The private startup is said to have achieved a unicorn status after reaching a valuation of 1 billion USD. India reported to have around 100 unicorns in May 2022 and made over 1,583 deals in 2021, securing 42 billion USD. Inc42 reported.
InMobi was the first Indian startup to turn unicorn, with over 1 billion USD valuation. The Indian startup ecosystem is gaining increased investor interest and tech entrepreneurship, which plays a huge role in the Startup India initiative. Krutim became the first AI unicorn in the country and attracted major interest from investors in this sector.
The Indian startups achieved a remarkable achievement in 2022 with around 22 Indian startups entering the unicorn club. According to the reports, India is expected to have over 280 unicorns by 2030 if they prevent the migration of these startups while improving business ease. Inc42 mentioned in a report that India has 117 unicorns that have raised over 100 billion USD in the past few years.
These unicorns are combined valued at over 353 billion USD. The government is launching several schemes to help startups scale up their operations by providing financial support and mentorship. Here are some of the Indian unicorns.
Ather
AtherI is a two-wheeler electric Vehicle manufacturing company. The recent funding round of $71 million helped the company reach a valuation of $1.3 billion, making Ather Energy join the 106 other unicorns in India. The company designs fast and intelligent EVs across the country.
The unicorn has secured over 431 million USD across 18 funding rounds since its inception in 2013, including $71.5 million raised during its series E funding round. The company has investors, including Hero Motocorp, NIIF, and Innoven Capital. The EV startup faces competition from other companies in the same segment, such as Ola Electricity Mobility and Simple Energy.
KRUTRIM
The founder of Ola Electric and Ola cabs, Bhavish Aggarwal founded Krutrim to develop AI models that can understand over 20 Indian languages. The startup claims to generate text in over 10 Indian languages including Bengali, Tamil, and Gujarati. The startup secured over $50 million from Matrix Partners India and other investors in its funding round and turned unicorn.
The company has raised over 74 million USD across multiple funding rounds. The company has investors including Matrix Partners India and competes with other startups in this sector like Sarvam AI and Mistral AI.
RateGain
RateGain is an online travel and hospitality booking platform with SaaS solutions globally. The platform offers hospitality and travel services in sectors including airlines, OTA, hotels, and meta-search engines. The startup has secured around 64.9 million USD across all its funding rounds, this includes $14.9 million raised during its funding round in 2020. The company has investors, including Plutus Wealth Management, TS, Avataar Ventures, and more. RateGain faces competition from companies including Mews, CloudBeds, and Amadeus.
InCred
InCred is a digital lending platform that operates in various sectors through its three entities: Lending vertical InCred Finance, Wealth and asset management InCred Capital, and InCred Money for retail bonds and investments. The company provides a platform offering Personal loans, education, or SME loans. The company allows users to repay loans through bank transfer, credit or debit cards. The startup secured $60.1 million in its series D funding round from Incred Wealth with the participation of Ranjan Pai and others. InCred competes with Credit Saison and other lending companies.
Rapido
Travel tech startup Rapido provides a ride-hailing platform. The startup allows users to book rides by offering details, locations, and payment. The application has two-wheeler, three-wheeler, and four-wheeler transportation services. The platform mainly operates bike taxi and auto services, but it launched cab transportation last year. The startup has secured over $449 million across multiple rounds to date, including the latest funding round of $120 million from WestBridge Capital. The company receives investments from Nexus Venture Partners, WestBridge Capital, and Thompson Taraz.
Perfios
Perfios is a SaaS-based fintech company that provides real-time credit decisions. The company operates in around 18 countries with 1,000 financial institutions. The startup aims to help businesses grow and enable them to automate the loan decision process. The platform offers financial data analysis tools and software. The company turned unicorn after securing 80 million USD in a funding round led by TVG. The Bengaluru startup secured over 452 million USD across 14 funding rounds since its inception. It faces competition from other companies like Socure and Jumio.
1mg
Healthcare and medicine service provider 1mg is one of the few unicorns in the Indian healthtech sector. The startup provides medicine-related information and medicine deliveries. The startup operates in three business verticals including labs, doctors, and Pharmaceuticals. The company also offers medical devices, diagnostic kits, wellness supplements, and personal care item deliveries. The startup raised 231 million USD across multiple funding rounds since its inception. The healthcare company faces competition from other online pharmacy and medical consultation platforms such as HBM Healthcare Investments, IFC, and others.
PhsyicsWallah
PhysicsWallah is an online learning platform that offers learning services to students including live coaching classes and study materials. The edtech company provides coaching materials for competitive exam preparation like IIT and NEET. The platform offers multiple courses and claims to have over 20 centers across 18 cities. The startup became the 101st Indian unicorn after securing 100 million USD from GSV Ventures and WestBridge in its series A funding round. The startup has only held one funding round since its inception. The company faces competition from other Edtech companies such as Vedantu, GoStudent, and BYJUS.
Games 24×7
This gaming startup provides an online gaming platform to offer players with skill games. The startup uses advanced technologies to provide a seamless gaming experience. The company has raised over 107 million USD in funding across multiple rounds. The startup recently secured $75 million from its existing investors in its series C funding round. The company receives investment from Malabar Investments and Tiger Global Management. This gaming startup competes with other gaming companies such as FanDuel, Dream11, PlaySimple, and more.
LivSpace
LivSpace is an Online interior service platform that uses advanced artificial intelligence to provide in-home interior design solutions. The company offers home improvement services like False ceiling, painting, flooring, plumbing, and more. The platform lets users fill out the form and book professionals to renovate and design the house. The application provides online consultation services to users. The company secured 522 million USD across multiple funding rounds, including $184 million raised from Jungle Ventures, KKR, and others during the series F funding round. The startup competes with other interior design solution providers such as Design Café, and HomeLane.
Conclusion
Recent reports showed that India’s unicorn club has been increasing rapidly. The country now has over 117 unicorns that have raised over 100 billion USD in the past few years. The Indian government has been launching several schemes in the past few years including different initiatives and backing schemes to promote the Indian startup ecosystem. The country has 112 soonicorns. India’s unicorn Club is predicted to grow at a huge CAGR in the next six years and have 280 unicorns.
These startups are from various sectors like electric vehicles, AI, fintech, and edtech. The number of unicorns highlights the country’s increasing innovation and investor interest. Indian startups are seeing improved business conditions due to continued support from government initiatives. India’s unicorn count is expected to increase, potentially reaching 280 by 2030. This growth in unicorns reflects the role of startups in driving the economy and technological advancements in India.
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