- These 51 start-ups have collectively raised funding of US$9.6 billion.
- 11 of such companies are from the fintech sector, while 6 are from the SaaS sector.
- The companies represent a mix of innovative ventures from different industries.
In the next three years, as many as 51 high-growth start-ups that boast valuations estimated between $500 million to $1 billion, are likely to become
unicorns. These 51 start-ups have collectively raised funding of US$9.6 billion till date, according to the ASK Private Wealth Hurun India Future Unicorn Index 2023. A company is considered an unicorn when it achieves a market valuation of $1 billion.
These categories of start-ups are known as Gazelles. The Hurun report defines ‘Gazelle’ as a start-up founded after 2000 and one which has the potential to go unicorn in three years.
Says Anas Rahman Junaid, founder, Hurun India, and Chief Researcher, “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.” The Hurun Report defines ‘Cheetah’ as a start-up founded after 2000 and which has the potential to go Unicorn in the next five years.
The index features a diverse range of Gazelle companies from various sectors. The FinTech sector leads with 11 Gazelles, followed by six Gazelles from the SaaS sector. E-commerce, and AgriTech sectors each contribute four Gazelles.
Notable Gazelles in the index include Ather Energy, an electric vehicle (EV) start-up, Zepto, a quick commerce start-up, and Leap Scholar, an EdTech start-up. Close contenders include Observe.AI, an AI start-up, and Ninjacart, an AgriTech start-up. These companies represent a mix of innovative ventures from different industries, showcasing their potential for growth and impact in their respective fields.
We take a closer look at the above start-ups.
Ather Energy: Ather Energy is an electric two-wheeler manufacturer based in Karnataka, India. Established in 2013 by Tarun Mehta, and Swapnil Jain, the company specialises in producing electric scooters. Their current product lineup includes models like the Ather 450X and the Ather 450X Pro.
Leap Scholar: Leap Scholar provides support to students from India in their pursuit of studying at international institutions. Their team consists of global study experts, and student mentors who offer guidance throughout the entire process. From university selection to application assistance, financing counselling, and even arranging job interviews, Leap Scholar plays a role in every stage.
Zepto: Zepto is a next-door quick commerce app that offers a variety of products, including groceries, personal care items, electronics, and more. Their unique selling point is the incredibly fast delivery time of just 10 minutes. They aim to fulfil all daily, and monthly grocery requirements, and provide a wide selection of over 5,000 products to choose from.
Observe.AI: Observe.AI is a company that utilises a contact centre language model with 30 billion parameters. They specialise in extracting valuable insights from customer interactions, enabling a team to make informed decisions in real-time. Additionally, they offer workflow automation to facilitate the seamless implementation of successful practices throughout an organisation.
Ninjacart: Ninjacart is a fresh produce supply chain company whose primary primary focus is to establish a direct connection between food producers and retailers, restaurants, and service providers. To achieve this, Ninjacart utilises their in-house applications that effectively manage and streamline the entire supply chain process from start to finish. By leveraging technology, Ninjacart aims to improve the efficiency and effectiveness of food distribution, benefiting both producers and end-users.
51 start-ups that are likely to turn unicorn in the next 3 years
No.
| Company
| Year Founded
| Total Funding Received (US$mn)
| Start-up Sectorinno
|
1
| Ather Energy
| 2013
| 342
| Electric Vehicle
|
2
| Leap Scholar
| 2019
| 153
| EdTech
|
3
| Zepto
| 2021
| 360
| Quick Commerce
|
4
| Observe.AI
| 2017
| 214
| Artificial Intelligence
|
5
| Ninjacart
| 2015
| 367
| AgriTech
|
6
| Rapido
| 2015
| 310
| Shared Economy
|
7
| CleverTap:
| 2013
| 182
| SaaS
|
8
| Twin Health
| 2018
| 199
| HealthTech
|
9
| Scaler
| 2019
| 55
| EdTech
|
10
| GreyOrange
| 2011
| 293
| Artificial Intelligence
|
11
| Medikabazaar
| 2014
| 177
| E-commerce
|
12
| MoEngage
| 2014
| 133
| SaaS
|
13
| Smartworks
| 2016
| 25
| Shared Economy
|
14
| Square Yards
| 2013
| 98
| E-commerce
|
15
| StashFin
| 2016
| 345
| Neo Bank
|
16
| Servify
| 2015
| 120
| Consumer Services
|
17
| KreditBee
| 2018
| 332
| FinTech
|
18
| Turtlemint
| 2015
| 200
| E-commerce
|
19
| IndMoney
| 2018
| 140
| FinTech
|
20
| Vivriti Capital
| 2017
| 190
| FinTech
|
21
| Bizongo
| 2015
| 240
| E-commerce
|
22
| La Renon
| 2007
| 46
| BioTech
|
23
| M2P Fintech
| 2014
| 107
| FinTech
|
24
| Progcap
| 2017
| 62
| FinTech
|
25
| Whatfix
| 2014
| 140
| SaaS
|
26
| Country Delight
| 2015
| 115
| AgriTech
|
27
| Gaana
| 2011
| 206
| Media & Entertainment
|
28
| Bira 91
| 2015
| 263
| Food & Beverages
|
29
| Ecom Express
| 2012
| 485
| Logistics
|
30
| Shadowfax
| 2015
| 113
| Logistics
|
31
| BetterPlace
| 2015
| 91
| SaaS
|
32
| BrightChamps
| 2020
| 51
| EdTech
|
33
| Captain Fresh
| 2019
| 127
| LogisticsTech
|
34
| InCred
| 2016
| 254
| FinTech
|
35
| Navi Technologies
| 2018
| 582
| FinTech
|
36
| Qure AI
| 2015
| 60
| Artificial Intelligence
|
37
| Rupeek
| 2015
| 172
| FinTech
|
38
| SirionLabs
| 2012
| 145
| SaaS
|
39
| Zupee
| 2018
| 121
| Gaming
|
40
| AgroStar
| 2013
| 112
| AgriTech
|
41
| Capillary Technologies
| 2008
| 102
| SaaS
|
42
| CogoPort
| 2016
| 67
| Logistics
|
43
| DeHaat
| 2012
| 194
| AgriTech
|
44
| HomeLane
| 2014
| 114
| Consumer Goods
|
45
| JusPay
| 2012
| 87
| FinTech
|
46
| MedGenome
| 2013
| 136
| HealthTech
|
47
| Money View
| 2014
| 109
| FinTech
|
48
| Mosaic Wellness
| 2019
| 35
| HealthTech
|
49
| Northern Arc
| 2008
| 447
| FinTech
|
50
| Stanza Living
| 2017
| 227
| Shared Economy
|
51
| TheMathCompany
| 2016
| 50
| Analytics
|
Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023 