Unicorn Report 2023 - v7

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DECODING

INDIA’S
UNICORN
CLUB
REPORT
2023
© INC42 MEDIA | NOT FOR DISTRIBUTION / 2

03 INDIA’S DIGITAL
ECONOMY: SNAPSHOT 19 TIME TAKEN BY
INDIAN STARTUPS TO
ENTER $1 BN CLUB
57 GENDER DIVERSITY
AT INDIAN UNICORNS

04 INDIA’S STARTUP
ECONOMY:
KEY HIGHLIGHTS
20 SECTORS & HUBS
MINTING MOST
UNICORNS
62 INDIA’S UNICORN
CLUB: THE PROFILES

07 DECODING INDIA’S
UNICORN LANDSCAPE 34 M&AS BY
INDIAN UNICORNS 58 INSIDE EDUCATION
BACKGROUNDS OF
UNICORN FOUNDERS
TABLE OF

12 INDIA IN THE
GLOBAL UNICORN 36 TOP INVESTORS IN
THE INDIA'S BILLION
DOLLAR CLUB
MAP

14 INDIA'S FASTEST
UNICORNS 39 INSIDE INDIA’S UNICORN
CLUB: THE STATE OF
FINANCIAL HEALTH
© INC42 MEDIA | NOT FOR DISTRIBUTION / 3

India’s Digital Economy In A Nutshell

1,500

1.3 Bn+ 61% 44%

1,343
1,310
Internet Users Internet Penetration Increase In Internet

1,273
1,132
By 2030 In India Users From 2022 To

1,186
2030

1,134
1,000

1,075
Internet Users (Mn)

1,008
932

$0.17 4.7 Hours 600 Mn+


846
749

Per GB Internet Average Hours Spent Number Of


Cost On Mobile Per Day Smartphone
Per User Users
500

$3.6 Tn+ 350 Mn+ 373 Mn+


Total Value Of Number Of Users Estimated Rural
UPI Transactions Transacting Internet Users In
0 Till June 2023 Online 2022
2020 2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F

Source: TRAI, NPCI, Bain & Company, Data.ai


© INC42 MEDIA | NOT FOR DISTRIBUTION / 4

INDIA’S STARTUP ECONOMY

9,500+
5,300+ 110 INVESTORS
68,000+ UNICORNS
FUNDED
STARTUPS STARTUPS
$500 BN+ 104 300+
$140 BN+ COMBINED SOONICORNS INCUBATORS &
FUNDING VALUATION ACCELERATORS

Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 5

1.8L Tech Startups In India By 2030


The total number of tech startups in India will grow 2.6x from 68K (2023) to 1.8L (2030)

1.8L
2.0
Cumulative Number Of Startups Launched (In Lakhs)

+2.6X
1.5

1.2L
68K
1.0

0.5

0.0
2023 2025 2030
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 6

$140 Bn+ Raised By Indian Startups


Funding in Indian startups grew at a 45% CAGR from 2014 to H1 2023

150 10000

7500
Funding Amount ($ Bn)

100

Deal Count
5000

50
2500

0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 2023

Total Funding Deal Count


Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 7

INDIA’S UNICORN CLUB: TODAY, TOMORROW…


UNICORNS SOONICORNS

TOTAL UNICORNS 110 104

TOTAL CAPITAL RAISED $99 BN+ $17.5 BN+

COMBINED VALUATION $347 BN+ $34 BN+

TOP SECTOR ECOMMERCE FINTECH

TOP HUB BENGALURU BENGALURU

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 8

India Expected To Produce 280 Unicorns By 2030


The total number of unicorns is expected to increase 2.4 times by 2030 from 2023

300
Cumulative Unicorn Count

200

100

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Inc42
Note: The number of unicorns refer to startups who have ever touched $1 Bn valuation.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 9

India’s Unicorn Landscape


ECOMMERCE

FINTECH

ENTERPRISETECH

CONSUMER SERVICES MEDIA & ENTERTAINMENT EDTECH

LOGISTICS HEALTHTECH OTHERS

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 10

India's Journey To 110 Unicorns: A Timeline


2021 emerged as the year of unicorns, with 45 startups touching $1 Bn valuation mark

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 11

More Unicorns Created In 2021 & 2022 Than In The Past Decade
The Indian startup ecosystem minted 61% of Indian unicorns post-2020

61% Rise In Number Of Unicorns

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above, Zoho not included
© INC42 MEDIA | NOT FOR DISTRIBUTION / 12

India Is Home To The Third Highest Number Of Unicorns In The World


52.4% of the global unicorns belongs to the US

Others
17.0%
212

France
2.0%
Germany
2.3%
United Kingdom
1,244
48
3.9% Global United States
653
Unicorns 52.4%
India 110
8.8%

169
China
13.6%

Source: Inc42, CB Insights


Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 13

Indian Startups' Journey To The Unicorn Club


LESS THAN 3 TO 5 5 TO 10 10+
3 YEARS YEARS YEARS YEARS

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 14

India’s Fastest Unicorns


Mensa Brands is the fastest Indian startup to touch a $1 Bn valuation

Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 15

DECODING
INDIA'S
UNICORN
CLUB
© INC42 MEDIA | NOT FOR DISTRIBUTION / 16

India’s Most Valued Unicorns

$6.57 Bn

$22 Bn $12 Bn

$37.3 Bn $7.5 Bn

$7.5 Bn
$10.7 Bn
$7.85 Bn
$8 Bn
$9.5 Bn

Note: These are last publicly recorded valuation. In case of Info Edge, market cap is as of 27 May 2023
© INC42 MEDIA | NOT FOR DISTRIBUTION / 17

Stages At Which Indian Startups Touched $1 Bn Valuation

GROWTH STAGE

LATE STAGE

BOOTSTRAPPED PUBLIC LISTED COMPANY

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 18

Startups Founded Post-2015 Achieved Unicorn Status In 3.5 Years On Average

20
Median Time Taken To Become Unicorn (in years)

-81% Startups
founded
15 after 2016 are
becoming
unicorns
faster than
their peers
10 who were
incorporated
pre-2006

0
Upto 2005 2006 to 2010 2011 to 2015 2016 to 2022
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 19

Median Time Taken For A Startup To Become A Unicorn In India Is 5.7 Years

Less than 3 years: 9%


9%

Between 3 to 5 years: 15%


15%

5+ years: 76%
76%

Source: Inc42
Note: Info Edge, MakeMyTrip and Zoho are not included in this analysis
© INC42 MEDIA | NOT FOR DISTRIBUTION / 20

Ecommerce Has The Highest Number Of Unicorns


India ranks third in number of unicorns in the world

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 21

Hubs Minting Most Unicorns — Indian Headquarters Of Unicorns


Bengaluru is home to the highest number of unicorns in India

BENGALURU

DELHI NCR

MUMBAI

PUNE

CHENNAI HYDERABAD

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 22

Decoding India’s Unicorn Club


Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Healthtech 2015 $212 Mn $1.25 Bn Loss

Deeptech 2021 $121 Mn $1.5 Bn NA

Fintech 2016 $458 Mn $1.1 Bn Loss

Enterprisetech 2008 $349.7 Mn $1.4 Bn NA

Enterprisetech 2019 $193.5 Mn $1.1 Bn Loss

Fintech 2018 $680.5 Mn $2.85 Bn Loss

Consumer Services 2011 $1.5 Bn $3.2 Bn Loss

Fintech 2000 $241.4 Mn $2 Bn Profit

Logistics 2015 $364 Mn $1 Bn Loss

Consumer Services 2013 $1 Bn $1 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 23

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Ecommerce 2016 $177 Mn $1.4 Bn Profit

Enterprisetech 2011 $250 Mn $4 Bn Profit

Edtech 2011 $5.76 Bn $22 Bn NA

Ecommerce 2008 $497.5 Mn $1.2 Bn Loss

Ecommerce 2015 $1.3 Bn $3.3 Bn Loss

Fintech 2011 $468.2 Mn $3.5 Bn Profit

Fintech 2018 $247 Mn $2 Bn Loss

Fintech 2017 $300.6 Mn $1.9 Bn NA

Fintech 2018 $801.5 Mn $6.4 Bn Loss

Healthtech 2016 $685.6 Mn $1.5 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 24

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Media & Entertainment 2007 1.7 $5 Bn Loss

Enterprisetech 2015 115.9 $1 Bn Loss

Ecommerce 2018 5762.628405 $1.7 Bn Loss

Logistics 2011 $1.5 Mn $3.18 Bn Loss

Fintech 2016 $585.6 Mn $4 Bn NA

Media & Entertainment 2008 $1.6 Bn $8 Bn Profit

Ecommerce 2014 $333 Mn $1.2 Bn Loss

Enterprisetech 2008 $475 Mn $2 Bn NA

Travel Tech 2008 165 $1 Bn Profit

Logistics 2016 $434.8 Mn $1.4 Bn NA

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 25

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Edtech 2010 $1.2 Bn $3.2 Bn NA

Ecommerce 2010 $741.4 Mn $3 Bn Loss

Ecommerce 2007 $12.9 Bn $37.3 Bn Loss

Enterprisetech 2000 $685 Mn $1 Bn Loss

Enterprisetech 2010 $484 Mn $4.32 Bn NA

Media & Entertainment 2006 $75 Mn $2.5 Bn Loss

Media & Entertainment 2019 $390 Mn $1.5 Bn NA

Ecommerce 2021 $290.7 Mn $1.1 Bn Loss

Ecommerce 2015 $270 Mn $1.2 Bn Loss

Fintech 2016 $393.3 Mn $3 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 26

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Enterprisetech 2004 $484.13 Mn $1.4 Bn Profit

Enterprisetech 2017 $136.5 Mn $1 Bn NA

Media & Entertainment 2011 $261 Mn NA Loss

Enterprisetech 2009 $441 Mn $2.8 Bn NA

Ecommerce 1996 $40.8 Mn $2.12 Bn Profit

Consumer Services 1995 $51 Mn $6.57 Bn Loss

Ecommerce 2016 $406.5 Mn $2.36 Bn Profit

Enterprisetech 2007 $320.6 Mn $1 Bn Profit

Healthtech 2014 $379.1 Mn $3.2 Bn NA

Edtech 2012 $185.56 Mn $1.1 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 27

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Enterprisetech 2011 $188 Mn $1 Bn Loss

Ecommerce 2011 $1.5 Bn $4.5 Bn Loss

Ecommerce 2015 $490 Mn $1.2 Bn Loss

Ecommerce 2014 $431.6 Mn $1 Bn Loss

Travel Tech 2000 $748 Mn $2.77 Bn NA

Ecommerce 2016 $111.6 Mn $1.07 Bn Profit

Enterprisetech 1995 $22.8 Mn $0.728 Bn Profit

Ecommerce 2015 $1.1 Bn $4.9 Bn Loss

Ecommerce 2021 $254.2 Mn $1.2 Bn Loss

Enterprisetech 2011 $281.3 Mn $1.2 Bn Profit

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 28

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Fintech 2009 $183.7 Mn $0.9 Bn Loss

Media & Entertainment 2018 $375.5 Mn $2.3 Bn Loss

Enterprisetech 2004 $211.4 Mn $1.5 Bn Profit

Real Estate Tech 2014 $430 Mn $1 Bn NA

Ecommerce 2012 $215.4 Mn $4.44 Bn Profit

Ecommerce 2015 $878.1 Mn $5 Bn Profit

Travel Tech 2010 $5 Bn $7.5 Bn NA

Cleantech 2017 $861.2 Mn $6 Bn NA

Fintech 2019 $224.5 Mn $1.4 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 29

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Fintech 2017 $190.8 Mn $1 Bn Loss

