More than 80% of the startups that achieved unicorn status in India last year hailed from Ask Private Wealth Hurun India Future Unicorn Index. India’s future unicorns are currently worth $57bn, with an increase of 16% as compared to last year – mainly driven by addition of new future unicorns to the list, according to the ‘Ask Private Wealth Hurun India Future Unicorn Index 2023’, released on Tuesday.
24 from the said list turned unicorns last year and three turned this year, indicating a slowdown in India ’s startup ecosystem. Eight gazelles were demoted to Cheetahs and another 19 dropped out of the index. Anas Rahman Junaid, Hurun India Founder and Chief Researcher, said: “While rising interest rates and global uncertainties have dramatically reduced the appetite of investors to put money into startups in the past half year, there are nonetheless 147 Indian companies, a new record, that we believe are most likely to ‘go unicorn’ within five years. The 51 gazelles and 96 cheetahs in this index are likely to go unicorn in the next five years.”
Future unicorns were seen disrupting financial services, healthcare, business management solutions and education. Rajesh Saluja, CEO & MD, Ask Private Wealth, said, “The Indian startup ecosystem is a dynamic force, brimming with immense potential and boundless opportunities. Despite the headwinds, we have seen founders demonstrating unwavering determination, adaptability, and resourcefulness. The funding winter serves as a catalyst for innovation, urging start-ups to think creatively, optimise resources and refine their strategies.”