Unicorns Of Tomorrow
Decoding India’s Soonicorn Landscape Report, 2024
India's Unicorn Club
TABLE OF CONTENTS
India’s Digital Economy: Snapshot
India’s Startup Economy: Key Highlights
India’s Unicorn Landscape
Decoding India’s Soonicorn Club
The Landscape
Sectors & Hubs Minting Most Soonicorns
M&As By Indian Soonicorns
Jobs Created By India’s Future Unicorns
Notable Investors In The India's Soonicorn Club
Gender Diversity At Indian Soonicorns
Inside Education Backgrounds Of Soonicorn Founders
Inside India’s Soonicorn Club: The State Of Financial Health
Unicorns Of Tomorrow — Key Future Trends
India To Have 900 Mn+ Active Internet Users By 2025
By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female
The State Of Indian Startup Economy
3rd Largest Ecosystem In The World
768K+ Jobs Created In The Past Six Years
68K+ Indian Startups Launched To Date
$147 Bn+ Funding Raised By Indian Startups
9.7K+ Investors Participated In Startup Funding
1,298 M&A Deals Recorded
115 Indian Startups In The Unicorn Club
112 Soonicorns In India
$390 Bn+ Combined Valuation Of Indian Unicorns & Soonicorns
26 Listed Indian Internet Companies
1.8L Tech Startups In India By 2030
The total number of tech startups in India will grow 2.6x from 68K (2023) to 1.8L (2030)
Source: Inc42
India’s Unicorn Landscape
India
Expected
To Produce Over 280 Unicorns By 2030
The total number of unicorns is expected to increase 2.4 times by 2030 from 2023
Source: Inc42
Median Time Taken For A Startup To Become A Unicorn In India Is 5.10 Years
Less than 3 years: 9%
Between 3 to 5 years: 15%
Inside India’s Soonicorn Club
112 Soonicorns In India
$15 Bn+ Total Funding Raised By Soonicorns
$40 Bn+ Combined Valuation Of Indian Soonicorns
Hubs That Will Mint Most Future Unicorns
Bengaluru: 47
Mumbai: 25
Delhi NCR: 24
95+ Companies Acquired By Indian Soonicorns
1.26 Lakh+ Jobs Created By Indian Soonicorns
Sectors That Will Mint Most Future Unicorns
Fintech: 36
Ecommerce: 19
Enterprise Tech: 13
India’s Soonicorn Landscape
Fintech, Ecommerce To Mint Most Future Unicorns In India
The current Soonicorn club (112 unicorns) has 55 startups from the both ecommerce and fintech combined
Source: Inc42
Bengaluru, Delhi NCR, Mumbai Maintain Supremacy In Minting Unicorns Of Tomorrow
Currently, the three hubs combined, are home to 96 Indian future unicorn
113
SOONICORNS
Source: Inc42
Indian Soonicorns Have Acquired Over 95+ Companies
Fintech soonicorns made the maximum (28) acquisitions
Investors With Most Future Unicorns In The Portfolio
Notable Investor Soonicorn
Absolute Foods, HealthKart, Nazara Technologies
Bizongo, BlueStone, CityMall
Inshorts, Money View, Ninjacart
Source: Inc42
Note: This list is not an exhaustive list
Chaayos, Clear, Sugar
GreyOrange, HealthifyMe, Pepperfry
Zupee, Stanza Living, Country Delight
Classplus, GreyOrange, LambdaTest
Country Delight, Fashinza, LendingKart
List Of India’s Future Unicorns
XV Partners, Alpha Wave Global, Tiger Global
Asha Impact, Info Edge, Westbridge Capital, JM Financial
Steadview Capital, Catamaran, Sparta Capital, Amicus Capital
Sachin Bansal, Binny Bansal, Tiger Global , Hero MotoCorp
WaterBridge Ventures, 500 Startups, Insight Partners, Sequoia Surge
Peak XV Partners, Amazon Inc, Eight Roads Ventures, Mousse Partners
Lalitesh Katragadda, Unitus Seed Fund, Venture Highway
Sixth Sense Ventures, Anicut Capital, Kirin Holdings
Accel, Addventures, B Capital Group, CDC Group, Chiratae Ventures
Accel, Kalaari Capital, IvyCap Ventures, Dragoneer Investment Group
Source: Inc42
Group, Network 18, Accel, TPG Growth
PremjiInvest, GSV Ventures, BEENEXT, 021 Capital
Warburg Pincus, Peak XV Partners, InnoVen Capital
Amazon, Creation Investments Capital Management, Elevation Capital
Ankur Capital, Incubate Fund India, Matrix Partners India, Accel
Epiphany Ventures, Canaan Partners, Tiger Global, Warburg Pincus
Musha Ventures, Y Combinator, Smilegate Investment, Apis Partners
Puranik, Hemanth Goteti, Mukul
Amit Singhal, Burman Family Holdings, Raine Ventures,Neeraj Arora
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Vaibhav
Singhal, Alakh Naresh Gargiya
Startup Name Founded In Sector
Source: Inc42
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Name Founded In Sector
Source: Inc42
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Name Founded In Sector
Source: Inc42
Capital, Peak XV Partners, Omidyar Network, Edelweiss, GFin Aarin Capital, Accel, Brand Capital, Evolvence India Fund, FJ Labs
Capital, LionRock Capital, Velos Partners, LionRock Capital
Capital, Balderton Capital, Lightspeed Venture Partners
Global, Steadview Capital, Dragoneer, Sixteenth Street Capital
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Name Founded In Sector
Source: Inc42
Note: The companies have been placed in alphabetical order.