Fintech 2016 $200 Mn $1 Bn Profit

Travel Tech 2012 $4 Bn $9.5 Bn Loss

Fintech 2010 $4.5 Bn $5.52 Bn Loss

Ecommerce 2016 $805 Mn NA Loss

Fintech 2015 $2.6 Bn $12 Bn Loss

Edtech 2014 $100 Mn $1.1 Bn Profit

Fintech 1998 $1.4 Bn $5 Bn NA

Fintech 2008 $800.1 Mn $3.37 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 30

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Enterprisetech 2014 $433 Mn $5.6 Bn NA

Healthtech 2018 $177 Mn $1.4 Bn NA

Ecommerce 2012 $296 Mn $1.1 Bn Loss

Consumer Services 2008 $424 Mn NA NA

Fintech 2014 $816 Mn $7.5 Bn Profit

Consumer Services 2011 $534.5 Mn $1.4 Bn Loss

Cleantech 2011 $4.5 Bn $1.55 Bn NA

Logistics 2014 $267 Mn $1.05 Bn Loss

Media & Entertainment 2015 $1.7 Bn $5 Bn Loss

Logistics 2016 $386.8 Mn $1.3 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 31

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Ecommerce 2011 $257 Mn $1.1 Bn Loss

Fintech 2016 $320 Mn $1.5 Bn Loss

Ecommerce 2010 $1.8 Bn $1 Bn Loss

Ecommerce 2015 $513.5 Mn $1.75 Bn Loss

Consumer Services 2014 $3.58 Bn $10.7 Bn Loss

Ecommerce 2016 $1.6 Bn $3 Bn Loss

Edtech 2015 $848.5 Mn $3.4 Bn Loss

Enterprisetech 2008 $620.9 Mn $2.5 Bn NA

Edtech 2015 $668.2 Mn $2.25 Bn Loss

Fintech 2009 $220 Mn $3.4 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 32

Sector Founded In Total Funding Valuation ($ Bn) Loss/Profit (FY22)

Consumer Services 2014 $445.9 Mn $2.8 Bn Loss

Edtech 2011 $292.9 Mn $1 Bn Loss

Logistics 2012 $642 Mn $1.2 Bn Loss

Fintech 2017 $226.7 Mn $1.3 Bn Loss

Enterprisetech 2010 $331 Mn $1.5 Bn NA

Fintech 2010 0 $2 Bn Profit

Fintech 2015 $340 Mn $1.45 Bn NA

Enterprisetech 2018 $662 Mn $2.7 Bn Loss

Enterprisetech 1996 0 $1 Bn Profit

Consumer Services 2008 $2.6 Bn $7.18 Bn Loss

Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 33

Indian Unicorns With International Headquarters


Sector Headquarters Sector Headquarters 18%
of Indian
unicorns have
Fintech Dubai Enterprisetech Singapore
headquarters
in a foreign
Enterprisetech Dublin, Ireland Healthtech California, USA country

Fintech California, USA Enterprisetech California, USA 83%


of Indian
Enterprisetech California, USA Ecommerce Singapore unicorns
which are
headquartered
Enterprisetech New York, USA Enterprisetech Illinois, USA outside India
are from the
enterprise tech
Enterprisetech California, USA Enterprisetech California, USA sector

Media & Entertainment Singapore Enterprisetech California, USA


The USA
Enterprisetech California, USA Enterprisetech Washington, USA is the most
preferred
international
Enterprisetech California, USA Fintech California, USA destination for
headquarters
among Indian
Enterprisetech Washington, USA Enterprisetech Austin, Texas unicorns

Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 34

M&A Frenzy: Indian Unicorns Have Acquired Over 400+ Companies


Unicorns in sectors such as ecommerce and edtech have acquired the most number of startups

Source: Inc42, multiple secondary sources


© INC42 MEDIA | NOT FOR DISTRIBUTION / 35

Unicorns With Highest M&As

cure.fit

Mensa Brands

Flipkart

BYJU’S

Zomato

GlobalBees

Source: Inc42, multiple secondary sources


© INC42 MEDIA | NOT FOR DISTRIBUTION / 36

India’s Unicorn Club: Most Active Investors


Total Number Of
Investor Origin Unicorns Backed Notable Unicorns Invested In

USA 39

USA 37

Japan 22

India 19

India 16

USA 16

Source:Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 37

Employment Created By Indian Unicorns To Date

Company
Urban Com
ric
Ola Ele
h
Phy

s
126K+ 84%

alla

Xpre

Phar
Info Edge 3987
p

3987 Info Edge

3761 harmeasy
sbee
Mak

la Elect

Vedantu 4285
4285 Vedantu
yTri

ce
Livsp

4390 Fractal
Fractal 4390
sics
W

4613 Urban

Nykaa 39
aa
ivspa
r

ssbe
aa

eMy

m
Po

621 MakeM

pany 4613

Up
s

364 Upgrad

S
ics

ctric 50

Firs al 355
34 4 Bla pdeal
1mg 3
t

3960 Nyk
e

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Bla
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kar
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Len
Wa rt 628

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32 28 N ine L ck
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a
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5058 O
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355 Firstc

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ecommerce unicorns, generated by Bengaluru

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the highest among & Delhi NCR unicorns


9
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Byju's 35,094 35,094 Byju's 1843 InMo
43
Postman 1832
Flip… 47,859 47,859 Flip… 1832 Postman
Pristyn Care 1684
0 OneCard 1684 Pristyn Care
OneCard 0 1641 Zeta
Zeta 1641

Jobs Created By
142 5ire
5ire 142
165 Eru 1612 Cred
Cred 1612
165
Eruditus
ditus
1606 D
ance 1
606
igit Insu
188 G
188
u r
lbees
s
rance
Indian Unicorns
lobalb I n
b a 190 H ees Digit 1589 1589
G l o 0 Lead Lead
ra 19 1574
asura 74
Hasu k 15
193
193 154 Zetwerk
O e r
o
356 xyzo Zet w 3
y z 3 154
Ox 356 154 Liciou
To Date
u s
368 Droom o 1

Bengaluru
o m Lici d 154 s
Dro p 368
37 Good 153 1 Leauar
e 8
dSq

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153 5
rou 378 14 8 De
8 q
38 Hik G
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based unicorns
46 0 P ens
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nt Inn eam et 1 87
53 2 M ayt a Br
B a 4 12 87 Infra m11 r Dr rk 12 33
sa m M rth 534 33 Gr .M

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C ama Ma nds n t a.M row ix 1

59 0 O oinD lues
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Ch rwin nce 122


12 92
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et

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11 69 D har ersta
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Source: Inc42, LinkedIn

b
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Note: Total number of employees as on 11 April 2023
© INC42 MEDIA | NOT FOR DISTRIBUTION / 38

Employment Created By Unicorns

5,568
7,632 14,146

5,258
9,435 19,657
11,233
13,795
21,027
6,946
35,094
12,916
6,213
19,338
5,058 17,330 6,280

7,093
7,648 8,883
47,859 7,979
6,973
5,802
13,740

Source: Inc42, LinkedIn


© INC42 MEDIA | NOT FOR DISTRIBUTION / 39

INSIDE INDIA’S
UNICORN CLUB
THE STATE OF
FINANCIAL
HEALTH
© INC42 MEDIA | NOT FOR DISTRIBUTION / 40

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

78 39 103% 146 79 86% -66 -39 67%

8 2 277% 22 6 293% -14 -4 298%

57 15 284% 783 226 247% -701 -202 247%

887 758 17% 991 786 26% -102 -25 301%

305 266 15% 287 235 22% 19 31 -39%

104 108 -4% 144 142 2% -36 -30 18%

327 341 -4% 509 412 23% -180 -74 145%

359 164 119% 348 150 132% 9 11 -21%

52 33 59% 40 25 61% 9 6 57%

200 111 81% 271 160 70% -31 -43 -28%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 41

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

642 343 87% 782 371 111% -31 -24 30%

34 15 127% 31 13 133% 3 1 91%

74 6 1149% 79 5 1448% -5 5 -200%

49 11 344% 213 77 175% -160 -65 144%

27 20 34% 124 95 32% -86 -84 3%

121 83 45% 464 197 135% -320 -101 217%

15 6 133% 23 8 187% -8 -1 665%

242 30 716% 299 38 679% -54 -8 543%

860 456 89% 1008 527 91% -126 -52 143%

480 319 50% 470 276 70% 18 41 -57%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 42

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

48 16 207% 66 26 158% -17 -9 99%

29 17 70% 13 8 58% 13 8 74%

300 200 50% 321 206 56% -10 27 -136%

1310 980 34% 1878 1376 37% -550 -363 51%

162 109 48% 183 105 74% -19 4 -513%

146 193 -24% 187 176 6% -35 14 -357%

13 0 NIL 20 0 NIL -5 0 NIL

30 6 387% 65 11 469% -34 -5 525%

44 4 1089% 83 15 466% -30 21 -243%

142 92 53% 136 84 62% 5 7 -24%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 43

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

2 0 10738% 18 17 3% -15 -16 -7%

94 84 13% 58 46 27% 37 35 6%

199 141 41% 150 112 34% 1610 177 808%

780 155 403% 757 151 402% 23 4 500%

52 30 70% 49 34 44% 3 -3 -213%

17 7 133% 67 23 189% -50 -16 215%

24 12 95% 33 14 131% -8 -1 447%

188 113 66% 216 125 73% -13 4 -454%

85 52 64% 149 80 86% -107 -46 131%

59 35 68% 111 68 63% -51 -32 61%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 44

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

118 57 105% 118 225 -48% 2 -167 -101%

25 19 31% 16 14 10% 11 7 47%

404 99 308% 826 167 394% -406 -62 551%

23 NA NA 39 NA NA -12 NA NA

26 14 78% 23 13 80% 3 1 90%

66 36 82% 83 52 61% -16 -14 15%

75 55 37% 132 86 54% -56 -16 247%

81 67 22% 25.8 37 607% 53 28 90%

472 305 55% 469 298 57% 5 8 -33%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 45

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

892 218 308% 874 210 316% 25 7 261%

10 1 677% 35 6 466% -23 -4 451%

5 1 619% 28 10 175% -21 -8 155%

39 25 58% 27 18 52% 9 5 73%

598 495 21% 873 867 1% -243 -492 -51%

622 350 77% 950 598 59% 180 213 -15%

17 24 -28% 45 104 -56% -66 -63 5%

716 292 145% 1061 373 185% -341 -80 326%

206 86 139% 463 307 51% -252 -216 16%

29 NA NA 13 0 NA 12 NA NA

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 46

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

14 3 333% 84 19 347% -61 -14 344%

713 318 124% 1197 517 131% -454 -202 124%

76 57 34% 307 215 43% -220 -153 43%

90 50 81% 463 254 82% -356 -192 85%

85 41 108% 163 64 153% -78 -26 197%

55 31 77% 128 67 90% -64 -31 106%

21 12 80% 111 94 19% -87 -77 13%

238 126 89% 245 136 80% -3 -8 -57%

19 3 514% 25 4 496% -7 1 -931%

620 341 82% 271 158 72% 262 140 87%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 47

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

178 111 61% 298 137 117% -104 -19 454%

27 16 72% 54 24 126% -25 -7 290%

185 105 76% 185 105 76% 1 1 19%

107 51 111% 179 96 86% -71 -46 55%

75 79 -5% 109 125 -12% -22 -41 -47%

43 10 331% 426 195 119% -374 -183 105%

76 45 71% 91 44 108% -12 2 -847%

7 14 -48% 14 22 -36% -6 -7 -14%

35 8 318% 68 21 223% -32 -13 153%

67 59 14% 134 80 68% -64 -16 307%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 48

OPERATIONAL REVENUE TOTAL EXPENSES PROFIT AFTER TAX

FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change

620 104 494% 643 114 466% -7 -5 45%

839 654 28% 446 378 18% 344 240 43%

524 249 110% 776 326 138% -153 -102 50%

Source: Company Filing, Inc42


Note: This list is not a ranking of any kind. Unicorns have been placed in alphabetical order.
The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 49

