Management Cheetah

5 Uni Cards 458% FinTech Cheetah

6 Eeki Foods 410% AgriTech Cheetah

7 Scaler 383% EdTech Gazelle

8 Ather Energy 342% Electric Vehicle Gazelle

9 CareStack 310% SaaS Cheetah

10 Mintifi 300% FinTech Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 20: Cheetahs have shown almost 60% year-on-year growth in cumulative revenue, while Gazelles experienced a 26% increase in FY2023. Chart below shows the Distribution of Cumulative revenue – Cheetahs & Gazelles

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 21: Almost half of the Cheetahs generate a revenue of INR 200Cr, with only 5% of the companies surpassing INR 1000Cr in revenue. Chart below shows the Revenue Distribution - Cheetahs

 

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Chart 22: Among the Gazelles, 19% achieve a revenue surpassing INR 1000Cr, while a quarter of them generate revenue up to INR 200Cr. Chart below shows the Revenue Distribution - Gazelles

 Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Top funded Gazelles and Cheetahs

Gazelles and Cheetahs featured in the index collectively raised a total of US$22bn, marking a 17% increase compared to the previous year. Among them, Navi Technologies secured the highest funding of US$660mn, making it the most funded future Unicorn in India. Following closely is Northern Arc with a funding of US$638mn.

Table 23: Top 10 fundraised Gazelles and Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 Navi Technologies 660 Private Equity Gaja Capital, Northern Arc

2 Northern Arc 638 Venture Round Eight Roads Ventures, LeapFrog Investments

3 Ecom Express 526 Venture Round Eaglebay Investments, CDC Group

4 Ather Energy 451 Venture Round Tiger Global Management, InnoVen Capital

5 StashFin 442 Series C InnoVen Capital, Trifecta Capital Advisors

6 GreyOrange 428 Series D Blume Ventures, InnoVen Capital

7 Fourth Partner Energy 420 Private Equity The Rise Fund, Norfund

8 Drip Capital 415 Series B Peak XV Partners, Accel

9 Ninjacart 358 Series D Tiger Global Management, Accel

10 KreditBee 340 Series D Premji Invest, Advent International

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Foreign headquartered Indian Gazelles and Cheetahs

Out of the 35 companies featured in the index, comprising 14 Gazelles and 21 Cheetahs, 31 have their headquarters located in the USA, 2 in Singapore, and one each in the UK and Vietnam. Leading the pack among these overseas-based companies is the USA-based Artificial intelligence startup Observe.ai, closely followed by SaaS start-up MoEngage.

Table 24: Foreign headquartered Indian Gazelles and Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2024