The list of investors is not exhaustive.
Startup Name Founded In Sector
Source: Inc42
3one4 Capital, Korea Investment Partners, Hashed, Axilor Ventures
GEMS,Metaform Ventures, Omkar Ghaisas, Renjit Shintorn Capital
Steadview Capital, Tiger Global, Paytm, IAN, Singapore Angel Network
Tiger Global, BEENEXT, Flourish Ventures, Omidyar Network
Paragon Partners India, RPSG Capital Ventures, Sharrp Ventures
Peak XV Partners, Sofina, Zodius Capital, HDFC Bank
Lighthouse Funds, CDC Group, Toppan Printing
Norwest Venture Partners, Elevation Capital
Matrix Partners India, Eight Roads Ventures, Helion Venture Partners
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Name Founded In Sector
Source: Inc42
Perkins, Lightbox,Mayfield Fund, Sherpalu Ventures, Visa
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Name Founded In Sector
Note:
Startup Name Founded In Sector
Source: Inc42
Evolvence India Fund, Lok Capital,IIFL AMC
Accel, Peak XV Partners, GGV Capital, Bertelsmann India Investments
Lightrock India,Peak XV Partners, Tiger Global
Accel, InnoVen Capital, Flucas Ventures, Trifecta Capital, Kube VC
Vel Kanniappan, Athiyas Group,Manish Bharti,Sattva Group
The Global Emerging Markets Group, TAQNIA
ADM Capital, Bennett Colemann and Co Ltd, Lohia Group
Pantera Capital, Coinbase Ventures, True Ventures, Jump Capital
Accel, Peak XV Partners, Matrix Partners India, Alteria Capital
Snow Leopard Ventures, Alto Partners, Vibhav Dhawan
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
Startup Name Founded In Sector
Source: Inc42
Accel,Tiger Global,DST Global, Lightspeed Venture Partners
Cyber Carrier, Empire Angels, Ford Smart Mobility, InnoVen Capital
Matrix Partners India, Smile Group, Tomales Bay Capital, WestCap
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
35K+ jobs created by fintech soonicorns, the highest among others
Jobs Created By
Indian Soonicorns
To Date
90% of employment generated by Bengaluru, Mumbai & Delhi
NCR-based soonicorns
Source: LinkedIn, Inc42
Ecom Express employs the highest number of employees among soonicorns Chennai-based soonicorns emerged as leader among emerging startups hubs in terms of job creation
Lack Of Gender Diversity At India's Future Unicorns: 93% Founders Are Men
Source: LinkedIn, Inc42
Inside India’s
Soonicorn Club Founders & Education Backgrounds
Around 90% Of Soonicorn Founders Did Their Undergrad In India
Indian Soonicorn Founders
Source: LinkedIn, Inc42
Note:
Bucking The Trend: More Than 60% Future Unicorn Founders Have No IIT Tag
Source: LinkedIn, Inc42
Note: Of the total
Leading The Pack: IIT Bombay
While most soonicorn founders come from non-IIT backgrounds, IITs stand out for consistently producing the highest number of founders per college, highlighting their significant impact on nurturing entrepreneurial talent.
Over 65% Of Soonicorn Founders Have Post Grad Degrees
Indian Soonicorn Founders
Source: LinkedIn, Inc42
Note: Of the total 246
Most Soonicorn Founders Did Post Grad From Indian Universities
Indian Soonicorn Founders
Source: LinkedIn, Inc42
Note:
Over 77% of Soonicorn Founders Graduated From Non-IIM Institutions
Indian Soonicorn Founders
Source: LinkedIn, Inc42
Note: Of the total
50% Indian Soonicorn Founders Preferred MBA As Post Grad Degree
Indian Soonicorn Founders
Source: LinkedIn, Inc42
Note:
Source: LinkedIn, Inc42
While most soonicorn founders hold postgraduate degrees from non-IIM institutions, the notable influence of IIMs is evident, as they consistently produce the highest number of soonicorn founders…
Inside India’s Soonicorn Club
The State Of Financial Health
Indian Soonicorn Financials In FY23
Source: Company Filing, Inc42
Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024. The financials of companies based out of India have not been included in this analysis.| INR to USD exchange rate is 80 Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used.
Source: Company Filing, Inc42
Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024. The financials of companies based out of India have not been included in this analysis. | INR to USD exchange rate is 80 Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used.
