Unicorn Report 2023 - v7
Unicorn Report 2023 - v7
Unicorn Report 2023 - v7
INDIA’S
UNICORN
CLUB
REPORT
2023
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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
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1,500
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
9,500+
5,300+ 110 INVESTORS
68,000+ UNICORNS
FUNDED
STARTUPS STARTUPS
$500 BN+ 104 300+
$140 BN+ COMBINED SOONICORNS INCUBATORS &
FUNDING VALUATION ACCELERATORS
Source: Inc42
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1.8L
2.0
Cumulative Number Of Startups Launched (In Lakhs)
+2.6X
1.5
1.2L
68K
1.0
0.5
0.0
2023 2025 2030
Source: Inc42
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150 10000
7500
Funding Amount ($ Bn)
100
Deal Count
5000
50
2500
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 2023
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.
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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
FINTECH
ENTERPRISETECH
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
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.
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More Unicorns Created In 2021 & 2022 Than In The Past Decade
The Indian startup ecosystem minted 61% of Indian unicorns post-2020
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
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
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
Source: Inc42
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DECODING
INDIA'S
UNICORN
CLUB
© INC42 MEDIA | NOT FOR DISTRIBUTION / 16
$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
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GROWTH STAGE
LATE STAGE
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
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
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Median Time Taken For A Startup To Become A Unicorn In India Is 5.7 Years
5+ years: 76%
76%
Source: Inc42
Note: Info Edge, MakeMyTrip and Zoho are not included in this analysis
© INC42 MEDIA | NOT FOR DISTRIBUTION / 20
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.
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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
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
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
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
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
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
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
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
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
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
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
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
Source: Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 34
cure.fit
Mensa Brands
Flipkart
BYJU’S
Zomato
GlobalBees
USA 39
USA 37
Japan 22
India 19
India 16
USA 16
Source:Inc42
© INC42 MEDIA | NOT FOR DISTRIBUTION / 37
Company
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126K+ 84%
alla
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Info Edge 3987
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3761 harmeasy
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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
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188 G
188
u r
lbees
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rance
Indian Unicorns
lobalb I n
b a 190 H ees Digit 1589 1589
G l o 0 Lead Lead
ra 19 1574
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Hasu k 15
193
193 154 Zetwerk
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o
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y z 3 154
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To Date
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Ecommerce &
153 5
rou 378 14 8 De
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based unicorns
46 0 P ens
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nt Inn eam et 1 87
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sa m M rth 534 33 Gr .M
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og
oi f l
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w rth
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lld M
72 Eas tickle
11 7 B
2
6
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itc
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en llde
trip 24
uv ns x
usi ice 1 57
A
e
it p
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11
c
sk nk
h
kle 61
108 6
a
784 Purpll
w
110
Bi
10
plle 84
Ku
4
1
5
unicorns played a pivotal
e
796 magi
nS C
108
ar geb
7
gi 8 6
among emerging
1
Ba
e
813 hiprocke
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s
be
13
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9
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102
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819
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9
ti 957
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957 Z
7
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r
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955 Ap
re 861
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951
et 81
ur
nb
4
862 Mapmy
951 Gups
r
862
Games24x7 936
Sli
5
891 Boat
936 Games24x7
Boat 891
Mobile Premier League 916
916 Mobile Premier League
o
wik 85
1G
s
op
k
an
A
s
O
Apna 9
o
s
…
a
e
Ac
dtic
ce
S
r
ne
se
fbu
M
ce
c
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se
Zeno
role in formalisation of
Gupshup
Pur
ee
lanc
n
MapmyIndia
enoti
rock
startups hubs in terms
obiKw
w
redA
Min
Gla
e
Ea
s
Unipho
na
o
iphore
MobiK
ine
Br
b
e
ck
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f
hup
O
ly C
ss
ik
mer
India
blue-collar employment
t
of job creation
e r
ly C
rm
i (Fo
redA
Source: Inc42, LinkedIn
b
v…
Yu
Note: Total number of employees as on 11 April 2023
© INC42 MEDIA | NOT FOR DISTRIBUTION / 38
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
INSIDE INDIA’S
UNICORN CLUB
THE STATE OF
FINANCIAL
HEALTH
© INC42 MEDIA | NOT FOR DISTRIBUTION / 40
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
94 84 13% 58 46 27% 37 35 6%
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
23 NA NA 39 NA NA -12 NA NA
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
29 NA NA 13 0 NA 12 NA NA
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change FY22 ($ Mn) FY21 ($ Mn) YOY Change
89 42 114% 35 24 47%
69 51 33% 34 21 64%
66 48 39%
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
$713 Mn
$780 Mn
$887 Mn
$1,310 Mn
$839 Mn $642 Mn
$892 Mn $860 Mn
$621 Mn $716 Mn
$1,008 Mn
$1,061 Mn
$783 Mn
$873 Mn
$950 Mn
$1,197 Mn
$1,878 Mn $991 Mn
$826 Mn
$874 Mn
$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
-$454 Mn
-$550 Mn -$341 Mn
-$320 Mn
-$356 Mn
-$406 Mn
-$374 Mn
-$701 Mn
-$252 Mn
-$243 Mn
INSIDE INDIA’S
UNICORN CLUB
FOUNDERS &
EDUCATION
BACKGROUNDS
© INC42 MEDIA | NOT FOR DISTRIBUTION / 57
110
Indian
Unicorns
Source:Inc42, LinkedIn
© INC42 MEDIA | NOT FOR DISTRIBUTION / 58
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
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
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
Sector Healthtech
Financial Health
Total Expenses $146 Mn (+86% YoY)
5ire
5ire is a blockchain network that is committed to sustainability.