No. Company Country Start-up Sector Gazelle/Cheetah

1 Observe.AI USA Artificial Intelligence Gazelle

2 MoEngage USA SaaS Gazelle

3 Atlan Singapore SaaS Gazelle

4 CleverTap USA SaaS Gazelle

5 GreyOrange USA Artificial Intelligence Gazelle

6 Twin Health USA HealthTech Gazelle

7 BrightChamps USA EdTech Gazelle

8 Carbon Clean Solutions UK CleanTech Gazelle

9 Whatfix USA SaaS Gazelle

10 Begin USA EdTech Gazelle

11 SaaS Labs USA SaaS Gazelle

12 Pixis USA Artificial Intelligence Gazelle

13 Labelbox USA Artificial Intelligence Gazelle

14 TheMathCompany USA Analytics Gazelle

15 FarEye USA SaaS Cheetah

16 Multiplier Vietnam SaaS Cheetah

17 Prodigal USA SaaS Cheetah

18 Quizizz USA EdTech Cheetah

19 Drip Capital USA FinTech Cheetah

20 Acceldata USA Artificial Intelligence Cheetah

21 CareStack USA SaaS Cheetah

22 Safe Security USA SaaS Cheetah

23 InVideo USA SaaS Cheetah

24 Spenmo Singapore FinTech Cheetah

25 Yellow.ai USA Artificial Intelligence Cheetah

26 Sense USA Artificial Intelligence Cheetah

27 Jiffy.ai USA Artificial Intelligence Cheetah

28 Pixxel USA Aerospace Cheetah

29 LambdaTest USA Cloud Cheetah

30 Disprz USA EdTech Cheetah

31 Fiddler AI USA Artificial Intelligence Cheetah

32 LocoNav USA SaaS Cheetah

33 HeVo Data USA SaaS Cheetah

34 Interview Kickstart USA EdTech Cheetah

35 Sigmoid USA Data Analytics Cheetah

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

ESOP pool - Indian future Unicorns

With an ESOP pool size of 18%, Bounce, the EV startup, holds the distinction of being the top creator of ESOP pool in ASK Private Wealth Hurun India Future Unicorn Index 2024. Following closely behind is FinTech startup JusPay, the online Payment platform, with an 16.0% ESOP pool.

Table 25: Top 10 ESOP pool in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Company ESOP Pool (%) Start-up Sector Total Funding Amount (US$mn)

Bounce 18% Shared Economy 234

JusPay 16% FinTech 87

Cuemath 15.5% EdTech 121

Bankbazaar.com 15.1% E-commerce 131

Zupee 14.5% Gaming 121

Lentra 14.2% SaaS 104

InsuranceDekho 13.6% E-commerce 270

Uni Cards 12.9% FinTech 95

Fi 12.7% Neo Bank 137

TheMathCompany 12.3% Analytics 50

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

How many do they employ?

 

The start-ups featured in the ASK Private Wealth Hurun India Future Unicorn Index 2024 collectively employ over 1,50,000 individuals, averaging 1,060 employees per company. Among them, 36 future Unicorns stand out with a workforce of over 1,000 employees, with Ecom Express leading the way with 18,000 employees and VVDN Tsechnologies with 10,000 employees.

Table 26: Top 10 employers in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Rank Company Number of employees Start-up Sector

1 Ecom Express 18,000 Logistics

2 VVDN Technologies 10,000 SaaS

3 Square Yards 6,000 E-commerce

3 Wow! Momo 6,000 Restaurant

5 Aye Finance 5,701 FinTech

6 Cloudnine 5,700 HealthTech

7 Freshtohome 5,000 E-commerce

8 Veritas Finance 4,432 FinTech

9 Shadowfax 2,654 Logistics

10 Dehaat 2,456 AgriTech

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Some of the notable exits from the list – Promotions and “Pink Slips”

Zepto, Incred, and Porter have exited the ASK Private Wealth Hurun India Future Unicorn Index 2024 after achieving Unicorn status. Online travel aggregator Ixigo, also made its exit after going for an IPO this year. 25 other companies were dropped from the list due to their valuation dipping below the required threshold.

Table 27: Notable Exits of Future Unicorns from Hurun India Future Unicorn Index 2024

