India will have 122 new unicorns in 2 to 4 years: Hurun India Future Unicorn Index 

Haripriya Sureban | | Updated on: Jun 30, 2022

Shiprocket, Zepto, Turtlemint top the list of probable unicorns

India will have 122 new unicorns in the next two to four years, according to the Hurun India Future Unicorn Index 2022 released by Hurun Research Institute. Startups, Shiprocket, Zepto, Turtlemint top the list of probable unicorns. 

The index has classified companies as would-be unicorns (those founded after 2000 and valued at least $1 billion), Gazelles (those most likely to become unicorns in the following two years), and Cheetahs (start-ups that could go unicorn in the next four years).

Gazelles are projected to be worth between $500 million and $1 billion. The Gazelle pack is led by Shiprocket, a five-year-old LogisticsTech startup, followed by Zepto, Turtlemint, Ather Energy and Vivriti Capital. The other five startups on the list are Ninjacart, Dunzo, Rapido, ClearTax and Twin Health. 

The ‘Cheetahs’ pack is led by Pepperfry, followed by Bengaluru-based Juspay and  FinTech firm Mswipe Technologies. Pixis, SUGAR cosmetics, WayCool, ZestMoney, Bluestone, Cuemath, Winzo are the other startups on the list.  

Rajesh Saluja, Chief Executive Officer(CEO) & Managing Director (MD), ASK Wealth Advisors Pvt Ltd said, “India has emerged as the third largest ecosystem for start-ups after the US and China, and saw a record 44 start-ups turning into Unicorns in 2021. New ideas and innovations which have the potential to benefit millions of consumers are being incubated by the start-up ecosystem.” 

Hurun India’s findings showed that Bengaluru continues to be the start-up capital of India. The city is home to 46 probable Unicorns, followed by Delhi NCR (25) and Mumbai (16). E-commerce, FinTech, and SaaS comprise 43 per cent of the Future Unicorn Index 2022.

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said that, “although some Indian start-ups are implementing layoffs and cost-cutting measures, fuelling speculation of an ecosystem downturn. We believe there could be a short-term blip in the growth story, but the Indian start-up ecosystem’s long-term potential remains excellent and resilient.” 

Venture capital firm Sequoia has emerged as the most active investor in the nation’s start-up ecosystem after investing in 39 probable unicorns, followed by Tiger Global, which has invested in 27 potential unicorns, the report showed. 

Published on June 30, 2022
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