Hurun India 2024 list: 3 startups turn unicorns this year, 25 including Dunzo, Practo, Rapido drop out of index

India has 67 unicorns, 46 gazelles, and 106 cheetahs against 68 unicorns, 51 gazelles, and 96 cheetahs in 2023 as per the ASK Private Wealth Hurun India Future Unicorn Index 2024. There are 38 new entrants- 7 gazelles, 31 new Cheetahs in the list this year. Peak XV partners, which has invested in 47 probable unicorns, is the most active investor followed by Accel with stakes in 25 future unicorns as per the list.

India’s future unicorns are worth $58 billion- an increase of 1.8% as compared to the last year. As per the list, Ixigo, a former Cheetah, went public with a 48% premium and is poised for a billion-dollar valuation. Zepto, Porter, and Incred Finance joined the unicorn club.

“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,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said.

He added, “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 ($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.”