No. Company Founded Year Start-up Sector Reason

1 Zepto 2021 Quick Commerce Unicorn

2 InCred Finance 2016 FinTech Unicorn

3 Porter 2014 Logistics Unicorn

4 Ixigo 2007 E-commerce IPO

5 CogoPort 2016 Logistics Drop Out

6 NeoGrowth 2011 FinTech Drop Out

7 Simple Energy 2019 Electric Vehicle Drop Out

8 Gaana 2011 Media & Entertainment Drop Out

9 Koo 2020 Social Media Drop Out

10 Jar 2021 FinTech Drop Out

11 Bizongo 2015 E-commerce Drop Out

12 Fashinza 2020 Manufacturing as a service Drop Out

13 Progcap 2017 FinTech Drop Out

14 Rapido 2015 Shared Economy Drop Out

15 Arzooo 2018 E-commerce Drop Out

16 Avataar 2016 RetailTech Drop Out

17 Dunzo 2015 Quick Commerce Drop Out

18 Park+ 2019 Consumer Services Drop Out

19 Paper Boat 2009 E-commerce Drop Out

20 SirionLabs 2012 SaaS Drop Out

21 WayCool 2015 AgriTech Drop Out

22 Axio 2013 FinTech Drop Out

23 Dotpe 2019 FinTech Drop Out

24 Jai Kisan 2017 Neo Bank Drop Out

25 Melorra 2015 Consumer Goods Drop Out

26 Practo 2008 HealthTech Drop Out

27 Ultraviolette 2016 Electric Vehicle Drop Out

28 mFine 2017 HealthTech Drop Out

29 RenewBuy 2015 E-commerce Drop Out

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Future Unicorns with international presence

Over 34 percent of the future Unicorns highlighted in the ASK Private Wealth Hurun India Future Unicorn Index 2024 have expanded their presence overseas. Servify and LocoNav led the way with operations in 42 and 25 countries respectively, showcasing their global footprint and strategic international expansion.

Table 28: Top five start-ups that have international presence in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Rank Company Countries of Presence Start-up Sector Headquartered

1 Servify 42 Consumer Services Mumbai

2 LocoNav 25 SaaS San Francisco

3 M2P Fintech 24 FinTech Chennai

4 Drools 22 E-commerce Rajnandgaon

5 MoEngage 13 SaaS San Francisco

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Interesting facts 

● KukuFM and Battery Smart, two future unicorns, witnessed a revenue growth in FY2023 compared to FY2022. KukuFM s revenue soared by an astounding 10 times, while Battery Smart saw an 8-fold increase. 

● BrightCHAMPS has partnered with Harvard Business Publishing Education to offer students exclusive access to Harvard Manage Mentor courses within its various programs, according to an official release.

● Cheetahs saw a remarkable 60% revenue surge in FY2023, while Gazelles witnessed an increase of 26%.

● BetterPlace has partnered with the Uttar Pradesh Government to train over 100,000 frontline workers by 2025, aiming to enhance job opportunities, with a 25% focus on women.

● WinZO, an online gaming platform, has announced a partnership with the government-run Open Network for Digital Commerce (ONDC) to democratize access to digital commerce and foster transparent and fair market access.

● Marking a significant milestone, Battery Smart, a leading figure in India's electric vehicle (EV) ecosystem, inaugurates its 1000th EV battery swap station, showcasing its commitment to advancing green mobility solutions and fostering the widespread adoption of electric vehicles across India.

● Bengaluru-based space tech startup Pixxel inaugurated its 30,000 sq. ft spacecraft manufacturing facility, "MegaPixxel," in Bengaluru, with the capability to manufacture 40 large satellites annually and undertake satellite manufacturing services, spacecraft assembly, integration, and testing (AIT) under one roof.

● Leading ethnic fashion brand, Libas, has entered into a strategic partnership with GoKwik, an e-commerce enabler, with the aim of expanding its direct-to-consumer (D2C) presence and driving growth.

● Payments firm Juspay has spun off its ride-hailing subsidiary, Namma Yatri, into a distinct entity, rebranding it as Moving Tech Innovations Ltd.

● United Nations Development Programme (UNDP) and Absolute Foods, a prominent bioscience company in agri-tech, signed a Memorandum of Understanding (MoU) to bolster India's flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) and improve farmer resilience.

● Bengaluru-based genomics company MedGenome partners with Darshan GIVA Foundation to offer free Whole Genome Sequencing (WGS) testing to pre-diagnosed drug-resistant TB (DRTB) patients, pioneering a transformative approach to TB diagnosis and treatment.

Mergers and Acquisitions 

● SaaS Labs acquires CallPage and Atolia to expand its automation platform for SMB sales and support teams, broadening product offerings and market reach.

● Online seafood enterprise Captain Fresh has acquired CenSea Inc, a US-based importer and distributor specializing in frozen fish and seafood.

● In an all-cash deal, Juspay acquires LotusPay, strengthening its offerings to the BFSI segment and merchants, with a focus on improving recurring payment capabilities.

