A report states that 152 Indian startups will become unicorns within the next five years.

According to a recent report, the number of Indian startups expected to become unicorns in the next three to five years is a whopping 152, spread across 31 different cities. This is a significant increase from the current count of 67 unicorns in the country. The report, called ASK Private Wealth Hurun India Future Unicorn Index 2024, also reveals that India is currently home to 46 gazelles and 106 cheetahs, in addition to the unicorns.

The report classifies startups into three categories - unicorns, gazelles, and cheetahs. Unicorns are startups founded after the year 2000 with a valuation of $1 billion, gazelles are those most likely to become unicorns in the next three years, while cheetahs have the potential to reach unicorn status within the next five years. The fintech sector has the highest number of gazelle companies with eight, closely followed by SaaS, artificial intelligence, and edtech.

Some of the top gazelles featured in the report include edtech startup Leap Scholar, fintech startup Money View, and agritech startup Country Delight. Other notable mentions are agritech startup Ninjacart and SaaS startup MoEngage, which are expected to reach unicorn status in the near future.

The report also highlights the success of certain startups in achieving unicorn status. Online travel aggregator ixigo, which was previously classified as a cheetah, has now gone public with a 48% premium. This is a significant jump from its predicted status as a unicorn within five years and has now leapfrogged to an IPO. This success story, along with others like Zepto, Porter, and Incred Finance achieving unicorn status, showcases the resilience and dynamic nature of India's startup landscape.

Anas Rahman Junaid, the MD and Chief Researcher of Hurun India, commented on the report, stating that 10 cheetahs have been promoted to gazelles, further highlighting the strength and potential of India's startup ecosystem. With the continuous growth and success of these startups, India's position as a leading hub for unicorns is only set to strengthen in the coming years.

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