Sector Fintech
Headquarters Dubai
Key Acquisitions
Total Funding $121 Mn
Valuation $1.5 Bn
Acko Insurance
Acko is an insurtech company which distributes micro-insurance products.
Sector Fintech
Headquarters Bengaluru
Valuation $1.1 Bn
Amagi
Media-focused SaaS startup that offers cloud broadcast & targeted advertising solutions on OTT and TV platforms
Sector Enterprisetech
Headquarters Bengaluru
Key Acquisitions
Total Funding $349.7 Mn
Valuation $1.4 Bn
Apna
Apna is an employment marketplace for India’s blue-collar workers.
Sector Enterprisetech
Headquarters Bengaluru
Total Revenue $8.2 Mn (+283% YoY)
Financial Health
Total Expenses $22 Mn (+292% YoY)
BharatPe
Bharatpe is a full-stack fintech solution provider that offers digital payments and lending solutions.
Sector Fintech
Financial Health
Total Expenses $783 Mn (+248% YoY)
BigBasket
BigBasket is an ecommerce platform that offers home delivery services for groceries and staples
Headquarters Bengaluru
Total Revenue $889 Mn (+17% YoY)
Financial Health
Total Expenses $991 Mn (+26% YoY)
BillDesk
Indian fintech company that offers payments gateways to merchants enabling them to accept digital payments
Sector Fintech
Headquarters Mumbai
Total Revenue $314 Mn (+13% YoY)
Financial Health
Total Expenses $286 Mn (+22% YoY)
BlackBuck
BlackBuck is an online truck aggregator platform that offers on-demand B2B logistics services.
Sector Logistics
Headquarters Bengaluru
Total Revenue $108 Mn (-2.6% YoY)
Financial Health
Total Expenses 144 Mn (+1.6% YoY)
Blinkit (Grofers)
Blinkit is an online quick commerce platform that delivery groceries and other staples in ten minutes
Total Funding $1 Bn
Financial Health
Total Expenses $157.7 Mn (+115% YoY)
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.
Sector Ecommerce
Financial Health
Total Expenses $348 Mn (+131% YoY)
BrowserStack
BrowserStack is an Indian SaaS startup that offers web and mobile app testing solutions.
Sector Enterprisetech
Headquarters Mumbai
Total Revenue $52.7 Mn (+60% YoY)
Financial Health
Total Expenses $40 Mn (+61% YoY)
BYJU’S
BYJU’S is India leading edtech enterprise that offers K12 and test preparation classes through online and offline medium
Sector Edtech
Headquarters Bengaluru
Notable Investment
Total Funding $5.77 Bn
Valuation $22 Bn
CarDekho
CarDekho is an ecommerce platform dedicated to automobile listing and trade
Sector Ecommerce
Financial Health
Total Expenses $271 Mn (+70% YoY)
CARS24
Cars24 is an Indian ecommerce marketplace dedicated towards the sale and purchase of used cars
Sector Ecommerce
Financial Health
Total Expenses $782 Mn (+110% YoY)
Chargebee
Chargebee is a fintech SaaS platform that enables revenue automation for subscription based businesses
Sector Fintech
Headquarters Chennai
Total Revenue $34.6 Mn (+128% YoY)
Financial Health
Total Expenses $30.7 Mn (+132% YoY)
CoinDCX
CoinDCX is mumbai-based Indian cryptocurrency exchange that helps user to buy/sell digital assets in India
Sector Fintech
Headquarters Mumbai
Total Revenue $73.6 Mn (+1149% YoY)
Financial Health
Total Expenses $78.7 Mn (+1448% YoY)
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
Sector Fintech
Headquarters Bengaluru
Valuation $1.9 Bn
Cred
CRED focuses on premium credit card users, offering them rewards and benefits for paying credit card bills via their platform.