Indian Unicorns: Top 25 Advertising Spenders


FY22 ($ Mn) FY21 ($Mn) YoY Change FY22 ($ Mn) FY21 ($Mn) YoY Change

337 160 110% 62 17 266%

322 5 5981% 60 21 183%

270 156 73% 53 26 107%

243 134 81% 51 22 130%

231 58 301% 50 19 166%

152 66 131% 49 22 120%

110 122 -10% 40 0 18182%

108 67 62% 40 22 82%

108 46 135% 37 14 173%

107 67 61% 36 23 57%

89 42 114% 35 24 47%

69 51 33% 34 21 64%

66 48 39%

Source: Company Filing, Inc42


Note: Unicorns with highest advertising spends in FY22 have been included in the list | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 50

Top 25 Unicorns With Highest Employee Benefit Expenses In FY22


FY22 ($ Mn) FY21 ($Mn) YoY Change FY22 ($ Mn) FY21 ($Mn) YoY Change

467 396 18% 93 71 32%

304 148 105% 92 30 212%

233 218 7% 91 24 282%

228 216 6% 72 54 32%

221 94 137% 69 27 154%

218 154 41% 64 19 241%

214 136 57% 63 23 176%

204 93 120% 62 35 80%

182 34 440% 61 51 20%

164 76 115% 57 40 45%

157 69 127% 55 28 96%

136 79 73% 48 20 137%

103 71 45%
Source: Company Filing, Inc42
Note: Unicorns with highest advertising spends in FY22 have been included in the list | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 51

Top Ten Revenue Generating Unicorns In FY22

$713 Mn
$780 Mn
$887 Mn

$1,310 Mn
$839 Mn $642 Mn

$892 Mn $860 Mn
$621 Mn $716 Mn

Source: Company Filing, Inc42


Note: Unicorns with highest operational revenue in FY22 have been included in the list | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 52

Top Ten Money Burning Unicorns In FY22

$1,008 Mn
$1,061 Mn
$783 Mn
$873 Mn

$950 Mn

$1,197 Mn
$1,878 Mn $991 Mn

$826 Mn

$874 Mn

Source: Company Filing, Inc42


Note: Unicorns with highest operational revenue in FY22 have been included in the list | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 53

India’s Profitable Unicorns


Out of 89 unicorns who have disclosed their financials, only 23 unicorns are profitable

$1610 Mn $19 Mn $5 Mn

$344 Mn $18 Mn $5 Mn

$262 Mn $13 Mn $3 Mn

$180 Mn $12 Mn $3 Mn

$53 Mn $11 Mn $3 Mn

$37 Mn $9 Mn $2 Mn

$25 Mn $9 Mn $1 Mn

$23 Mn $9 Mn
Source: Company Filing, Inc42
Note:The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included | The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 54

The P&L State: Most Loss Making Unicorns In FY22


Out of 89 unicorns who have disclosed their FY22 financials, 61 unicorns are loss making

-$454 Mn
-$550 Mn -$341 Mn
-$320 Mn

-$356 Mn

-$406 Mn
-$374 Mn
-$701 Mn
-$252 Mn

-$243 Mn

Source: Company Filing, Inc42


Note: The list includes the companies with highest losses in FY22 | The FY22 numbers of companies that have filed their financials until 26th July 2023 have been included.
The financials of companies based out of India have not been included in this analysis.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 55

Adjusted Revenue Growth Rate Of Indian Unicorns


2.15 0.30 0.17 0.06 -0.03 -0.11 -0.23 -0.62

1.67 0.28 0.17 0.06 -0.04 -0.11 -0.25 -0.62

1.59 0.25 0.17 0.03 -0.04 -0.13 -0.30 -0.65

1.52 0.25 0.16 0.01 -0.04 -0.13 -0.34 -0.86

1.02 0.22 0.11 0.00 -0.05 -0.13 -0.35 -0.93

0.83 0.22 0.10 0.00 -0.08 -0.14 -0.42 -2.99

0.82 0.20 0.08 -0.01 -0.09 -0.16 -0.45 -4.15

0.59 0.18 0.08 -0.01 -0.09 -0.17 -0.55 -5.79

0.38 0.18 0.06 -0.02 -0.09 -0.20 -0.55

0.31 0.06 -0.03 -0.09 -0.22 -0.58

Source: Company Filing, Inc42


Note: Adjusted Revenue equals YoY Revenue Growth in FY22 minus YoY Expense Growth in FY22.
© INC42 MEDIA | NOT FOR DISTRIBUTION / 56

INSIDE INDIA’S
UNICORN CLUB
FOUNDERS &
EDUCATION
BACKGROUNDS
© INC42 MEDIA | NOT FOR DISTRIBUTION / 57

Gender Disparity in Indian Unicorns: 84% Lack Women Founders


Only two unicorns have more than one woman cofounder

110
Indian
Unicorns

Source:Inc42, LinkedIn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 58

86% Of Unicorn Founders Studied Btech Dominates Undergrad Degree


Undergrad In India Among Unicorn Founders In India

Others
Others
14.0%
39 19.1%
53

BBA
4.3% 12
278 BA 278
2.2%
6 Unicorn
Unicorn
Founders Founders

207
Btech
239 74.5%
India
86.0%

Source:Inc42, LinkedIn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 59

Unicorn Unions: IITs Produced 42% Unicorn Founders' Hotspot: IIT Delhi
Of Unicorn Founders Leads In Alumni Minting Unicorns

IIT Guwahati
NA 2.6% 3
6.1% IIT Varanasi 6
17 5.1%
IIT Madras 8 IIT Delhi
6.8% 31.6%
IIT Roorkee
37
9.4% 11
IIT
117 42.1% 117
278
Unicorn IIT Founders
Founders IIT Kharagpur 13
11.1%
Non IIT 144
51.8%
20
19 IIT Bombay
IIT Kanpur 17.1%
16.2%

Source:Inc42, LinkedIn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 60

49% Of Founders Boast Masters Nearly 70% Unicorn Founders


Degrees Pursued Their Masters In India

NA Others
11.9% 8.8%
33 12

USA
21.3% 29
278 Yes
136 278
Unicorn 48.9% Unicorn
Founders
Founders

No 109
39.2%
95 India
69.9%

Source:Inc42, LinkedIn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 61

IIMs at the Helm: Most Unicorn Founders IIM Ahmedabad: The Breeding Ground
Completed Their Masters From IIMs for Unicorn Founders

IIM Indore
11.1%
4
IIMs
26.5%
36
IIM Bangalore
13.9% 5

Others 16
47.8%
65 136 36
IIT Founders IIT Founders

10 ISB IIM Lucknow 4


7.4% 11.1%

16 IITs IIM Ahmedabad


5
11.8% 7 44.4%
Havard Business 4 BITS IIM Calcutta
2.9% 3.7% 19.4%

Source:Inc42, LinkedIn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 62

INDIA’S
UNICORN
CLUB
110 &
COUNTING
© INC42 MEDIA | NOT FOR DISTRIBUTION / 63

1MG
A digital platform that connects patients with pharmacies and healthcare providers

Founded In 2015 Founders Prashant Tandon Gaurav Agarwal Vikas Chauhan

Current Status Acquired


Notable Investors

Sector Healthtech

Headquarters Delhi NCR


Total Revenue $80.6 Mn (+104% YoY)

Total Funding $212 Mn

Financial Health
Total Expenses $146 Mn (+86% YoY)

Profit Before Taxes -$65 Mn (+67% YOY)


Valuation $1.25 Bn
Employee Benefit Expenses $27.4 Mn (+188% YoY)
FY22

Years to Unicorn 7 years


Advertisement Expenses $22.5Mn (+129% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 64

5ire
5ire is a blockchain network that is committed to sustainability.

Founded In 2021 Founders Pratik Gauri Prateek Dwivedi

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Dubai

Key Acquisitions
Total Funding $121 Mn

Valuation $1.5 Bn

Years to Unicorn 1 years


© INC42 MEDIA | NOT FOR DISTRIBUTION / 65

Acko Insurance
Acko is an insurtech company which distributes micro-insurance products.

Founded In 2016 Founders Ruchi Deepak Varun Dua

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru

Total Funding $458 Mn

Valuation $1.1 Bn

Years to Unicorn 5 years


© INC42 MEDIA | NOT FOR DISTRIBUTION / 66

Amagi
Media-focused SaaS startup that offers cloud broadcast & targeted advertising solutions on OTT and TV platforms

Founded In 2008 Founders Baskar Subramanian Srinivasan KA Srividhya Srinivasan

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru

Key Acquisitions
Total Funding $349.7 Mn

Valuation $1.4 Bn

Years to Unicorn 14 years


© INC42 MEDIA | NOT FOR DISTRIBUTION / 67

Apna
Apna is an employment marketplace for India’s blue-collar workers.

Founded In 2019 Founders Nirmit Parikh

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru
Total Revenue $8.2 Mn (+283% YoY)

Total Funding $193.5 Mn

Financial Health
Total Expenses $22 Mn (+292% YoY)

Profit Before Taxes $14 Mn (+297% YOY)


Valuation $1.1 Bn
Employee Benefit Expenses $9.7 Mn (+199% YoY)
FY22

Years to Unicorn 2.4 years


Advertisement Expenses $10.8 Mn (+413% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 68

BharatPe
Bharatpe is a full-stack fintech solution provider that offers digital payments and lending solutions.

Founded In 2018 Founders Ashneer Grover Bhavik Koladiya Shashvat Nakrani

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Delhi NCR


Total Revenue $85 Mn (+267% YoY)

Total Funding $680.5 Mn

Financial Health
Total Expenses $783 Mn (+248% YoY)

Profit Before Taxes -$702 Mn (+246% YoY)


Valuation $2.9 Bn
Employee Benefit Expenses $23 Mn (+144% YoY)
FY22

Years to Unicorn 3.4 years


Advertisement Expenses $30.6 Mn (+446% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 69

BigBasket
BigBasket is an ecommerce platform that offers home delivery services for groceries and staples

Founded In 2011 Founders


Abhinay Hari Vipul VS VS
Choudhari Menon Parekh Ramesh Sudhakar

Current Status Acquired


Notable Investors

Sector Consumer Services

Headquarters Bengaluru
Total Revenue $889 Mn (+17% YoY)

Total Funding $1.5 Bn

Financial Health
Total Expenses $991 Mn (+26% YoY)

Profit Before Taxes -$100 Mn (+300% YoY)


Valuation $3.2 Bn
Employee Benefit Expenses $92 Mn (+212% YoY)
FY22

Years to Unicorn 8 years


Advertisement Expenses $23 Mn (+1480% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 70

BillDesk
Indian fintech company that offers payments gateways to merchants enabling them to accept digital payments

Founded In 2000 Founders Ajay Kaushal Karthik Ganapathy M.N. Srinivasu

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Mumbai
Total Revenue $314 Mn (+13% YoY)

Total Funding $241.4 Mn

Financial Health
Total Expenses $286 Mn (+22% YoY)

Profit Before Taxes $27 Mn (-35% YoY)


Valuation $2 Bn
Employee Benefit Expenses $22.7 Mn (+19% YoY)
FY22

Years to Unicorn 18 years


Advertisement Expenses $340 K (+66% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 71

BlackBuck
BlackBuck is an online truck aggregator platform that offers on-demand B2B logistics services.

