Unicorn count may rise to 152 in 5 years with valuation over $1 billion

India is expected to add at least 152 unicorns, a startup with valuation of over $1 billion, from 31 cities over the next 3-5 years to its current tally of 67 unicorns, showed the ASK Private Wealth Hurun India Future Unicorn Index 2024.

The year has seen an increase in drop-offs from the future unicorn list, with a total of 25 start-ups dropping off, while 12 companies were downgraded from gazelle to cheetah and 10 transitioned from cheetah to gazelle.

Gazelles are startups that are most likely to turn unicorns in the next three years and cheetahs are likely to go unicorn in the next five years. The index has ranked India's startups founded in the 2000s, worth at least $200 million, and not listed on a public exchange yet.


"A transformative shift is in progress in the dynamic landscape of India's startups...These emerging companies, fuelled by innovation and resilience, are not just promising to shape India's future but also making a significant contribution to our nation's economic trajectory, thereby reinforcing their significance," said Rajesh Saluja, CEO & MD, ASK Private Wealth.

On average, most of these identified future unicorns were set up in 2015, with the majority of them selling software and services, with only 18% selling physical products. Of these, around 44% are selling to businesses, while 56% are consumer-facing.