Source: Company Filing, Inc42
Source: Company Filing, Inc42
Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024. The financials of companies based out of India have not been included in this analysis. | INR to USD exchange rate is 80 Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used.
Source: Company Filing, Inc42
Source: Company Filing, Inc42
Note: This list is not a ranking of any kind. Soonicorn
Source: Company Filing, Inc42
Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024.
INR to USD exchange rate is 80 | The financials of companies based out of India have not been included in this analysis.
Adjusted Revenue Growth Rate Of India's Future Unicorns In FY23
Source: Company Filing, Inc42
Expenditure To Revenue Ratio Of India's Future Unicorns In FY23
Source: Company Filing, Inc42
Note:
Source: Company Filing, Inc42
Note: We have only included companies which filed their financials until Feb 2024 |The financials of companies based out of India have not been included in this analysis The
Soonicorn Sector
Source: Company Filing, Inc42
Note: We have only included companies which filed their financials until Feb 2024 |The financials of companies based out of India have not been included in this analysis The expenditure to revenue ratio reveals how efficiently a company allocates its resources to generate income. Generally lower ratio signifies more effective spending relative to earnings, indicating improved financial efficiency
Unicorns Of Tomorrow — Key Future Trends
GenAI Soonicorns Set To Rise
The landscape of GenAI is poised for the ascent of new unicorns and soonicorns, fueled by a surge in funding that reflects growing confidence in artificial intelligence's potential across various industries. Notably, startups like Savram, despite being only five months old, recently raised $41 Mn, while Krutrim has emerged as the latest unicorn in this sector, further illustrating the momentum and investor interest in generative AI innovation.
Emerging Tech Sectors Take Center Stage
Sectors such as spacetech and drone tech are increasingly capturing investor interest, with two drone companies already having their IPOs. The Indian government's commitment to attracting $600 Mn in investments over the next three years to drive innovation in drone tech, along with the recent liberalisation of the FDI regime for spacetech startups, are anticipated to pave the way for the emergence of the next unicorns in these sectors.
Tier 2 Startups Joining The Soonicorn Club
In the near future, regions beyond tier I cities are poised to attract considerable attention from both established and emerging startups, acknowledging the untapped potential they offer. The ecommerce market opportunity for Tier II cities and beyond is projected to reach $240 Bn by 2030, highlighting substantial growth prospects in these regions. Additionally, fintech players targeting rural areas have collectively raised $1.3 Bn since 2014, emphasising significant investment and market activity in these emerging markets.
Improved Financial Performance Expected From Soonicorns
In FY22, many soonicorns faced financial challenges, experiencing losses and diminishing financial stability, prompting a review of spending habits due to a slowdown in funding. Nonetheless, FY23 financial reports from 47 companies highlighted a significant change. While only five companies were profitable in FY22, this number increased to ten in FY23, demonstrating companies' efforts to enhance their financial standing.
www.inc42.com
Inc42 is India’s largest tech media & information platform on a mission to build & serve India’s tech, startup & internet economy. From breaking the latest news to discovering the hottest startups, from spotting upcoming trends to simplifying complex concepts, we cover everything tech in India’s internet economy.
Born in January 2015, Inc42 has become the leading source for news & analysis on India’s rapidly growing tech, startup & internet economy. Inc42, with over 35,000+ published stories, 80+ research reports, 120+ conferences & events & having featured 1000s of entrepreneurs, now reaches over 25 Mn+ tech leaders & professionals every month.
CREDITS
SAIFLAN AIJAZ ANALYST
SABITH DESIGN
Contact: editor@inc42.com
ADDRESS
Inc42 Media, 59/16, 4th Floor, Jujhar Tower, RD Marg, Kalkaji, New Delhi, Delhi 110019
Disclaimer
The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in this report is accurate and free from any discrepancies. Ideope Media Pvt Ltd, the parent company of Inc42 Media and Inc42 DataLabs, is not responsible for any inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of any discrepancy or errors in the data, you can contact us at editor@inc42.com and we will try our best to update the information in the digital version of the report. We are constantly updating our database of startups due to new person using or relying on any information in this publication.
This report has been prepared in good faith on the basis of information available at the date of publication without any independent verification. Ideope Media Pvt. Ltd. does not guarantee the accuracy, reliability or completeness of the information in this publication. Readers are responsible for assessing the relevance and accuracy of the content of this publication. While this report talks about various individuals and institutions, Ideope Media Pvt. Ltd. will not be liable for any loss, damage, cost or expense incurred or arising by reason of anyperson using or relying on any information in this publication.
This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Ideope Media Pvt Ltd and is not intended to represent or imply the existence of an association between Ideope Media Pvt Ltd and the lawful owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly available sources, and Ideope Media Pvt. Ltd. cannot confirm the accuracy or reliability of such sources or information. Its inclusion does not imply an endorsement by or of any third party. The views and opinions in this report should not be viewed as professional advice with respect to your business.