Founded In 2015 Founders Chanakya Hridaya Rajesh Yabaji Ramasubramaniam B

Current Status Private Limited


Notable Investors

Sector Logistics

Headquarters Bengaluru
Total Revenue $108 Mn (-2.6% YoY)

Total Funding $364 Mn

Financial Health
Total Expenses 144 Mn (+1.6% YoY)

Profit Before Taxes $35 Mn (+18% YoY)


Valuation $1.0 Bn
Employee Benefit Expenses +$29 Mn (+94% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $2.6 Mn (+49 % YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 72

Blinkit (Grofers)
Blinkit is an online quick commerce platform that delivery groceries and other staples in ten minutes

Founded In 2013 Founders Albinder Dhindsa Saurabh Kumar

Current Status Acquired


Notable Investors

Sector Consumer Services

Headquarters Delhi NCR


Total Revenue $30.3 Mn (+19% YoY)

Total Funding $1 Bn

Financial Health
Total Expenses $157.7 Mn (+115% YoY)

Profit Before Taxes -$127 Mn (+167% YoY)


Valuation $1 Bn
Employee Benefit Expenses $34 Mn (+40% YoY)
FY22

Years to Unicorn 7
Advertisement Expenses $17.4 Mn (+47% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 73

boAt
Iindigenous earwear audio-tech brand that provides attractively designed, aspirational products at affordable price points.

Founded In 2016 Founders Aman Gupta Sameer Mehta

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $360.8 Mn (+118% YoY)

Total Funding $171 Mn

Financial Health
Total Expenses $348 Mn (+131% YoY)

Profit Before Taxes $12 Mn (-15.8% YoY)


Valuation $1.4 Bn
Employee Benefit Expenses $7 Mn (+276% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $12.3 Mn (+106% YoY)
© INC42 MEDIA | NOT FOR DISTRIBUTION / 74

BrowserStack
BrowserStack is an Indian SaaS startup that offers web and mobile app testing solutions.

Founded In 2011 Founders Nakul Aggarwal Ritesh Arora

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Mumbai
Total Revenue $52.7 Mn (+60% YoY)

Total Funding $250 Mn

Financial Health
Total Expenses $40 Mn (+61% YoY)

Profit Before Taxes $12.5 Mn (+57% YoY)


Valuation $4 Bn
Employee Benefit Expenses $33 Mn (+69% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses NA
© INC42 MEDIA | NOT FOR DISTRIBUTION / 75

BYJU’S
BYJU’S is India leading edtech enterprise that offers K12 and test preparation classes through online and offline medium

Founded In 2011 Founders Byju Raveendran Divya Gokulnath

Current Status Private Limited


Notable Investors

Sector Edtech

Headquarters Bengaluru

Notable Investment
Total Funding $5.77 Bn

Valuation $22 Bn

Years to Unicorn 7 years


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CarDekho
CarDekho is an ecommerce platform dedicated to automobile listing and trade

Founded In 2008 Founders Amit Jain Anurag Jain

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $205.7 Mn (+81% YoY)

Total Funding $497.5 Mn

Financial Health
Total Expenses $271 Mn (+70% YoY)

Profit Before Taxes -$29 Mn (-31% YoY)


Valuation $1.2 Bn
Employee Benefit Expenses -$71.6 Mn (+32% YoY)
FY22

Years to Unicorn 13 years


Advertisement Expenses $51 Mn (+129% YoY)
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CARS24
Cars24 is an Indian ecommerce marketplace dedicated towards the sale and purchase of used cars

Founded In 2015 Gajendra Mehul Ruchit


Founders Jangid Agrawal Agarwal Vikram Chopra

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $751 Mn (+116% YoY)

Total Funding $1.3 Bn

Financial Health
Total Expenses $782 Mn (+110% YoY)

Profit Before Taxes -$31 Mn (+29.5% YoY)


Valuation $3.3 Bn
Employee Benefit Expenses $68.5 Mn (+153% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses NA
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Chargebee
Chargebee is a fintech SaaS platform that enables revenue automation for subscription based businesses

Founded In 2011 Founders


KP Krish Rajaraman Thiyagarajan
Saravanan Subramanian Santhanam Thiyagu

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Chennai
Total Revenue $34.6 Mn (+128% YoY)

Total Funding $468 Mn

Financial Health
Total Expenses $30.7 Mn (+132% YoY)

Profit Before Taxes $3.9 Mn (+101% YoY)


Valuation $3.5 Bn
Employee Benefit Expenses $25.7Mn (+120% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $33.3 K (+480% YoY)
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CoinDCX
CoinDCX is mumbai-based Indian cryptocurrency exchange that helps user to buy/sell digital assets in India

Founded In 2018 Founders Neeraj Khandelwal Sumit Gupta

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Mumbai
Total Revenue $73.6 Mn (+1149% YoY)

Total Funding $247 Mn

Financial Health
Total Expenses $78.7 Mn (+1448% YoY)

Profit Before Taxes -$5.1 Mn (-736% YoY)


Valuation $2.15 Bn
Employee Benefit Expenses +$6.4 Mn (+343% YoY)
FY22

Years to Unicorn 3 years


Advertisement Expenses $40.4 Mn (+182x YoY)
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CoinSwitch Kuber
CoinSwitch Kuber is Bengaluru-based Indian cryptocurrency exchange that helps user to buy/sell digital assets in India

Founded In 2017 Founders Ashish Singhal Govind Soni Vimal Sagar Tiwari

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru

Total Funding $300.6 Mn

Valuation $1.9 Bn

Years to Unicorn 4 years


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Cred
CRED focuses on premium credit card users, offering them rewards and benefits for paying credit card bills via their platform.

Founded In 2018 Founders Kunal Shah

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru
Total Revenue $52.8 Mn (+342% YoY)

Total Funding $907 Mn+

Financial Health
Total Expenses $213 Mn (+174% YoY)

Profit Before Taxes -$160 Mn (+144% YoY)


Valuation $6.4 Bn
Employee Benefit Expenses $38.4 Mn (+128% YoY)
FY22

Years to Unicorn 3 years


Advertisement Expenses $121 Mn (+200% YoY)
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Yubi (Formerly CredAvenue)


CredAvenue is an integrated debt platform that connects enterprises with lenders and investors

Founded In 2020 Founders Gaurav Kumar Vineet Sukumar

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Chennai
Total Revenue $20.6 Mn (+% YoY)

Total Funding $227 Mn

Financial Health
Total Expenses $25.2Mn (+495% YoY)

Profit Before Taxes -$7Mn (+769% YoY)


Valuation $1.3 Bn
Employee Benefit Expenses $10.5 Mn (+316% YoY)
FY22

Years to Unicorn 1.5 years


Advertisement Expenses NA
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cure.fit
cure.fit is an Indian fitness & wellness startup that offers online and offline physical training and dietary plans

Founded In 2016 Founders Ankit Nagori Mukesh Bansal

Current Status Private Limited


Notable Investors

Sector Healthtech

Headquarters Bengaluru
Total Revenue $39.3 Mn (+6% YoY)

Total Funding $685.6Mn

Financial Health
Total Expenses $124Mn (+32% YoY)

Profit Before Taxes -$85Mn (1.5% YoY)


Valuation $1.5 Bn
Employee Benefit Expenses $36.5 Mn (+39% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses $11.3 Mn (+24% YoY)
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VerSe Innovation (DailyHunt)


Parent organisation offering— DailyHunt (news aggregator), Josh (short video platform) and PublicVibe (hyperlocal video app)

Founded In 2007 Founders Umang Bedi Virendra Gupta Shailendra Sharma

Current Status Private Limited


Notable Investors

Sector Media & Entertainment

Headquarters Bengaluru
Total Revenue $144 Mn (+49% YoY)

Total Funding $1.7 Bn

Financial Health
Total Expenses $464Mn (+135% YoY)

Profit Before Taxes -$320Mn (+217% YoY)


Valuation $5 Bn
Employee Benefit Expenses $91.3 Mn (+281% YoY)
FY22

Years to Unicorn 13 years


Advertisement Expenses $336 Mn (+110% YoY)
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Darwinbox
Darwinbox is a Hyderabad based agile human resource management (HRMS) software for B2B enterprises.

Founded In 2015 Founders Chaitanya Peddi Jayant Paleti Rohit Chennamaneni

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Hyderabad
Total Revenue $15 Mn (+124% YoY)

Total Funding $115.9 Mn

Financial Health
Total Expenses $22 Mn (+186% YoY)

Profit Before Taxes -$7.6 Mn (-528% YoY)


Valuation $1 Bn
Employee Benefit Expenses $13 Mn (+155% YoY)
FY22

Years to Unicorn 6.2 years


Advertisement Expenses +741 K (187% YoY)
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DealShare
Social ecommerce marketplace. It enables first-time internet users to shop online, targeting the middle-class population.

Founded In 2018 Founders


Rajat Sankar Sourjyendu Vineet
Shikhar Bora Medda Rao

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Bengaluru
Total Revenue $244.6 Mn (+717% YoY)

Total Funding $392 Mn

Financial Health
Total Expenses $298.5 Mn (+679% YoY)

Profit Before Taxes -$53.8 Mn (+542% YoY)


Valuation $1.7 Bn
Employee Benefit Expenses $14.7 (+300% YoY)
FY22

Years to Unicorn 3.4 years


Advertisement Expenses $8.6 Mn (+654% YOY)
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Delhivery
Indian logistics company that offers fulfillment services such as— transportation, warehousing and freight.

Founded In 2011 Founders


Bhavesh Kapil Mohit Sahil Suraj
Manglani Bharati Tandon Barua Saharan

Current Status Listed Company


Notable Investors

Sector Logistics

Headquarters Delhi NCR


Total Revenue $879 Mn (83% YoY)

Total Funding $1.5 Bn

Financial Health
Total Expenses $1Bn (+91% YoY)

Profit Before Taxes 128 Mn (+147% YoY)


Valuation $3.27 Bn
Employee Benefit Expenses 164 Mn (114% YoY)
FY22

Years to Unicorn 8 years


Advertisement Expenses NA
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Digit Insurance
Digit insurance is a digital-first insurance provider in India that offers motor, health and other insurance products.

Founded In 2016 Founders


Kamesh Philip Sriram Vijay
Goyal Varghese Shankar Kumar

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru

Total Funding $585.6 Mn

Valuation $4 Bn

Years to Unicorn 5 years


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Digit Insurance
Dream11
Digit insurance
India’s is a digital-first
leading fantasy insurance
sports platform provider
that offers in India that offers
tournaments for— motor,
cricket,health andvolleyball,
football, other insurance products.
basketball and others

Founded In 2016
2008 Founders
Kamesh
Bhavit Sheth
Philip
Harsh Jain
Sriram Vijay
Goyal Varghese Shankar Kumar

Current Status Private Limited


Notable Investors

Sector Fintech
Media & Entertainment

Headquarters Bengaluru
Mumbai
Total Revenue $508 Mn (+50% YoY)

Total Funding $585.6


$1.6 Bn Mn

Financial Health
Total Expenses $470 Mn (+70% YoY)

Profit Before Taxes $37.8 Mn (-39% YoY)


Valuation $4 BnBn
$8.0
Employee Benefit Expenses $62 Mn (+79.5% YoY)
FY22

5 years
Years to Unicorn 11.3 years
Advertisement Expenses $269.7 Mn (+72.8% YoY)
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Droom
Droom is an automobile ecommerce platform that offers a marketplace for buyers and sellers of pre-owned and new vehicles.