Sector Fintech
Headquarters Bengaluru
Total Revenue $52.8 Mn (+342% YoY)
Financial Health
Total Expenses $213 Mn (+174% YoY)
Sector Fintech
Headquarters Chennai
Total Revenue $20.6 Mn (+% YoY)
Financial Health
Total Expenses $25.2Mn (+495% YoY)
cure.fit
cure.fit is an Indian fitness & wellness startup that offers online and offline physical training and dietary plans
Sector Healthtech
Headquarters Bengaluru
Total Revenue $39.3 Mn (+6% YoY)
Financial Health
Total Expenses $124Mn (+32% YoY)
Headquarters Bengaluru
Total Revenue $144 Mn (+49% YoY)
Financial Health
Total Expenses $464Mn (+135% YoY)
Darwinbox
Darwinbox is a Hyderabad based agile human resource management (HRMS) software for B2B enterprises.
Sector Enterprisetech
Headquarters Hyderabad
Total Revenue $15 Mn (+124% YoY)
Financial Health
Total Expenses $22 Mn (+186% YoY)
DealShare
Social ecommerce marketplace. It enables first-time internet users to shop online, targeting the middle-class population.
Sector Ecommerce
Headquarters Bengaluru
Total Revenue $244.6 Mn (+717% YoY)
Financial Health
Total Expenses $298.5 Mn (+679% YoY)
Delhivery
Indian logistics company that offers fulfillment services such as— transportation, warehousing and freight.
Sector Logistics
Financial Health
Total Expenses $1Bn (+91% YoY)
Digit Insurance
Digit insurance is a digital-first insurance provider in India that offers motor, health and other insurance products.
Sector Fintech
Headquarters Bengaluru
Valuation $4 Bn
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
Sector Fintech
Media & Entertainment
Headquarters Bengaluru
Mumbai
Total Revenue $508 Mn (+50% YoY)
Financial Health
Total Expenses $470 Mn (+70% YoY)
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.
Sector Ecommerce
Financial Health
Total Expenses $65.8 Mn (+157% YoY)
Druva
Druva is a SaaS company that helps in the protection of organisational data used in business operations
Sector Enterprisetech
Headquarters Pune
Valuation $2.0 Bn
EaseMyTrip
EaseMyTrip is an Indian online ticket booking platform that offers flight, hotels and road transportation booking services
Financial Health
Total Expenses $13 Mn (+57.6% YoY)
ElasticRun
B2B logistics based ecommerce platform that enables traditional/ modern businesses in India to expand their reach in the rural regions of the country.
Sector Logistics
Headquarters Pune
Valuation $ 1.5 Bn
Eruditus
Eruditus is an Indian edtech platform that facilitates aspirants to pursue online executive education courses globally
Sector Edtech
Headquarters Mumbai
Valuation $3.2 Bn
Firstcry
Firstcry is an Indian ecommerce marketplace that offers infant, toddler and kids clothing and accessories in India
Sector Ecommerce
Headquarters Pune
Total Revenue $314 Mn (+44.6% YoY)
Financial Health
Total Expenses $321 Mn (+56% YoY)
Flipkart
Horizontal ecommerce marketplace. Along with its subsidiary brands the company holds the highest market share in Indian ecommerce market
Sector Ecommerce
Headquarters Bengaluru
Total Revenue $1.3 Bn (+31% YoY)
Financial Health
Total Expenses $1.8 Bn (+36.5% YoY)
Fractal
Indian SaaS enterprise that offers data intelligence solutions for CPG, Retail, Healthcare and financial services industries.