● CareStack, a US-based dental software solutions firm, acquires Waybeo, a technology startup in which Bharti Airtel owns a 10% stake, revolutionizing patient-practice communication in healthcare by integrating Waybeo's cutting-edge technology with CareStack's market dominance in dental care.

Table 29: Gazelles in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 Leap Scholar 2019 153 EdTech

2 Money View 2014 184 FinTech

3 Country Delight 2013 178 AgriTech

4 Ninjacart 2015 358 AgriTech

5 MoEngage 2014 210 SaaS

6 Observe.AI 2017 214 Artificial Intelligence

7 La Renon 2007 118 BioTech

8 Atlan 2019 206 SaaS

9 CleverTap 2013 182 SaaS

10 InsuranceDekho 2016 270 E-commerce

11 Pocket FM 2018 213 Media & Entertainment

12 Scaler 2019 55 EdTech

13 Twin Health 2018 249 HealthTech

14 KreditBee 2018 340 FinTech

15 Servify 2015 100 Consumer Services

16 GreyOrange 2011 428 Artificial Intelligence

17 Medikabazaar 2014 187 E-commerce

18 Northern Arc 2008 638 FinTech

19 BrightChamps 2020 102 EdTech

20 IndMoney 2019 154 FinTech

21 Vivriti Capital 2017 220 FinTech

22 Freshtohome 2015 256 E-commerce

23 Fibe 2015 228 Fintech

24 Carbon Clean Solutions 2009 212 CleanTech

25 Drools 2010 59 E-commerce

26 Zupee 2018 121 Gaming

27 Whatfix 2013 140 SaaS

28 Begin 2011 207 EdTech

29 Ather Energy 2013 451 Electric Vehicle

30 SaaS Labs 2016 57 SaaS

31 Ecom Express 2012 526 Logistics

32 K12 Techno Services 2010 204 EdTech

33 Bounce 2014 234 Shared Economy

34 Shadowfax 2015 213 Logistics

35 Navi Technologies 2018 660 FinTech

36 Smartworks 2016 25 Shared Economy

37 Pixis 2018 209 Artificial Intelligence

38 Captain Fresh 2019 172 LogisticsTech

39 Absolute Foods 2015 116 AgriTech

40 Qure AI 2016 60 Artificial Intelligence

41 Labelbox 2018 189 Artificial Intelligence

42 Bookmyshow 2007 215 Media & Entertainment

43 TheMathCompany 2016 50 Analytics

44 Samunnati 2014 112 FinTech

45 Darwinbox 2015 140 Saas

46 Agnikul 2017 59 Aerospace

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Table 30: Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2024