Founded In 2014 Founders Sandeep Aggarwal Rishabh Malik

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $48.7 Mn (+187% YoY)

Total Funding $333 Mn

Financial Health
Total Expenses $65.8 Mn (+157% YoY)

Profit Before Taxes -$17 Mn (+99% YoY)


Valuation $1.2 Bn
Employee Benefit Expenses $12.1 Mn (+73% YoY)
FY22

Years to Unicorn 7 years


Advertisement Expenses $1.7 Mn (+419% YoY)
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Druva
Druva is a SaaS company that helps in the protection of organisational data used in business operations

Founded In 2008 Founders Jaspreet Singh Milind Borate Ramani Kothandaraman

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Pune

Total Funding $475 Mn

Valuation $2.0 Bn

Years to Unicorn 11 years


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EaseMyTrip
EaseMyTrip is an Indian online ticket booking platform that offers flight, hotels and road transportation booking services

Founded In 2008 Founders Nishant Pitti Prashant Pitti Rikant Pitti

Current Status Listed Company


Notable Investors

Sector Travel tech

Headquarters Delhi NCR


Total Revenue $31 Mn (+65.6% YoY)

Total Funding Not applicable

Financial Health
Total Expenses $13 Mn (+57.6% YoY)

Profit Before Taxes $17.9 Mn (+72% YoY)


Valuation $1.02 Bn
Employee Benefit Expenses $32 Mn (+22.7% YoY)
FY22

Years to Unicorn 13 years


Advertisement Expenses $4.1 Mn (+123% YoY)
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ElasticRun
B2B logistics based ecommerce platform that enables traditional/ modern businesses in India to expand their reach in the rural regions of the country.

Founded In 2016 Founders Sandeep Deshmukh Saurabh Nigam Shitiz Bansal

Current Status Private Limited


Notable Investors

Sector Logistics

Headquarters Pune

Total Funding $434.8 Mn

Valuation $ 1.5 Bn

Years to Unicorn 6 years


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Eruditus
Eruditus is an Indian edtech platform that facilitates aspirants to pursue online executive education courses globally

Founded In 2010 Founders Ashwin Damera Chaitanya Kalipatnapu

Current Status Private Limited


Notable Investors

Sector Edtech

Headquarters Mumbai

Total Funding $1.2 Bn

Valuation $3.2 Bn

Years to Unicorn 11 years


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Firstcry
Firstcry is an Indian ecommerce marketplace that offers infant, toddler and kids clothing and accessories in India

Founded In 2010 Founders


Amitava Prashant Sanket Supam
Saha Jadhav Hattimattur Maheshwari

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Pune
Total Revenue $314 Mn (+44.6% YoY)

Total Funding $741.4 Mn

Financial Health
Total Expenses $321 Mn (+56% YoY)

Profit Before Taxes $6.39 Mn (-153% YoY)


Valuation $3 Bn
Employee Benefit Expenses +$42.3 Mn (+58% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses +$33.5 Mn (+64% YoY)
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Flipkart
Horizontal ecommerce marketplace. Along with its subsidiary brands the company holds the highest market share in Indian ecommerce market

Founded In 2007 Founders Binny Bansal Sachin Bansal

Current Status Acquired


Notable Investors

Sector Ecommerce

Headquarters Bengaluru
Total Revenue $1.3 Bn (+31% YoY)

Total Funding $12.9 Bn

Financial Health
Total Expenses $1.8 Bn (+36.5% YoY)

Profit Before Taxes -$546 Mn (+51% YoY)


Valuation $37.6 Bn
Employee Benefit Expenses +$466Mn (+18% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses +$243 Mn (+81% YoY)
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Fractal
Indian SaaS enterprise that offers data intelligence solutions for CPG, Retail, Healthcare and financial services industries.

Founded In 2000 Founders Pranay Agrawal Srikanth Velamakanni

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Mumbai
Total Revenue $167.6 Mn (+50% YoY)

Total Funding $685 Mn

Financial Health
Total Expenses $182 Mn (+74% YoY)

Profit Before Taxes -$18.4 Mn (-389% YoY)


Valuation $1.0 Bn
Employee Benefit Expenses +$136 Mn (+73% YoY)
FY22

Years to Unicorn 22 years


Advertisement Expenses +$1.8 Mn (+259% YoY)
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Freshworks
Learning Indian SaaS company that offer customer and HR management software solutions to B2B customers across the globe

Founded In 2010 Founders Girish Mathrubootham Shan Krishnasamy Vijay Shankar

Current Status Listed


Notable Investors

Sector Enterprisetech

Headquarters Chennai
Total Revenue $510.5 Mn (+29% YoY)

Total Funding $484 Mn

Financial Health
Total Expenses $731 Mn (+27% YoY)

Profit Before Taxes -$220 Mn (+22% YoY)


Valuation $4.53 Bn
Employee Benefit Expenses NA
FY22

Years to Unicorn 8 years


Advertisement Expenses +$343 Mn (+32% YoY)
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Games24X7
Gaming startup that houses popular brands such as—RummyCircle (an online card game) and My11 Circle (a sports fantasy game).

Founded In 2006 Founders Bhavin Pandya Trivikraman Thampy

Current Status Private Limited


Notable Investors

Sector Media & Entertainment

Headquarters Mumbai
Total Revenue +147.8 Mn (-24% YoY)

Total Funding $75 Mn

Financial Health
Total Expenses +187 Mn (+6% YoY)

Profit Before Taxes -$39 Mn (-307% YoY)


Valuation $2.5 Bn
Employee Benefit Expenses $46 Mn (+83% YoY)
FY22

Years to Unicorn 16 years


Advertisement Expenses $109.6 (-10% YoY)
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Glance
Glance is lock screen content platform that delivers AI-driven personalised content in multiple vernacular languages

Founded In 2019 Founders


Abhay Mohit Naveen Piyush
Singhal Saxena Tewari Shah

Current Status Private Limited


Notable Investors

Sector Media & Entertainment

Headquarters Bengaluru

Total Funding $390 Mn

Valuation $1.7 Bn

Years to Unicorn 2 years


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Global Bees
Globalbees is a roll-up style Indian startup which acquires D2C and ecommerce brands in India for future scaling.

Founded In 2021 Founders Nitin Agarwal

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $15 Mn

Total Funding $291 Mn

Financial Health
Total Expenses $19.6 Mn

Profit Before Taxes -$4.4.39 Mn


Valuation $1.1. Bn
Employee Benefit Expenses $4.2 Mn
FY22

Years to Unicorn 7 months


Advertisement Expenses $1.8 Mn
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Good Glamm Group


The Good Glamm Group is a content-to-commerce group that invests in innovative and fast-growing beauty and personal care brands

Founded In 2015 Founders Priyanka Gill Darpan Sanghvi Naiyya Saggi

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Mumbai
Total Revenue $31.5 Mn (+404% YoY)

Total Funding $288.4 Mn

Financial Health
Total Expenses +$64 Mn (+468% YoY)

Profit Before Taxes -36 Mn (+562% YoY)


Valuation $1.2 Bn
Employee Benefit Expenses $18 Mn (318% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses NA
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Groww
Groww is a discount-broking investment platform that enables individuals to trade & invest in publicly listed securities

Founded In 2016 Founders


Harsh Ishan Lalit Neeraj
Jain Bansal Dean Keshre Singh

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru
Total Revenue $53 Mn (+50.6% YoY)

Total Funding $393.3 Mn

Financial Health
Total Expenses +$83 Mn (+465% YoY)

Profit Before Taxes -29.5 Mn (-242% YoY)


Valuation $3.0 Bn
Employee Benefit Expenses $28.7 Mn (+466% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses $31.8 (+408% YoY)
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Gupshup
Gupshup is a conversational messaging platform that caters to businesses from multiple sectors
including banking, ecommerce, hospitality, consumer goods among others

Founded In 2004 Founders Beerud Sheth Rakesh Mathur

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Mumbai
Total Revenue $142.5 Mn (+52.5% YoY)

Total Funding $484.1 Mn

Financial Health
Total Expenses $135.5 Mn (+61.5% YoY)

Profit Before Taxes $7.06 Mn (-26% YoY)


Valuation $1.4 Bn
Employee Benefit Expenses $13.8 Mn (+217% YoY)
FY22

Years to Unicorn 17 years


Advertisement Expenses $6.36(186% YoY)
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Hasura
Hasura is a SaaS startup that provides data access and data flow tools to B2B clients for efficient management of organisational data

Founded In 2017 Founders Rajoshi Ghosh Tanmai Gopal

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru

Total Funding $136.5 Mn

Valuation $1.0 Bn

Years to Unicorn 5 years


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Hike
Hike started off as an instant messaging platform but the company has pivoted towards mobile gaming in 2021.

Founded In 2012 Founders Kavin Bharti Mittal

Current Status Private Limited


Notable Investors

Sector Media & Entertainment

Headquarters Delhi NCR


Total Revenue $2.7 Mn (161% YoY)

Total Funding $261 Mn

Financial Health
Total Expenses $17.5 Mn (+3% YoY)

Profit Before Taxes -$14.8 Mn (-7% YoY)


Valuation NA
Employee Benefit Expenses $8.9 Mn (+15.8% YoY)
FY22

Years to Unicorn 4 years


Advertisement Expenses $4.6 Mn (+573% YoY)
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Icertis
Icertis offers artificial intelligence driven contract management solutions to B2B clients across the globe

Founded In 2009 Founders Monish Darda Samir Bodas

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Pune

Total Funding $441 Mn

Valuation $2.8 Bn

Years to Unicorn 10 years


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IndiaMART
Publicly listed B2B ecommerce platform that helps SMB in direct procurements of goods from distributors and manufacturers

Founded In 1996 Founders Brijesh Agrawal Dinesh Agarwal

Current Status Listed


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $108 Mn (14.4% YoY)

Total Funding $40.8 Mn

Financial Health
Total Expenses $ 57 Mn (+27% YoY)

Profit Before Taxes $48.8 Mn (+0.2%)


Valuation $2.12 Bn
Employee Benefit Expenses $33.44 Mn (+30% YoY)
FY22

Years to Unicorn 24 years


Advertisement Expenses $117K (+17.6% YoY)
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Info Edge
Internet-first company that operates— Naukri.com, 99 Acres, AmbitionBox and Jeevansaathi among notable online web-portals in India

Founded In 1995 Founders Sanjeev Bikhchandani

Current Status Listed


Notable Investors

Sector Consumer Services

Headquarters Delhi NCR


Total Revenue $253 Mn (+58.8% YoY)

Total Funding $51 Mn

Financial Health
Total Expenses $149.9 Mn (+33.6% YoY)

Profit Before Taxes $1.4 Bn (+679% YoY)


Valuation $6.57 Bn
Employee Benefit Expenses $93.2 Mn (+31.5 % YoY)
FY22

Years to Unicorn 19 years


Advertisement Expenses $35.7 Mn (+56.6% YoY)
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Infra.Market
Infra.Market is a B2B ecommerce marketplace that provides procurement portal for real estate and construction material in India.

Founded In 2016 Founders Aaditya Sharda Souvik Sengupta

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Mumbai
Total Revenue $785.6 Mn (+404% YoY)

Total Funding $426 Mn

Financial Health
Total Expenses $ 757 Mn (+401% YoY)

Profit Before Taxes $28.3 Mn (+495% YoY)


Valuation $2.5 Bn
Employee Benefit Expenses $17.5 Mn (+275% YoY)
FY22

Years to Unicorn 4.6 years


Advertisement Expenses NA
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InMobi
InMobi specialises in mobile marketing and mobile advertising business and became India’s first unicorn startup in 2011.

Founded In 2007 Founders


Naveen Mohit Amit Abhay Piyush
Tewari Saxena Gupta Singhal Shah

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru
Total Revenue $51.7 Mn (+66% YoY)

Total Funding $320.6 Mn

Financial Health
Total Expenses $49 Mn (+44% YoY)

Profit Before Taxes $2.9 Mn (-213% YoY)


Valuation $1 Bn
Employee Benefit Expenses $40 Mn (+43% YoY)
FY22

Years to Unicorn 4 Years


Advertisement Expenses $265 K (+32% YoY)
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LeadSquared
Leadsquared is a sales execution and marketing automation platform

Founded In 2011 Founders


Nilesh Prashant Sudhakar Sukhbir Arand
Patel Singh Gorti Kalsi Kumar

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru
Total Revenue $25 Mn (+96% YoY)

Total Funding $187.9

Financial Health
Total Expenses $32.7 Mn (+131% YoY)

Profit Before Taxes -$7.7 Mn (+457% YoY)


Valuation $1 Bn
Employee Benefit Expenses $17.7 Mn (+129% YoY)
FY22

Years to Unicorn 11 Years


Advertisement Expenses $1.2 Mn (+164% YoY)
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LEAD
LEAD is an enterprise edtech startup that provides operation management and curriculum content solutions to Indian schools.