Sector Enterprisetech
Headquarters Mumbai
Total Revenue $167.6 Mn (+50% YoY)
Financial Health
Total Expenses $182 Mn (+74% YoY)
Freshworks
Learning Indian SaaS company that offer customer and HR management software solutions to B2B customers across the globe
Sector Enterprisetech
Headquarters Chennai
Total Revenue $510.5 Mn (+29% YoY)
Financial Health
Total Expenses $731 Mn (+27% YoY)
Games24X7
Gaming startup that houses popular brands such as—RummyCircle (an online card game) and My11 Circle (a sports fantasy game).
Headquarters Mumbai
Total Revenue +147.8 Mn (-24% YoY)
Financial Health
Total Expenses +187 Mn (+6% YoY)
Glance
Glance is lock screen content platform that delivers AI-driven personalised content in multiple vernacular languages
Headquarters Bengaluru
Valuation $1.7 Bn
Global Bees
Globalbees is a roll-up style Indian startup which acquires D2C and ecommerce brands in India for future scaling.
Sector Ecommerce
Financial Health
Total Expenses $19.6 Mn
Sector Ecommerce
Headquarters Mumbai
Total Revenue $31.5 Mn (+404% YoY)
Financial Health
Total Expenses +$64 Mn (+468% YoY)
Groww
Groww is a discount-broking investment platform that enables individuals to trade & invest in publicly listed securities
Sector Fintech
Headquarters Bengaluru
Total Revenue $53 Mn (+50.6% YoY)
Financial Health
Total Expenses +$83 Mn (+465% YoY)
Gupshup
Gupshup is a conversational messaging platform that caters to businesses from multiple sectors
including banking, ecommerce, hospitality, consumer goods among others
Sector Enterprisetech
Headquarters Mumbai
Total Revenue $142.5 Mn (+52.5% YoY)
Financial Health
Total Expenses $135.5 Mn (+61.5% YoY)
Hasura
Hasura is a SaaS startup that provides data access and data flow tools to B2B clients for efficient management of organisational data
Sector Enterprisetech
Headquarters Bengaluru
Valuation $1.0 Bn
Hike
Hike started off as an instant messaging platform but the company has pivoted towards mobile gaming in 2021.
Financial Health
Total Expenses $17.5 Mn (+3% YoY)
Icertis
Icertis offers artificial intelligence driven contract management solutions to B2B clients across the globe
Sector Enterprisetech
Headquarters Pune
Valuation $2.8 Bn
IndiaMART
Publicly listed B2B ecommerce platform that helps SMB in direct procurements of goods from distributors and manufacturers
Sector Ecommerce
Financial Health
Total Expenses $ 57 Mn (+27% YoY)
Info Edge
Internet-first company that operates— Naukri.com, 99 Acres, AmbitionBox and Jeevansaathi among notable online web-portals in India
Financial Health
Total Expenses $149.9 Mn (+33.6% YoY)
Infra.Market
Infra.Market is a B2B ecommerce marketplace that provides procurement portal for real estate and construction material in India.
Sector Ecommerce
Headquarters Mumbai
Total Revenue $785.6 Mn (+404% YoY)
Financial Health
Total Expenses $ 757 Mn (+401% YoY)
InMobi
InMobi specialises in mobile marketing and mobile advertising business and became India’s first unicorn startup in 2011.
Sector Enterprisetech
Headquarters Bengaluru
Total Revenue $51.7 Mn (+66% YoY)
Financial Health
Total Expenses $49 Mn (+44% YoY)
LeadSquared
Leadsquared is a sales execution and marketing automation platform
Sector Enterprisetech
Headquarters Bengaluru
Total Revenue $25 Mn (+96% YoY)
Financial Health
Total Expenses $32.7 Mn (+131% YoY)
LEAD
LEAD is an enterprise edtech startup that provides operation management and curriculum content solutions to Indian schools.
Sector Edtech
Headquarters Mumbai
Total Revenue $17.6 Mn (+134% YoY)
Financial Health
Total Expenses $67 Mn (+188% YoY)
LeadSquared
Leadsquared is a sales execution and marketing automation platform
Sector Enterprisetech
Headquarters Bengaluru
Total Revenue $25 Mn (+96% YoY)
Financial Health
Total Expenses $32.7 Mn (+131% YoY)
Lenskart
Lenskart is an omnichannel retailer and manufacturer of eyewear accessories.
Sector Ecommerce
Financial Health
Total Expenses $215 Mn (+72.8% YoY)
Licious
Licious is a D2C foodtech startup that follows farm to fork business model for selling meat and seafood online.
