India which is currently the third largest startup ecosystem in the world, is likely to see 147 unicorns in the next five years, disrupting financial services, healthcare, business management solutions and education sectors, a report showed on Tuesday.
India is currently home to 83 unicorns, 51 gazelles (most likely to go unicorn within three years) and 96 cheetahs (to achieve unicorn status in five years), according to the 'ASK Private Wealth Hurun India Future Unicorn Index 2023' report.
It is a ranking of India’s startups founded in the 2000s, worth at least $200 million, not yet listed on a public exchange and most likely to ‘go Unicorn’ in the next five years.
“Despite the headwinds, we have seen founders demonstrating unwavering determination, adaptability, and resourcefulness. The funding winter serves as a catalyst for innovation, urging startups to think creatively, optimise resources and refine their strategies,” said Rajesh Saluja, CEO & MD, ASK Private Wealth.
“It is during these times that the true spirit of entrepreneurship shines through. The 51 Gazelles and 96 Cheetahs in this index likely to go Unicorn in the next 5 years are a testimony to this,” he added.
The future unicorns, on average, were set up in 2015, with the vast majority selling software and services, with only 20 per cent selling physical products. About 37 per cent are selling to businesses, while 63 per cent are consumer-facing.
“Gazelles and Cheetahs provide an insight into the economy of tomorrow. What they are doing and where they are doing it gives an indication into which sectors are attracting the world’s top young talent and smartest capital, and which countries and cities have the best start-up ecosystems,” explained Anas Rahman Junaid, Hurun India Founder and Chief Researcher.
Peak XV Partners (earlier Sequoia Capital India and Southeast Asia) is India's most successful VC platform at finding and investing into Gazelles and Cheetahs, followed by InnoVen Capital, Tiger Global Management, Accel and Blume Ventures.
In India, quick commerce company Zepto, financial services start-up Vivriti Capital and EV space start-up Ather Energy are expected to play a critical role in solving credit, last mile logistics and renewable energy for India.
Online furniture platform pepperfry is the most valuable Cheetah, according to the report.
India's services sector clocks robust growth in April, lifts business confidence to 3-month high
India's services sector continued to register robust growth in April on the back of strong domestic and foreign demand, which lifted business confidence to a three-month high, according to an HSBC survey published on Monday.
Adani Green reports 30 pc EBITDA growth in FY24, revises target to 50 GW for 2030
Adani Green Energy Ltd (AGEL) on Friday reported 30 per cent EBITDA growth at Rs 7,222 crore in FY24, as the renewable energy (RE) major revised its target for 2030 to 50 gigawatt (GW) from 45 GW.
Adani Group's Ambuja Cements clocks highest-ever PAT at Rs 4,738 crore in FY24
Ambuja Cements on Wednesday reported profit after tax (PAT) at Rs 4,738 crore for FY24 -- up by a record-setting 119 per cent (year-on-year) -- and operating EBITDA at Rs 6,400 crore, up by 73 per cent.
Govt cuts windfall tax on crude oil, ONGC, OIL India Ltd to gain
The Government has cut the windfall tax on crude oil to Rs 8,400 a metric ton from Rs 9,600 with effect from Wednesday as part of its fortnightly revision.
Adani Total Gas clocks 27 per cent EBITDA growth in FY24, overall volume up 15 per cent
Leading city gas distribution company Adani Total Gas Ltd (ATGL) on Tuesday announced EBITDA of Rs 1,150 crore in FY24 that surged by 27 per cent (year-on-year), with consolidated profit after tax (PAT) at Rs 668 crore which increased by 22 per cent as compared to last fiscal year.
Adani Ports & SEZ secures AAA rating - India’s 1st in private infra development space
Adani Ports and Special Economic Zone Limited (APSEZ), one of the largest profit contributors for the Adani Group, has been upgraded to AAA rating by Care Ratings.
India's gold demand rises 8 pc in Jan-March despite soaring prices
India's gold demand rose to 136.6 tons in the January-March quarter which represents an 8 per cent increase over the same quarter of the previous year, according to figures released by the World Gold Council (WGC) on Tuesday.
AdaniConneX establishes India's largest sustainability linked financing to raise up to $1.44 billion
In a bid to accelerate digital infrastructure growth in India, AdaniConneX, a JV between Adani Enterprises and EdgeConneX, on Sunday said it has established the country’s largest sustainability-linked financing to raise up to $1.44 billion.