Founded In 2012 Founders Sumeet Mehta Smita Deorah

Current Status Private Limited


Notable Investors

Sector Edtech

Headquarters Mumbai
Total Revenue $17.6 Mn (+134% YoY)

Total Funding $185.6 Mn

Financial Health
Total Expenses $67 Mn (+188% YoY)

Profit Before Taxes -$49.6 Mn (+214% YoY)


Valuation $1.1 Bn
Employee Benefit Expenses $32.4 Mn (+159% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $9.5 Mn (+296% YoY)
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LeadSquared
Leadsquared is a sales execution and marketing automation platform

Founded In 2011 Founders


Nilesh Prashant Sudhakar Sukhbir Arand
Patel Singh Gorti Kalsi Kumar

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru
Total Revenue $25 Mn (+96% YoY)

Total Funding $187.9

Financial Health
Total Expenses $32.7 Mn (+131% YoY)

Profit Before Taxes -$7.7 Mn (+457% YoY)


Valuation $1 Bn
Employee Benefit Expenses $17.7 Mn (+129% YoY)
FY22

Years to Unicorn 11 Years


Advertisement Expenses $1.2 Mn (+164% YoY)
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Lenskart
Lenskart is an omnichannel retailer and manufacturer of eyewear accessories.

Founded In 2011 Founders


Amit Peyush Ramneek Sumeet
Chaudhary Bansal Khurana Kapahi

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $202 Mn (+56.7% YoY)

Total Funding $1.5 Bn

Financial Health
Total Expenses $215 Mn (+72.8% YoY)

Profit Before Taxes -$13.4 (-422% YoY)


Valuation $4.5 Bn
Employee Benefit Expenses $30.6 Mn (+53.2% YoY)
FY22

Years to Unicorn 8 years


Advertisement Expenses $30.5 Mn (+79% YoY)
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Licious
Licious is a D2C foodtech startup that follows farm to fork business model for selling meat and seafood online.

Founded In 2015 Founders Abhay Hanjura Varun Sadana Vivek Gupta

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Bengaluru
Total Revenue $88.2 Mn (+64% YoY)

Total Funding $489.9 Mn

Financial Health
Total Expenses $148.9 Mn (+85.6% YoY)

Profit Before Taxes -$106 Mn (131% YoY)


Valuation $1.5 Bn
Employee Benefit Expenses $26 Mn (+75.9% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $21 Mn (+157% YoY)
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Livspace
Livspace is a curated marketplace that provides an end-to-end home design experience.

Founded In 2014 Founders Anuj Srivastava Ramakant Sharma Shagufta Anurag

Current Status Private Limited


Notable Investors

Sector Real Estate Tech

Headquarters Bengaluru
Total Revenue $59 Mn (+64% YoY)

Total Funding $431.6 Mn

Financial Health
Total Expenses $110.7 Mn (+63% YoY)

Profit Before Taxes -$51 Mn (+61% YoY)


Valuation $1 Bn
Employee Benefit Expenses $35 Mn (+52% YoY)
FY22

Years to Unicorn 8 years


Advertisement Expenses NA
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MakeMyTrip
Indian online travel agency that offers airlines & ground transport ticket booking along with personalised accommodation.

Founded In 2000 Deep Keyur Rajesh Sachin


Founders Kalra Joshi Magow Bhatia

Current Status Listed


Notable Investors

Sector Travel Tech

Headquarters Delhi NCR


Total Revenue $751 Mn (+116% YoY)

Total Funding $748 Mn

Financial Health
Total Expenses $782 Mn (+110% YoY)

Profit Before Taxes -$31 Mn (+29.5% YoY)


Valuation $2.77 Bn
Employee Benefit Expenses $68.5 Mn (+153% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses NA
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Mamaearth
Mamaearth is an Indian D2C brand that offers natural beauty and personal care products.

Founded In 2016 Founders Ghazal Alagh Varun Alagh

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $120.5 Mn (+104% YoY)

Total Funding $112 Mn

Financial Health
Total Expenses $117.7 Mn (-47.5% YoY)

Profit Before Taxes $2.8 Mn (-101% YoY)


Valuation $1.2 Bn
Employee Benefit Expenses $9.8 Mn (+184% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses $48.9 Mn (+120% YoY)
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MapmyIndia
MapmyIndia is India’s leading provider of digital maps, geospatial software & location-based IoT technologies

Founded In 1995 Founders Rakesh Verma Rashmi Verma

Current Status Listed


Notable Investors

Sector Enterprisetech

Headquarters Delhi NCR


Total Revenue $30.2 Mn (+26% YoY)

Total Funding $22.8 Mn

Financial Health
Total Expenses $15.5 Mn (+9.8% YoY)

Profit Before Taxes $14.6 Mn (+49% YoY)


Valuation $728 Mn
Employee Benefit Expenses $7 Mn (+6% YoY)
FY22

Years to Unicorn 26 years


Advertisement Expenses NA
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Meesho
Indian social commerce platform that helps SMBs, who sell products within their network using social media platforms

Founded In 2015 Founders Sanjeev Barnwal Vidit Aatrey

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Bengaluru
Total Revenue $419 Mn (+300% YoY)

Total Funding $1.1 Bn

Financial Health
Total Expenses $826 Mn (+394% YoY)

Profit Before Taxes -$406 Mn (+551% YoY)


Valuation $4.9 Bn
Employee Benefit Expenses $63.6 Mn (+241% YoY)
FY22

Years to Unicorn 5.6 years


Advertisement Expenses $322 Mn (+5981% YoY)
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MENSA Brands
MENSA is a roll-up style Indian startup which acquires D2C and ecommerce brands in India for future scaling.

Founded In 2021 Founders Ananth Narayanan Aniket Nikumb Pawan Kumar Dasaraju

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Bengaluru
Total Revenue $27 Mn

Total Funding $254.3 Mn

Financial Health
Total Expenses $39.4 Mn

Profit Before Taxes -$12


Valuation $1.2 Bn
Employee Benefit Expenses $3.8
FY22

Years to Unicorn 6 months


Advertisement Expenses $1Mn
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Mindtickle
Mindtickle is a SaaS platform that offers sales enablement solution for businesses across the globe

Founded In 2011 Founders Krishna Depura Deepak Diwakar Nishant Mungali

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Pune
Total Revenue $26 Mn (+79.9% YoY)

Total Funding $281.3 Mn

Financial Health
Total Expenses $22.5 Mn (+79.5% YoY)

Profit Before Taxes $3.5 Mn (+79% YoY)


Valuation $1.2 Bn
Employee Benefit Expenses $19.3 Mn (+79% YoY)
FY22

Years to Unicorn 9.7 years


Advertisement Expenses NA
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MobiKwik
Indian fintech startup which started-off as a digital mobile wallet but has later pivoted towards a full-stack fintech platform model.

Founded In 2009 Founders Bipin Preet Singh Upasana Taku

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Delhi NCR


Total Revenue $68 Mn (+79.7% YoY)

Total Funding $ 183.7 Mn

Financial Health
Total Expenses $83 Mn (+61% YoY)

Profit Before Taxes -$16 Mn (+16% YoY)


Valuation $994 Mn
Employee Benefit Expenses $13.4 Mn (+102% YoY)
FY22

Years to Unicorn 12.2 years


Advertisement Expenses $14 Mn (+30% YoY)
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Mobile Premier League


Indian mobile gaming startup that offers the popular fantasy gaming platform of the same name along with casual games

Founded In 2018 Founders Shubh Malhotra Sai Srinivas Kiran G

Current Status Private Limited


Notable Investors

Sector Media & Entertainment

Headquarters Bengaluru
Total Revenue $76 Mn (+9% YoY)

Total Funding $376 Mn

Financial Health
Total Expenses $132 Mn (+54% YoY)

Profit Before Taxes -$56 Mn (+247% YoY)


Valuation $2.3 Bn
Employee Benefit Expenses $24.7 Mn (+69% YoY)
FY22

Years to Unicorn 3.3 years


Advertisement Expenses $66 Mn (+39% YoY)
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Moglix
Ecommerce marketplace for different kinds of industrial tools such as power tools, hand tools, safety and security and electricals.

Founded In 2015 Founders Rahul Garg

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR

Total Funding $472.2 Mn

Valuation $2.6 Bn

Years to Unicorn 6 Years


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Mu Sigma
Mu Sigma offers data analytics and management solutions for enterprises across the globe.

Founded In 2004 Founders Dhiraj Rajaram

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru
Total Revenue $90.7 Mn (+27% YoY)

Total Funding $211.4 Mn

Financial Health
Total Expenses $25.8 Mn (+606% YoY)

Profit Before Taxes $65 Mn (+86% YoY)


Valuation $1.5 Bn
Employee Benefit Expenses $19 Mn (-26% YoY)
FY22

Years to Unicorn 9 years


Advertisement Expenses NA
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NoBroker
Indian real estate tech platform that facilitates direct connection between residential/commercial buyers/ tenants with sellers.

Founded In 2013 Founders Akhil Gupta Amit Agarwal Saurabh Garg

Current Status Private Limited


Notable Investors

Sector Real Estate Tech

Headquarters Bengaluru

Total Funding $430.9 Mn

Valuation $1.06 Bn

Years to Unicorn 8 Years


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NoBroker
Indian real estate tech platform that facilitates direct connection between residential/commercial buyers/ tenants with sellers.

Founded In 2013 Founders Akhil Gupta Amit Agarwal Saurabh Garg

Current Status Private Limited


Notable Investors

Sector Real Estate Tech

Headquarters Bengaluru

Total Funding $430.9 Mn

Valuation $1.06 Bn

Years to Unicorn 8 Years


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OfBusiness
OfBusiness is a B2B ecommerce marketplace that facilitates raw material procurement and credit for SMEs

Founded In 2015 Founders


Asish Ruchi Bhuvan Nitin Vasant
Mohapatra Kalra Gupta Jain Sridhar

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $908.6 Mn (+313% YoY)

Total Funding $878.5 Mn

Financial Health
Total Expenses $874 Mn (+316% YoY)

Profit Before Taxes $34.4 Mn (+256% YoY)


Valuation $4.8 Bn
Employee Benefit Expenses $15.2 Mn (+119% YoY)
FY22

Years to Unicorn 5.9 years


Advertisement Expenses $586K (+231% YoY)
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Ola
Ola is a ride-hailing and mobility platform. It also operates in other business verticals including financial services,cloud kitchens etc.

Founded In 2010 Founders Bhavish Aggarwal Ankit Bhati

Current Status IPO-Bound


Notable Investors

Sector Transport Tech

Headquarters Bengaluru

Total Funding $5 Bn

Valuation $7.4 Bn

Years to Unicorn 4.4 years


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Ola Electric
Ola electric is an Indian electric vehicle manufacturer. It is a subsidiary of India’s leading ride-hailing company— Ola.

Founded In 2017 Founders Bhavish Aggarwal Anand Shah Ankit Jain

Current Status Private Limited


Notable Investors

Sector Transport Tech

Headquarters Bengaluru

Total Funding $1.2 Bn

Valuation $5 Bn

Years to Unicorn 2.1 years


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OneCard
OneCard is a credit card service provider company.

Founded In 2019 Founders Anurag Sinha Rupesh Kumar Vibhav Hathi

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Pune
Total Revenue $12.2 Mn (+496% YoY)

Total Funding $225 Mn

Financial Health
Total Expenses $35 Mn (+465% YoY)

Profit Before Taxes -$22.8 Mn (+450% YoY)


Valuation $1.4 Bn
Employee Benefit Expenses $5.3 Mn (+217% YoY)
FY22

Years to Unicorn 3 Years


Advertisement Expenses $15.5 (+951% YoY)
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Open
Open money is an Indian neobank that offers B2B banking solutions for Indian SMBs.