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

1 JusPay 2012 87 FinTech

2 ClearTax 2011 140 FinTech

3 Mswipe Technologies 2011 118 FinTech

4 Mintifi 2017 166 FinTech

5 Stanza Living 2017 227 Shared Economy

6 Jumbotail 2015 179 E-commerce

7 Atomberg Technology 2012 127 Consumer Goods

8 Chalo 2014 142 Transportation

9 Cuemath 2013 121 EdTech

10 Yulu 2017 138 Shared Economy

11 Bluestone 2011 100 E-commerce

12 Multiplier 2020 77 SaaS

13 Refyne 2021 105 FinTech

14 Lentra 2018 104 SaaS

15 Kissht 2015 143 FinTech

16 FarEye 2013 151 SaaS

17 Cashify 2013 223 E-commerce

18 HealthKart 2011 196 E-commerce

19 GoKwik 2020 56 Enterprise Services

20 Wakefit 2016 145 Consumer Goods

21 Curefoods 2020 125 Cloud Kitchen

22 Healthifyme 2012 130 HealthTech

23 WinZo 2018 110 Gaming

24 Cloudnine 2007 102 HealthTech

25 Prodigal 2018 12 SaaS

26 Uni Cards 2020 95 FinTech

27 AgroStar 2013 113 AgriTech

28 Bira 91 2015 312 Food & Beverages

29 Credgenics 2018 79 FinTech

30 Wow! Momo 2008 135 Restaurant

31 Rare Rabbit 2015 60 Consumer Goods

32 Citymall 2019 112 E-commerce

33 Locus 2015 79 Artificial Intelligence

34 Quizizz 2015 47 EdTech

35 Rupeek 2015 189 FinTech

36 Euler Motors 2018 106 Electric Vehicle

37 Finova Capital 2015 103 FinTech

38 Vegrow 2020 87 AgriTech

39 WOW Skin Science 2014 125 Consumer Goods

40 Bankbazaar.com 2008 131 E-commerce

41 Pratilipi 2015 81 Media & Entertainment

42 iD Fresh Food 2005 99 Food & Beverages

43 Capillary Technologies 2012 248 SaaS

44 Toothsi 2018 87 HealthTech

45 Acceldata 2018 106 Artificial Intelligence

46 Drip Capital 2015 415 FinTech

47 HomeLane 2014 125 Consumer Goods

48 Garuda Aerospace 2015 30 Aerospace

49 Chaayos 2012 86 Restaurant

50 Auxilo 2017 69 FinTech

51 Exotel 2011 87 SaaS

52 BluSmart Mobility 2019 200 Transportation

53 CareStack 2015 74 SaaS

54 Log9 Materials 2015 32 New Energy

55 InVideo 2017 53 SaaS

56 Safe Security 2012 99 SaaS

57 Zolve 2020 155 Neo Bank

58 Plum 2013 46 Consumer Goods

59 Battery Smart 2019 74 Energy

60 HeVo Data 2017 43 SaaS

61 Jiffy.ai 2012 71 Artificial Intelligence

62 Heads Up For Tails 2008 50 E-commerce

63 Fiddler AI 2018 45 Artificial Intelligence

64 Headout 2015 58 E-commerce

65 smallcase 2015 62 FinTech

66 Indifi Technologies 2015 117 FinTech

67 Pepperfry 2011 305 E-commerce

68 Lendingkart 2014 304 FinTech

69 LambdaTest 2017 70 Cloud

70 Pixxel 2019 71 Aerospace

71 Yellow.ai 2016 102 Artificial Intelligence

72 kitchens@ 2018 80 cloud kitchen

73 SingleInterface 2015 30 SaaS

74 OrangeHealth 2020 35 HealthTech

75 Sigmoid 2013 19 Data Analytics

76 Interview Kickstart 2014 20 EdTech

77 LoopHealth 2018 39 HealthTech

78 StashFin 2016 442 Neo Bank

79 Classplus 2018 130 EdTech

80 Spenmo 2019 121 FinTech

81 Sense 2016 90 Artificial Intelligence

82 Khatabook 2019 187 FinTech

83 MedGenome 2013 186 HealthTech

84 Fi 2019 137 Neo Bank

85 VVDN Technologies 2007 60 SaaS

86 PayMate 2006 41 FinTech

87 Eeki Foods 2018 9 AgriTech

88 LocoNav 2015 44 SaaS

89 Dezerv 2021 21 FinTech

90 M2P Fintech 2014 100 FinTech

91 BetterPlace 2015 91 SaaS

92 Mosaic Wellness 2019 50 HealthTech

93 Zolo 2015 98 Shared Economy

94 Teachmint 2020 118 EdTech

95 KukuFM 2018 71 Media & Entertainment

96 Zypp Electric 2017 76 Electric Vehicle

97 Square Yards 2014 98 E-commerce

98 SUGAR Cosmetics 2012 88 Consumer Goods

99 Veritas Finance 2015 324 FinTech

100 Turtlemint 2015 197 E-commerce

101 Aye Finance 2014 135 FinTech

102 DeHaat 2012 224 AgriTech

103 Disprz 2015 52 EdTech

104 Fourth Partner Energy 2010 420 Energy

105 Neo Wealth and Asset Management 2021 84 Asset Management

106 Astrotalk 2017 30 Media & Entertainment

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2024

Methodology

