The number of unicorns or startups valued at over $1 billion will remarkably rise over the next three to five years in Bharat. The ASK Private Wealth Hurun Bharat Future Unicorn Index 2024 established the country is expected to see 152 new unicorns emerging from 31 cities, adding to the current count of 67.
Despite the optimistic outlook, the year has also seen some startups drop off the future unicorn list. A total of 25 startups were removed, 12 were downgraded from “gazelle” to “cheetah” status, while 10 were upgraded from “cheetah” to “gazelle.”
ASK Private Wealth CEO & MD Rajesh Saluja highlighted the transformative changes underway in Bharat’s startup ecosystem. He accentuated the pivotal role these emerging companies play in shaping the nation’s future and their contributions to the country’s economic growth.
“A transformative shift is in progress in the dynamic landscape of Bharat’s startups,” said Saluja. “These emerging companies, fuelled by innovation and resilience, are not just promising to shape Bharat’s future but also making a significant contribution to our nation’s economic trajectory, thereby reinforcing their significance.”
Most of these future unicorns were founded around 2015. The majority are engaged in selling software and services, with only 18 per cent focusing on physical products. Additionally, 44 per cent of these companies cater to business clients, while 56 per cent are consumer-facing.
This estimated surge in unicorns highlights the vibrancy and growth potential of Bharat’s startup ecosystem. The surge in unicorns reflects Bharat’s entrepreneurial spirit and the supportive environment for innovation and business growth. Besides, it shows the global competitiveness of Bharat’s startups, which are making significant strides both domestically and internationally.
Multiple factors contribute to this expected surge in unicorns. Bharat’s large, young population, rising internet penetration, and growing middle class create a fertile ground for startups. Government initiatives like the Startup Bharat campaign and various funding schemes have also fostered a supportive environment for entrepreneurs.
Moreover, the growing interest from domestic and international investors has significantly fuelled the growth of Bharat’s startups. Venture capital firms and private equity investors see Bharat as a promising market, offering high potential for returns. This influx of capital has enabled startups to scale quickly and expand their operations.
The future unicorns span diverse sectors, including technology, healthcare, education, and e-commerce, reflecting the broad and dynamic nature of Bharat’s startup ecosystem. These companies are leveraging advanced technologies like artificial intelligence, machine learning, blockchain, and the Internet of Things (IoT) to develop innovative solutions that address real-world problems.