Founded In 2017 Ajeesh Deena Anish Mabel


Founders Achuthan Jacon Achuthan Chacko

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru
Total Revenue $7 Mn (257% YoY)

Total Funding $190.8 Mn

Financial Health
Total Expenses $27.9 Mn (+175% YoY)

Profit Before Taxes -$20.9 Mn (+155% YoY)


Valuation $1 Bn
Employee Benefit Expenses $13.3 Mn (+124% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses $8.5 Mn (+582% YoY)
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OYO
OYO is India’s leading travel & accommodation focused startups that offers hotel booking, co-living and co-working services

Founded In 2012 Founders Ritesh Agarwal

Current Status IPO-Bound


Notable Investors

Sector Travel Tech

Headquarters Delhi NCR


Total Revenue $613.5 Mn (+18% YoY)

Total Funding $4 Bn

Financial Health
Total Expenses $873 Mn (+0.7% YoY)

Profit Before Taxes -$263 Mn (-44% YoY)


Valuation $10 Bn
Employee Benefit Expenses $232.7 Mn (+6.8% YoY)
FY22

Years to Unicorn 6.6 years


Advertisement Expenses $17.5 Mn (-19% YoY)
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Paytm
India’s leading fintech startup that offers full-stack digital finance solutions including— mobile payments, loans and investments.

Founded In 2010 Founders Vijay Shekhar Sharma

Current Status Listed


Notable Investors

Sector Fintech

Headquarters Delhi NCR


Total Revenue $658 Mn (+65% YoY)

Total Funding $6.5 Bn

Financial Health
Total Expenses $950 Mn (+59% YoY)

Profit Before Taxes -$298 Mn (+40.4% YoY)


Valuation $5.66 Bn
Employee Benefit Expenses $304 Mn (+105% YoY)
FY22

Years to Unicorn 8 years


Advertisement Expenses $107 Mn (+60% YoY)
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Paytm Mall
PaytmMall is the ecommerce arm of fintech giant Paytm. The company operates on a horizontal marketplace model.

Founded In 2016 Founders Vijay Shekhar Sharma

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $29 Mn (-29% YoY)

Total Funding $805 Mn

Financial Health
Total Expenses $45.2 Mn (-56% YoY)

Profit Before Taxes -$65.6 Mn (+4.5% YoY)


Valuation -
Employee Benefit Expenses $6.4 Mn (-27% YoY)
FY22

Years to Unicorn 2 years


Advertisement Expenses $3.7 Mn (-60% YoY)
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PharmEasy
Pharmeasy is an Indian health tech startup that offers an array of online services including— pharmacy and healthcare diagnostics

Founded In 2019 Founders Dharmil Sheth Dhaval Shah Mikhil Innani

Current Status Private Limited


Notable Investors

Sector Healthtech

Headquarters Mumbai
Total Revenue $40.9 Mn (+175% YoY)

Total Funding $1.6 Bn

Financial Health
Total Expenses $39.9 Mn (+224% YoY)

Profit Before Taxes $1 Mn (-58 % YoY)


Valuation $5.6 Bn
Employee Benefit Expenses $1.2 Mn (+88% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $10 Mn (+65x YoY)
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Oxyzo
Fnancial arm of ecommerce unicorn OfBusiness, a lending platform that provides cash flow and matched working capital financing.

Founded In 2016 Founders Asish Mohapatra Ruchi Kalra

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Delhi NCR


Total Revenue $39 Mn (+59% YoY)

Total Funding $200 Mn

Financial Health
Total Expenses $27.2 Mn (+52% YoY)

Profit Before Taxes $8.6 Mn (+73% YoY)


Valuation $1 Bn
Employee Benefit Expenses NA
FY22

Years to Unicorn 5.5 years


Advertisement Expenses NA
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PhonePe
PhonePe is and Indian fintech enterprise that offers a range of digital financial services— payments and insurance.

Founded In 2015 Founders Burzin Engineer Rahul Chari Sameer Nigam

Current Status Subsidiary of Flipkart


Notable Investors

Sector Fintech

Headquarters Bengaluru
Total Revenue $211 Mn (+133% YoY)

Total Funding $2.6 Bn

Financial Health
Total Expenses $463 Mn (50.8% YoY)

Profit Before Taxes -$251.6 Mn (+16% YoY)


Valuation $12 Bn
Employee Benefit Expenses $217 Mn (+40.9% YoY)
FY22

Years to Unicorn 3 Years


Advertisement Expenses $108 Mn (+61.9% YoY)
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Physics Wallah
Physics Wallah offers classes, video lectures, test series, and dynamic exercises for JEE, NEET Entrance, and board exam

Founded In 2014 Founders Alakh Pandey Prateek Maheshwari

Current Status Private Limited


Notable Investors

Sector Edtech

Prateek Maheshwari

Headquarters Delhi NCR


Total Revenue $29.3 Mn

Total Funding $100 Mn

Financial Health
Total Expenses $12.8 Mn

Profit Before Taxes $16.4 Mn


Valuation $1.1 Bn
Employee Benefit Expenses $5.2 Mn
FY22

Years to Unicorn 8 years


Advertisement Expenses $1.3 Mn
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PineLabs
Pine Labs is an Indian fintech enterprise that offers B2B digital payment and invoice management products to businesses.

Founded In 1998 Founders Rajul Garg Tarun Upaday

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Delhi NCR

Total Funding $1.4 Bn

Valuation $5 Bn

Years to Unicorn 22 years


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PolicyBazaar
PolicyBazaar is an Indian Insurtech platform that offers a marketplace for consumers to purchase insurance online in India.

Founded In 2008 Founders


Alok Avaneesh Manoj Tarun Yashish
Bansal Nirjar Sharma Mathur Dahiya

Current Status Listed


Notable Investors

Sector Fintech

Headquarters Delhi NCR


Total Revenue $194 Mn (+62% YoY)

Total Funding $800 Mn

Financial Health
Total Expenses $298 Mn (+117% YoY)

Profit Before Taxes -$104 Mn (-41% YoY)


Valuation $3.38 Bn
Employee Benefit Expenses $157 Mn (+126% YoY)
FY22

Years to Unicorn 10.1 Years


Advertisement Expenses $108 Mn (+135% YoY)
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Postman
Postman is a SaaS platform that enables business organisations to develop, browse and deploy API based applications in one place.

Founded In 2014 Founders Abhinav Asthana Abhijit Kane Ankit Sobti

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Bengaluru

Total Funding $433 Mn

Valuation $5.6 Bn

Years to Unicorn 5.8 years


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Pristyn Care
Pristyn offers affordable advanced surgical care to patients through innovative surgical techniques and recovery measures.

Founded In 2018 Founders Harsimarbir Singh Vaibhav Kapoor Garima Sawhney

Current Status Private Limited


Notable Investors

Sector Healthtech

Headquarters Delhi NCR

Total Funding $177 Mn

Valuation $1.4 Bn

Years to Unicorn 3.3 years


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Purplle
Purplle is an online retailer that offers beauty and personal care products

Founded In 2012 Founders Manish Taneja Rahul Dash Suyash Katyayani

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Mumbai
Total Revenue $28.4 (+63.5% YoY)

Total Funding $296.3 Mn

Financial Health
Total Expenses $53.9 (+125% YoY)

Profit Before Taxes -$25 Mn (+291% YoY)


Valuation $1.1 Bn
Employee Benefit Expenses $10.6 Mn (+130% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $22 Mn (+214% YoY)
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Quikr
Quikr is an online classifieds that enables users to buy, sell, rent or discover anything across India.

Founded In 2008 Founders Pranay Chulet Jiby Thomas

Current Status Private Limited


Notable Investors

Sector Consumer Services

Headquarters Bengaluru

Total Funding $424.2 Mn

Valuation -

Years to Unicorn 7 years


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Razorpay
Payment gateway platform- SME payroll management, banking, lending, payments, insurance among others.

Founded In 2014 Founders Harshil Mathur Shashank Kumar

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru
Total Revenue $185.7 Mn (+75.8% YoY)

Total Funding $816 Mn

Financial Health
Total Expenses $184.5 Mn (+75.9% YoY)

Profit Before Taxes $1.14 Mn (+59.7% YoY)


Valuation $7.5 Bn
Employee Benefit Expenses $46.5 Mn (74.9 % YoY)
FY22

Years to Unicorn 6 Years


Advertisement Expenses NA
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Rebel Foods
Rebel Foods is a foodtech company which operates multiple quick-service food brands independently

Founded In 2011 Founders Jaydeep Barman Kallol Banerjee

Current Status Private Limited


Notable Investors

Sector Consumer Services

Headquarters Mumbai
Total Revenue $113 Mn (+107% YOY)

Total Funding $564.3 Mn

Financial Health
Total Expenses $178.6 Mn (+85.7% YoY)

Profit Before Taxes -$66.7 (+60.5% YoY)


Valuation $1.4 Bn
Employee Benefit Expenses $3.03 (-5.3% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $23.5 Mn (+182% YoY)
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Renew Power
ReNew Power is an independent power producer (IPP) of renewable energy using clean sources such as wind and solar power.

Founded In 2011 Founders Sumant Sinha

Current Status Listed


Notable Investors

Sector Energy Tech

Headquarters Delhi NCR

Total Funding $4.6 Bn

Valuation $1.55 Bn

Years to Unicorn 6 Years


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Rivigo
Rivigo is an Indian logistics technology startup that facilitates on-demand truck transportation services for B2B customers.

Founded In 2014 Founders Deepak Garg Gazal Kalra

Current Status Private Limited


Notable Investors

Sector Logistics

Headquarters Delhi NCR


Total Revenue $87 Mn (+4.6% YoY)

Total Funding $308 Mn

Financial Health
Total Expenses $108 Mn (-12% YoY)

Profit Before Taxes -$21 Mn (+47% YoY)


Valuation $1.05 Bn
Employee Benefit Expenses $11 Mn (+10% YoY)
FY22

Years to Unicorn 5.1 years


Advertisement Expenses $11 K (+458% YoY)
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ShareChat
Sharechat is an Indian social media platform that focuses on the vernacular internet users in India.

Founded In 2015 Founders Ankush Sachdeva Bhanu Singh Farid Ahsan

Current Status Private Limited


Notable Investors

Sector Media & Entertainment

Headquarters Bengaluru
Total Revenue $52.4 Mn (+333% YoY)

Total Funding $1.7 Bn

Financial Health
Total Expenses $425.9 Mn (+118% YoY)

Profit Before Taxes -$373 Mn (+104% YoY)


Valuation $5 Bn
Employee Benefit Expenses $63 Mn (+175.6%)
FY22

Years to Unicorn 6.3 years


Advertisement Expenses NA
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Shiprocket
Shiprocket is an ecommerce shipping platform that enables cost effective shipping for D2C brands

Founded In 2017 Vishesh Gautam Saahil Akshay


Founders Khurana Kapoor Goel Ghulati

Current Status Private Limited


Notable Investors

Sector Logistics

Headquarters Delhi NCR


Total Revenue $79 Mn (+73.8% YoY)

Total Funding $386.8 Mn

Financial Health
Total Expenses $90.9 Mn (+107% YoY)

Profit Before Taxes -$11.67 Mn (-751% YoY)


Valuation $1.3 Bn
Employee Benefit Expenses $15.3 Mn (+188.7%)
FY22

Years to Unicorn 5 years


Advertisement Expenses $224K (+1594% YoY)
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Shopclues
Shopclues is an Indian value ecommerce marketplace that offers a range of products and services to both B2C and B2B customers

Founded In 2011 Founders Radhika Ghai Sandeep Aggarwal Sanjay Sethi

Current Status Acquired


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $7.6 Mn (-47% YoY)

Total Funding $257 Mn

Financial Health
Total Expenses $14 Mn (-36% YoY)

Profit Before Taxes -$6 Mn (-13.5% YoY)


Valuation $1.1 Bn
Employee Benefit Expenses $3.4 Mn (-56% YoY)
FY22

Years to Unicorn 5 years


Advertisement Expenses $3.1 Mn (-40% YoY)
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Slice
Slice is an Indian BNPL startup that offers digital+physical credit card targeted towards the millennial and generation-z users

Founded In 2015 Founders Deepak Malhotra Rajan Bajaj

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru
Total Revenue $36.6 (+325% YoY)

Total Funding $341.2 Mn

Financial Health
Total Expenses $67.8 (+222% YoY)

Profit Before Taxes -$31 Mn (+151.7% YoY)


Valuation $1.5 Bn
Employee Benefit Expenses $12.3 Mn (+201% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $26.2 Mn (+3266% YoY)
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Snapdeal
Snapdeal is an Indian value ecommerce marketplace that primarily targets shoppers based out of non-metro cities in India.

