100 and counting: India’s growing unicorn roster

It took India’s tech ecosystem a decade (2011 – 2020) to produce its first 30 unicorns. But in just the next four years, the world’s most populous country managed to increase this number by 70, bringing the total to 105, as per Tech in Asia’s data.

It’s not surprising that nearly 60% of Indian unicorns reached their billion-dollar valuation in 2021 and 2022 – a time when fundraising capital was still abundant. Since then, only 13 more names have joined this elite club.

The total capital raised by Indian startups in 2024 was around US$17 billion, marking the lowest point since 2019 and dropping nearly threefold compared to its peak in 2020.

Some Indian unicorns have struggled amid a gloomy funding landscape and harsh economic conditions. The most striking case is that of Byju’s, which was once the country’s most valuable startup. Previously valued at US$22 billion, the edtech company collapsed in early 2024 and is now facing insolvency proceedings.

Still, there’s a glimmer of hope: Nine new Indian unicorns have emerged since 2024. Meanwhile, Southeast Asia has only produced two.

Newcomers to India’s list include biotech firm Aragen (formerly GVK-BIO); fintech companies Moneyview, Perfios, and Vastu Housing Finance; logistics venture Porter; mobility platform Rapido; e-scooter maker Ather Energy; SaaS company RateGain; and Ola group’s AI startup, Krutrim.

Fintech and logistics are two out of the five verticals that have produced most unicorns in the country. While ecommerce tops the list, the last billion-dollar companies emerged in 2023: CaratLane and Zepto.

Notably, Indian unicorns offered a flurry of exit options for investors through large IPO deals in 2024. Four startups with billion-dollar valuations went public that year, such as baby care retailer FirstCry, food delivery company Swiggy, electric vehicle manufacturer Ola Electric, and insurtech firm GoDigit.

In comparison, no Southeast Asian unicorns have gone public since November 2022, when Indonesian ecommerce firm Blibi listed on the local bourse.

Among investors, Peak XV have backed the most unicorns from India, with 23 firms. Next on the list are Tiger Global, Accel Partners, and Elevation Capital.

As we continue to update our database, we hope it remains a useful reference for anyone interested in India’s unicorns.