Sector Ecommerce
Headquarters Bengaluru
Total Revenue $88.2 Mn (+64% YoY)
Financial Health
Total Expenses $148.9 Mn (+85.6% YoY)
Livspace
Livspace is a curated marketplace that provides an end-to-end home design experience.
Headquarters Bengaluru
Total Revenue $59 Mn (+64% YoY)
Financial Health
Total Expenses $110.7 Mn (+63% YoY)
MakeMyTrip
Indian online travel agency that offers airlines & ground transport ticket booking along with personalised accommodation.
Financial Health
Total Expenses $782 Mn (+110% YoY)
Mamaearth
Mamaearth is an Indian D2C brand that offers natural beauty and personal care products.
Sector Ecommerce
Financial Health
Total Expenses $117.7 Mn (-47.5% YoY)
MapmyIndia
MapmyIndia is India’s leading provider of digital maps, geospatial software & location-based IoT technologies
Sector Enterprisetech
Financial Health
Total Expenses $15.5 Mn (+9.8% YoY)
Meesho
Indian social commerce platform that helps SMBs, who sell products within their network using social media platforms
Sector Ecommerce
Headquarters Bengaluru
Total Revenue $419 Mn (+300% YoY)
Financial Health
Total Expenses $826 Mn (+394% YoY)
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
Sector Ecommerce
Headquarters Bengaluru
Total Revenue $27 Mn
Financial Health
Total Expenses $39.4 Mn
Mindtickle
Mindtickle is a SaaS platform that offers sales enablement solution for businesses across the globe
Sector Enterprisetech
Headquarters Pune
Total Revenue $26 Mn (+79.9% YoY)
Financial Health
Total Expenses $22.5 Mn (+79.5% YoY)
MobiKwik
Indian fintech startup which started-off as a digital mobile wallet but has later pivoted towards a full-stack fintech platform model.
Sector Fintech
Financial Health
Total Expenses $83 Mn (+61% YoY)
Headquarters Bengaluru
Total Revenue $76 Mn (+9% YoY)
Financial Health
Total Expenses $132 Mn (+54% YoY)
Moglix
Ecommerce marketplace for different kinds of industrial tools such as power tools, hand tools, safety and security and electricals.
Sector Ecommerce
Valuation $2.6 Bn
Mu Sigma
Mu Sigma offers data analytics and management solutions for enterprises across the globe.
Sector Enterprisetech
Headquarters Bengaluru
Total Revenue $90.7 Mn (+27% YoY)
Financial Health
Total Expenses $25.8 Mn (+606% YoY)
NoBroker
Indian real estate tech platform that facilitates direct connection between residential/commercial buyers/ tenants with sellers.
Headquarters Bengaluru
Valuation $1.06 Bn
NoBroker
Indian real estate tech platform that facilitates direct connection between residential/commercial buyers/ tenants with sellers.
Headquarters Bengaluru
Valuation $1.06 Bn
OfBusiness
OfBusiness is a B2B ecommerce marketplace that facilitates raw material procurement and credit for SMEs
Sector Ecommerce
Financial Health
Total Expenses $874 Mn (+316% YoY)
Ola
Ola is a ride-hailing and mobility platform. It also operates in other business verticals including financial services,cloud kitchens etc.
Headquarters Bengaluru
Total Funding $5 Bn
Valuation $7.4 Bn
Ola Electric
Ola electric is an Indian electric vehicle manufacturer. It is a subsidiary of India’s leading ride-hailing company— Ola.
Headquarters Bengaluru
Valuation $5 Bn
OneCard
OneCard is a credit card service provider company.
Sector Fintech
Headquarters Pune
Total Revenue $12.2 Mn (+496% YoY)
Financial Health
Total Expenses $35 Mn (+465% YoY)
Open
Open money is an Indian neobank that offers B2B banking solutions for Indian SMBs.
Sector Fintech
Headquarters Bengaluru
Total Revenue $7 Mn (257% YoY)
Financial Health
Total Expenses $27.9 Mn (+175% YoY)
OYO
OYO is India’s leading travel & accommodation focused startups that offers hotel booking, co-living and co-working services
Total Funding $4 Bn
Financial Health
Total Expenses $873 Mn (+0.7% YoY)
Paytm
India’s leading fintech startup that offers full-stack digital finance solutions including— mobile payments, loans and investments.