The ASK Private Wealth Hurun India Future Unicorn Index 2024 is compiled by the Hurun Research Institute with 31st May 2024 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 2024 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) is the Wealth Management arm of the Blackstone-backed ASK Asset & Wealth Management Group. It focuses on the HNI and UHNI segment and seeks to help them meet their long-term financial goals of wealth creation, preservation, and transfer to the next generation. The firm currently represents ~3,500 HNI and UHNI families. ASK Private Wealth is the recipient of several reputed national and international awards. ASK Wealth Advisors Private Limited is engaged in various businesses which includes, SEBI registered Investment Advisor (Registration Number-INA000000532), Portfolio Manager Service (INP000007827), Alternative Investment Funds (Category II - IN/AIF2/23-24/1315 and Category III - IN/AIF3/20-21/0829), Distribution of Financial products (ARN47293), Corporate Agent (Composite) for distribution of Insurance products (-CA0707). ASK Wealth Advisors Private Limited (IFSC Branch) is registered with IFSCA as Fund Management Entity (Non - Retail) with registration no IFSCA/FME/II/2023-24/095.

About ASK Asset & Wealth Management Group:

Blackstone-backed ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market. 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’s diversified businesses comprise of Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers; Real Estate Private Equity – ASK Property Fund; Wealth Management and Multi-Family Office Service – ASK Private Wealth; Long/short funds – ASK Hedge Solutions; NBFC – ASK Finance; and our international business arm – ASK Capital. It has 20+ offices and branches across India, Dubai, and Singapore and 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. 82,700 Cr as on 31 May 2024.

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Promoting Entrepreneurship Through Lists and Research

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Established in the UK in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand last year, mainly in India and China. Best-known today for the Hurun Rich Index series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies. 

The Hurun Start-up series begins with the Hurun U30s, recognizing the most successful entrepreneurs under the age of thirty, and is today in seven countries. Next up are Hurun Cheetahs, Chinese and Indian start-ups with a valuation of between US$300mn to US$500mn, most likely to go unicorn with five years. Hurun Global Gazelles recognize start-ups with a valuation of US$500mn to US$1bn, most likely to go unicorn within three years. The culmination of the start-up series is the Hurun Global Unicorn Index. 

Other lists include the Hurun Philanthropy Index, ranking the biggest philanthropists, the Hurun Art Index, ranking the world’s most successful artists alive today. 

Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments. 

Hurun hosted high-profile events in the last couple of years across China and India, as well as London, Paris, New York, LA, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

About Hurun India

“Promoting Entrepreneurship Through Lists and Research”

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 pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy. The Five core pillars of Hurun India are:

First, we spotlight Value Creation by companies, the heartbeat of a developing India. It's through their innovation and excellence that economic growth is fuelled, paving the way for a prosperous tomorrow. 

Next, we focus on Wealth Creation. As these companies thrive, wealth is generated, birthing a new era of affluent entrepreneurs and businesses. This wealth is not just financial; it's a wealth of knowledge, experience, and opportunity, essential for India's next 10-15 years. For exponential growth, disruption is key. 

Enter our third pillar: Start-Ups. These engines of innovation are the primary source of leapfrog growth, challenging the status quo and opening new doors of possibilities. While economic development is crucial, philanthropy plays an equally vital role in ensuring wider prosperity. 

Our fourth pillar, Philanthropy, is about giving back, creating a balanced ecosystem where everyone progresses together. 

Lastly, we celebrate our rich heritage with the fifth pillar: Culture. India, home to one of the oldest civilizations, boasts a myriad of artists. Yet, they remain undervalued on the global stage. The Hurun India Art List aims to change this, promoting our artists to the Hurun network, encouraging appreciation and collection of their work.

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

+91 9446580594

Media.queries@hurunindia.net

Vinay Rajani