Founded In 2010 Founders Rohit Bansal Kunal Bahl

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $70.4 Mn (+10.4% YoY)

Total Funding $1.8 Bn

Financial Health
Total Expenses $133.8 Mn (+68.2% YoY)

Profit Before Taxes -$63 Mn (+302% YoY)


Valuation -
Employee Benefit Expenses $35.5 Mn (+76.5% Mn)
FY22

Years to Unicorn 4 years


Advertisement Expenses $40.2 Mn (+82% YoY)
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Spinny
Spinny is a used car retailing platform. It operates across the entire value chain of pre-owned cars

Founded In 2015 Founders Niraj Singh Mohit Gupta Ramanshu Mahaur

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Delhi NCR


Total Revenue $22.4 Mn (+352% YoY)

Total Funding $513.5 Mn

Financial Health
Total Expenses $83.7 Mn (+346% YoY)

Profit Before Taxes -$61.2 Mn (+344% YoY)


Valuation $1.75 Bn
Employee Benefit Expenses $33.2 Mn (+256% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $27.5 Mn (+582%)
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Swiggy
Swiggy is an Indian hyperlocal food delivery startup that offers last mile delivery services for food orders from local restaurants.

Founded In 2014 Founders Nandan Reddy Rahul Jaimini Sriharsha Majety

Current Status Private Limited


Notable Investors

Sector Consumer Services

Headquarters Bengaluru
Total Revenue $765 Mn (+128% YoY)

Total Funding $3.6 Bn

Financial Health
Total Expenses $1.1 Bn (+131% YoY)

Profit Before Taxes -$453 Mn (+125% YoY)


Valuation $10.7 Bn
Employee Benefit Expenses $213 Mn (+57% YoY)
FY22

Years to Unicorn 4 Years


Advertisement Expenses $231 Mn (+301% YoY)
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Udaan
Udaan is a B2B ecommerce marketplace that hosts small and medium businesses, manufacturers, wholesalers, traders, and retailers.

Founded In 2016 Founders Sujeet Kumar Amod Malviya Vaibhav Gupta

Current Status Private Limited


Notable Investors

Sector Ecommerce

Headquarters Bengaluru
Total Revenue $85.8 Mn (+39% YoY)

Total Funding $1.6 Bn

Financial Health
Total Expenses $306.7 Mn (+426%)

Profit Before Taxes -$220.9 Mn (+44% YoY)


Valuation $3.1 Bn
Employee Benefit Expenses $103.3 Mn (+45% YoY)
FY22

Years to Unicorn 2 years


Advertisement Expenses $16.2 Mn (105% YoY)
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Unacademy
Indian edtech startup that offers online courses on various Indian and international competitive examinations along with K12 supplementary education.

Founded In 2015 Gaurav Hemesh Roman Sachin


Founders Munjal Singh Saini Gupta

Current Status Private Limited


Notable Investors

Sector Edtech

Headquarters Bengaluru
Total Revenue $105.5 Mn (+81.8% YoY)

Total Funding $838.5 Mn

Financial Health
Total Expenses $462.8 Mn (+82.4% YoY)

Profit Before Taxes -$357 Mn (+82.5% YoY)


Valuation $3.4 Bn
Employee Benefit Expenses $221 Mn (+136.6 YoY)
FY22

Years to Unicorn 5.1 years


Advertisement Expenses $685.9 Mn (+33.43% YoY)
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Uniphore
Indian SaaS enterprise that offers artificial intelligence based conversational support business to B2B clients in Indian and around the world.

Founded In 2008 Founders Ravi Saraogi Umesh Sachdev

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Chennai

Total Funding $620.9 Mn

Valuation $2.5 Bn

Years to Unicorn 13.8 years


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UpGrad
Indian edtech startup that offers higher education online certification courses in partnership with leading universities in the world.

Founded In 2015 Ronnie Mayank Phalgun Ravijot


Founders Screwvala Kumar Kompalli Chugh

Current Status Private Limited


Notable Investors

Sector Edtech

Headquarters Mumbai
Total Revenue $86.5 Mn (+111% YoY)

Total Funding $668 Mn+

Financial Health
Total Expenses $162.5 Mn (+153% YoY)

Profit Before Taxes -$78.3 Mn (+196% YoY)


Valuation $2.25 Bn
Employee Benefit Expenses $47.8 Mn (+137% YoY)
FY22

Years to Unicorn 6 years


Advertisement Expenses $53 Mn (+106% YoY)
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Upstox
Upstox is an online trading app for Demat accounts, the Share market, Mutual Funds, and IPOs.

Founded In 2009 Founders Ravi Kumar Shrini Viswanath Kavitha Subramanian

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Mumbai
Total Revenue $95.7 Mn (+77% YoY)

Total Funding $220 Mn

Financial Health
Total Expenses $152.6 Mn (+144% YoY)

Profit Before Taxes -$55.5 Mn (+520% YoY)


Valuation $3.4Bn
Employee Benefit Expenses $16.3Mn (+104% YoY)
FY22

Years to Unicorn 12 years


Advertisement Expenses $50 Mn (+166% YoY)
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Urban Company
Hyperlocal home services startup that focuses on full stack home services including— grooming, house painting, cleaning, messages and others.

Founded In 2014 Founders Abhiraj Singh Bhal Raghav Chandra Varun Khaitan

Current Status Private Limited


Notable Investors

Sector Consumer Services

Headquarters Delhi-NCR
Total Revenue $63.6 Mn (+76% YoY)

Total Funding $446 Mn

Financial Health
Total Expenses $128 Mn (+90% YoY)

Profit Before Taxes -$64 Mn (+106% YoY)


Valuation $2.8 Bn
Employee Benefit Expenses $55.4 Mn (+96% YoY)
FY22

Years to Unicorn 6.4 years


Advertisement Expenses $944 K (+97% YoY)
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Vedantu
Vedantu is an Indian edtech startup that offers online test preparation and K12 courses to aspirants/students.

Founded In 2011 Anand Pulkit Saurabh Vamsi


Founders Prakash Jain Saxena Krishna

Current Status Private Limited


Notable Investors

Sector Edtech

Headquarters Bengaluru
Total Revenue $24.3 Mn (+44% YoY)

Total Funding $314.2 Mn

Financial Health
Total Expenses $111 Mn (19% YoY)

Profit Before Taxes -$87 Mn (+12.9% YoY)


Valuation $1 Bn
Employee Benefit Expenses $61.6 Mn (+20% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $22.7 Mn (+3% YoY)
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Xpressbees
Xpressbees is an Indian logistics tech startup that provided integrated logistics solutions to B2B businesses in India

Founded In 2015 Founders Amitava Saha Supam Maheshwari

Current Status Private Limited


Notable Investors

Sector Logistics

Headquarters Pune
Total Revenue $241 Mn (+88% YoY)

Total Funding $642 Mn

Financial Health
Total Expenses $244.6 Mn (+79.8% YoY)

Profit Before Taxes -$3.39 Mn (-57% YoY)


Valuation $1.2 Bn
Employee Benefit Expenses $23 Mn (+55.9% YoY)
FY22

Years to Unicorn 7 years


Advertisement Expenses $1.1 Mn (+41.5% YoY)
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Zenoti
Zenoti is an all-in-one, cloud-based software for salons, spas, and medi-spas.

Founded In 2010 Founders Sudheer Koneru Dheeraj Koneru Saritha Katikaneni

Current Status Private Limited


Notable Investors

Sector Enterprisetech

Headquarters Hyderabad

Total Funding $331 Mn

Valuation $1.5 Bn

Years to Unicorn 10 years


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Zerodha
Zerodha is an Indian investment tech platform that offers discount-broking services to consumers in India

Founded In 2010 Founders Nithin Kamath Nikhil Kamath Kailash Nadh

Current Status Unlisted


Notable Investors

Sector Fintech Bootstrapped

Headquarters Bengaluru
Total Revenue $620 Mn (81.8% YoY)

Total Funding Bootstrapped

Financial Health
Total Expenses $270 Mn (71.7% YoY)

Profit Before Taxes $349.9 Mn (90.5% YoY)


Valuation $2 Bn
Employee Benefit Expenses $57.3 Mn (+45% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $134K (+13% YoY)
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Zeta
Indian fintech SaaS startup that offers API based digital financial products for both banks and other fintech institutions.

Founded In 2011 Founders Bhavin Turakhia Ramki Gaddipati

Current Status Private Limited


Notable Investors

Sector Fintech

Headquarters Bengaluru

Total Funding $340 Mn

Valuation $1.45 Bn

Years to Unicorn 9.7 years


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Zetwerk
Zetwerk is a manufacturing services platform that connects manufacturing companies with vendors and suppliers

Founded In 2017 Amrit Srinath Vishal Rahul


Founders Acharya Ramakkrushnan Chaudhary Sharma

Current Status Private Limited


Notable Investors

Sector Manufacturing

Headquarters Bengaluru
Total Revenue $632 Mn (+483% YoY)

Total Funding $662 Mn

Financial Health
Total Expenses $643 Mn (465% YoY)

Profit Before Taxes -$10.4 Mn (+103% YoY)


Valuation $2.7 Bn
Employee Benefit Expenses $27 Mn (+271% YoY)
FY22

Years to Unicorn 3.7years


Advertisement Expenses NA
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Zoho
Indian SaaS startup that offers 50+ integrated online applications for business operations such as CRM, HRM among others.

Founded In 1996 Founders Sridhar Vembu Sreenivas Kanumuru Tony Thomas

Current Status Bootstrapped


Notable Investors

Sector Enterprisetech Bootstrapped

Headquarters Chennai
Total Revenue $874.8 Mn (+28.5% YoY)

Total Funding Bootstrapped

Financial Health
Total Expenses $446 Mn (+18% YoY)

Profit Before Taxes $428 Mn (+41.6% YoY)


Valuation $1 Bn
Employee Benefit Expenses $228.35 Mn (+5.8% YoY)
FY22

Years to Unicorn Unknown


Advertisement Expenses $89 Mn (+113% YoY)
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Zomato
Zomato is an Indian hyperlocal food delivery startup that offers on demand delivery from local restaurants.

Founded In 2008 Founders Pankaj Chaddah Deepinder Goyal Gaurav Gupta

Current Status Listed


Notable Investors

Sector Consumer Services

Headquarters Delhi NCR


Total Revenue $586 Mn (+121% YoY)

Total Funding $2.6 Bn

Financial Health
Total Expenses $776 Mn (+137% YoY)

Profit Before Taxes -$152 Mn (+50% YoY)


Valuation $7.1 Bn
Employee Benefit Expenses $204 Mn (+120% YoY)
FY22

Years to Unicorn 10 years


Advertisement Expenses $152 Mn (+130% YoY)
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