ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023

by Prashant Kapadia/NHN

According to data from the Union Ministry of Commerce & Industry, India has solidified its position as a significant global hub for the start-up ecosystem, securing an outstanding third place ranking with an astonishing count of 99,380 start-ups.

The objective of ASK Private Wealth Hurun India Future Unicorn Index 2023 is to highlight India’s fast-growing start-up ecosystem to investors, governments, family offices, aspiring entrepreneurs, and the international community. Hurun Research Institute has classified start-ups as Unicorns (start-ups founded after the year 2000 with a valuation of US$1bn), Gazelles (start-ups that are most likely to go Unicorn in the next three years), and Cheetahs (start-ups that could go Unicorn in the next five years). The evaluation is based on regulatory filings, feedback from other entrepreneurs, and some of the active India-focused VC funds and angel investors.

IN SEARCH OF INDIA’S GAZELLES AND CHEETAHS

INDIA IS CURRENTLY HOME TO 83 UNICORNS, 51 GAZELLES, AND 96 CHEETAHS, AS AGAINST 84 UNICORNS, 51 GAZELLES, AND 71 CHEETAHS IN THE 2022 INDEX.

MORE THAN 80% OF THE STARTUPS THAT ACHIEVED UNICORN STATUS IN INDIA LAST YEAR HAILED FROM ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX.

24 FROM THE LIST TURNED UNICORNS LAST YEAR AND 3 TURNED THIS YEAR, INDICATING A SLOWDOWN IN INDIA’S STARTUP ECOSYSTEM.

8 GAZELLES DEMOTED TO CHEETAHS AND ANOTHER 19 DROPPED OUT OF THE INDEX.

INDIA’S FUTURE UNICORNS ARE CURRENTLY WORTH US$57BN, WITH AN INCREASE OF 16% AS COMPARED TO LAST YEAR – MAINLY DRIVEN BY ADDITION OF NEW FUTURE UNICORNS TO THE LIST.

PEAK XV PARTNERS TAKES THE LEAD AS THE TOP INVESTOR WITH 37 INVESTMENTS, WHILE ANAND CHANDRASEKARAN, PARTNER OF GENERAL CATALYST, HOLDS THE LEAD AS THE ANGEL INVESTOR WITH 16 INVESTMENTS IN THE INDEX.

BENGALURU CONTINUES TO BE THE START-UP CAPITAL OF INDIA. THE CITY IS HOME TO 53 PROBABLE UNICORNS AND IS FOLLOWED BY DELHI NCR (29) AND MUMBAI (19).

WITH 24 FOUNDERS, THE HIGHEST NUMBER OF FUTURE UNICORN FOUNDERS ARE IIT KHARAGPUR GRADUATES, FOLLOWED BY THOSE FROM IIT DELHI WITH 23 FOUNDERS.

IIM AHMEDABAD BOASTS THE HIGHEST NUMBER OF POST-GRADUATE FUTURE UNICORN FOUNDERS AT 14, ACCORDING TO THE 2023 ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX, WITH IIT KHARAGPUR TRAILING BEHIND WITH 11 FOUNDERS.

DOUBLE PROMOTION: CONSUMER ELECTRONICS START-UP BOAT FROM THE LAST YEAR’S INDEX, “SKIPPED” THE GAZELLE STAGE AND DIRECTLY ENTERED THE UNICORN CLUB.

EV START-UP ATHER ENERGY, QUICK COMMERCE START-UP ZEPTO AND EDTECH START-UP LEAP SCHOLAR ARE THE MOST VALUABLE GAZELLES.

ONLINE FURNITURE PLATFORM PEPPERFRY IS THE MOST VALUABLE CHEETAH.

30 INDIAN FUTURE UNICORNS HAVE OVERSEAS HEADQUARTERS, 27 IN THE USA, TWO IN SINGAPORE, AND ONE IN THE UK.

E-COMMERCE, FINTECH AND SAAS COMPRISE 42 PERCENT OF THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023.

FINANCIAL SERVICES, HEALTHCARE, BUSINESS MANAGEMENT SOLUTIONS, LOGISTICS AND RETAIL ARE THE SECTORS DISRUPTED MOST BY THE FUTURE UNICORNS.

EIGHT GAZELLES AND THREE CHEETAHS FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023 MADE PROFITS IN FY 2022.

COMPANIES FEATURED IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023 EMPLOY MORE THAN 1,02,650 PEOPLE.

20-YEAR-OLD KAIVALYA VOHRA, THE CO-FOUNDER OF QUICK COMMERCE START-UP ZEPTO, IS THE YOUNGEST CO-FOUNDER IN THE ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2023.