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India’s startup ecosystem is thriving in 2024, with six companies reaching the coveted unicorn status—here’s a look at the rising stars in the Indian business landscape.
The year 2024 has been a remarkable one for India’s startup scene. Six companies have achieved the highly sought-after unicorn status—meaning they’re now valued at $1 billion or more. This impressive feat marks a huge jump from 2023, when only two startups made it to the unicorn club. With these new additions, India’s growing startup ecosystem continues to demonstrate its power on the global stage.
Let’s take a closer look at the six unicorns that have emerged in 2024 and the impressive milestones they’ve achieved:
Before diving into 2024, let’s take a quick glance at the unicorns of 2023, which paved the way for the current wave of success.
In August 2023, Zepto, a quick-commerce platform, raised a massive $200 million in funding, propelling its valuation to $1.4 billion. This made Zepto the first unicorn of 2023, setting a high bar for the rest of the year.
Later in November 2023, InCred Finance, a fintech company, entered the unicorn club after raising Rs 500 crore in a Series D funding round. With this, India ended 2023 with two unicorns— a strong showing, but 2024 has been even more impressive.
In 2024, India saw six startups reach unicorn status, across a variety of sectors—from fintech to electric vehicles and artificial intelligence. Here’s a breakdown of the companies that made it to the $1 billion club:
Krutrim AI, an artificial intelligence startup, became the first unicorn of 2024. Founded by Bhavish Aggarwal, the CEO of Ola Electric, Krutrim AI achieved a $1 billion valuation in January after raising $50 million in funding. With a focus on AI-driven solutions, Krutrim AI is already making waves in the rapidly growing AI sector.
In February 2024, RateGain, a travel tech company based in Delhi NCR, became the only listed company to enter the unicorn club this year. As a leader in digital transformation for the travel industry, RateGain has now reached a valuation of $1 billion. This was a significant moment as RateGain’s IPO success demonstrated the growing potential of India’s technology-driven sectors.
In March 2024, Perfios, a fintech SaaS company based in Bengaluru, became a unicorn after raising $80 million from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan. With a focus on automating financial data processing, Perfios has positioned itself as a key player in India’s thriving fintech space. This milestone further strengthens India’s position as a leader in financial technology.
Ather Energy, an electric vehicle (EV) manufacturer, became the latest unicorn in August 2024. Competing with Ola Electric, Ather Energy raised Rs 596 crore (around $71 million) in a funding round led by the National Investment and Infrastructure Fund (NIIF), which helped push its valuation past the $1 billion mark. Ather’s success highlights the rapid growth of the EV market in India and the world’s increasing demand for sustainable transportation.
In September 2024, Rapido, a bike taxi aggregator, joined the unicorn club after raising $120 million (over Rs 1,000 crore) from WestBridge Capital and other investors. Competing with Ola and Uber, Rapido now has a valuation of $1 billion. This is a big win for micro-mobility solutions in India, especially as urban transportation continues to evolve.
Also in September, Moneyview, a lending firm, achieved unicorn status after raising funding that valued it at $1.2 billion. Known for offering personal loans and financial products to underserved segments, Moneyview’s success cements its place as one of India’s top fintech innovators.
India’s startup ecosystem has been on fire in 2024, with a record number of companies hitting unicorn status. Here are a few reasons why this year has been particularly significant:
The six unicorns of 2024 span a range of industries, including artificial intelligence, fintech, electric vehicles, travel technology, and micro-mobility. This diversification shows that India’s startup ecosystem is maturing and evolving, with innovative solutions popping up across various verticals.
The impressive funding rounds for these startups reflect growing investor confidence in India’s digital economy. The involvement of prominent investors, such as Qualcomm Ventures, Ontario Teachers’ Pension Plan, and WestBridge Capital, is a testament to the high potential these startups hold.
India’s government has been actively supporting startups through various initiatives like Startup India, which has created a conducive environment for growth and innovation. The partnership between the Department for Promotion of Industry and Internal Trade (DPIIT) and organizations like Flipkart also demonstrates how the government is driving the startup ecosystem forward.
With companies like Ather Energy making their mark, there’s also an increasing focus on sustainability. Electric vehicles, renewable energy, and other green solutions are taking center stage in India’s entrepreneurial landscape, reflecting the world’s demand for eco-friendly alternatives.
The unicorns of 2024 represent only the tip of the iceberg. With a growing pool of talented entrepreneurs, robust venture capital funding, and government initiatives, India’s startup ecosystem shows no signs of slowing down.
In the coming years, we can expect even more companies to achieve unicorn status, particularly in emerging sectors like AI, sustainability, and fintech. As the global demand for innovative solutions continues to rise, India’s startups are well-positioned to lead the charge and make a mark on the world stage.
The rise of six unicorns in 2024 underscores the dynamic growth of India’s startup ecosystem. These companies are not only revolutionizing their respective industries but also showcasing India’s increasing prominence as a global innovation hub. As more startups continue to hit the unicorn milestone, the future looks bright for India’s entrepreneurs and investors alike.
