India’s Future Unicorns See $58bn Valuation Amid Rising Fintech Stars

India’s fintech sector is making significant strides, with the future unicorns currently valued at $58 billion, marking a 1.8% increase from the previous year.

The latest ASK Private Wealth Hurun India Future Unicorn Index 2024, released by the Hurun Research Institute, showcases notable advancements and dynamic growth within the sector.

The index reveals that India is now home to 67 unicorns, 46 gazelles, and 106 cheetahs. This compares to 68 unicorns, 51 gazelles, and 96 cheetahs listed in the 2023 index.

This year, the index welcomed 38 new entrants, including 7 gazelles and 31 cheetahs, underscoring the rapid pace of development in the Indian startup ecosystem.

Peak XV Partners has emerged as the most active investor, with stakes in 47 potential unicorns, followed by Accel, which holds interests in 25 future unicorns.

The standout performer from this year’s index is Ixigo, a former cheetah that skipped the gazelle stage and went public with a 48% premium.

The online travel aggregator, predicted to reach unicorn status by 2022, now boasts a market cap of Rs 6,000 crore ($700 million) and is on the cusp of achieving a billion-dollar valuation.

Other companies that ascended to unicorn status include Zepto, Porter, and InCred Finance. The inclusion of new gazelles and cheetahs highlights the vibrant and resilient nature of India’s startup landscape.

The fintech sector, in particular, is benefiting from substantial investments and innovative breakthroughs.

Anas Rahman Junaid, MD and Chief Researcher at Hurun India, remarked on the evolving landscape:

The ASK Private Wealth Hurun India Future Unicorn Index highlights how Indian startups and investors are adapting to a new reality. This year’s list is particularly exciting, featuring companies from SpaceTech, Artificial Intelligence, and EV/Renewable Energy sectors that are poised to shape India’s future.

The aerospace sector is particularly noteworthy, with AI companies in the index securing $1.6 billion in funding, aerospace startups attracting $160 million, and EV companies drawing $1.2 billion.

The disparity in funding for aerospace startups signifies a substantial growth potential.

Agnikul Cosmos, a new gazelle on the list, successfully launched a 3D-printed rocket, showcasing India’s innovative prowess in aerospace technology.

The sector is being propelled forward by rising demand for large aircraft, increasing passenger traffic, substantial government defense expenditures, and a strategic focus on sustainability.

From the previous year’s index, only two gazelles and one cheetah have successfully transitioned into unicorns. Zepto, the Indian grocery delivery startup, achieved unicorn status in August 2023, while InCred Finance crossed the billion-dollar mark in December 2023.

Homegrown logistics platform Porter also recently joined the unicorn club, underscoring the dynamic growth and resilience of India’s startup ecosystem. Ten cheetahs were promoted to gazelles, further highlighting the upward mobility within the sector.


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