Sector Fintech
Financial Health
Total Expenses $950 Mn (+59% YoY)
Paytm Mall
PaytmMall is the ecommerce arm of fintech giant Paytm. The company operates on a horizontal marketplace model.
Sector Ecommerce
Financial Health
Total Expenses $45.2 Mn (-56% YoY)
PharmEasy
Pharmeasy is an Indian health tech startup that offers an array of online services including— pharmacy and healthcare diagnostics
Sector Healthtech
Headquarters Mumbai
Total Revenue $40.9 Mn (+175% YoY)
Financial Health
Total Expenses $39.9 Mn (+224% YoY)
Oxyzo
Fnancial arm of ecommerce unicorn OfBusiness, a lending platform that provides cash flow and matched working capital financing.
Sector Fintech
Financial Health
Total Expenses $27.2 Mn (+52% YoY)
PhonePe
PhonePe is and Indian fintech enterprise that offers a range of digital financial services— payments and insurance.
Sector Fintech
Headquarters Bengaluru
Total Revenue $211 Mn (+133% YoY)
Financial Health
Total Expenses $463 Mn (50.8% YoY)
Physics Wallah
Physics Wallah offers classes, video lectures, test series, and dynamic exercises for JEE, NEET Entrance, and board exam
Sector Edtech
Prateek Maheshwari
Financial Health
Total Expenses $12.8 Mn
PineLabs
Pine Labs is an Indian fintech enterprise that offers B2B digital payment and invoice management products to businesses.
Sector Fintech
Valuation $5 Bn
PolicyBazaar
PolicyBazaar is an Indian Insurtech platform that offers a marketplace for consumers to purchase insurance online in India.
Sector Fintech
Financial Health
Total Expenses $298 Mn (+117% YoY)
Postman
Postman is a SaaS platform that enables business organisations to develop, browse and deploy API based applications in one place.
Sector Enterprisetech
Headquarters Bengaluru
Valuation $5.6 Bn
Pristyn Care
Pristyn offers affordable advanced surgical care to patients through innovative surgical techniques and recovery measures.
Sector Healthtech
Valuation $1.4 Bn
Purplle
Purplle is an online retailer that offers beauty and personal care products
Sector Ecommerce
Headquarters Mumbai
Total Revenue $28.4 (+63.5% YoY)
Financial Health
Total Expenses $53.9 (+125% YoY)
Quikr
Quikr is an online classifieds that enables users to buy, sell, rent or discover anything across India.
Headquarters Bengaluru
Valuation -
Razorpay
Payment gateway platform- SME payroll management, banking, lending, payments, insurance among others.
Sector Fintech
Headquarters Bengaluru
Total Revenue $185.7 Mn (+75.8% YoY)
Financial Health
Total Expenses $184.5 Mn (+75.9% YoY)
Rebel Foods
Rebel Foods is a foodtech company which operates multiple quick-service food brands independently
Headquarters Mumbai
Total Revenue $113 Mn (+107% YOY)
Financial Health
Total Expenses $178.6 Mn (+85.7% YoY)
Renew Power
ReNew Power is an independent power producer (IPP) of renewable energy using clean sources such as wind and solar power.
Valuation $1.55 Bn
Rivigo
Rivigo is an Indian logistics technology startup that facilitates on-demand truck transportation services for B2B customers.
Sector Logistics
Financial Health
Total Expenses $108 Mn (-12% YoY)
ShareChat
Sharechat is an Indian social media platform that focuses on the vernacular internet users in India.
Headquarters Bengaluru
Total Revenue $52.4 Mn (+333% YoY)
Financial Health
Total Expenses $425.9 Mn (+118% YoY)
Shiprocket
Shiprocket is an ecommerce shipping platform that enables cost effective shipping for D2C brands
Sector Logistics
Financial Health
Total Expenses $90.9 Mn (+107% YoY)
Shopclues
Shopclues is an Indian value ecommerce marketplace that offers a range of products and services to both B2C and B2B customers
Sector Ecommerce
Financial Health
Total Expenses $14 Mn (-36% YoY)
Slice
Slice is an Indian BNPL startup that offers digital+physical credit card targeted towards the millennial and generation-z users
Sector Fintech
Headquarters Bengaluru
Total Revenue $36.6 (+325% YoY)
Financial Health
Total Expenses $67.8 (+222% YoY)
Snapdeal
Snapdeal is an Indian value ecommerce marketplace that primarily targets shoppers based out of non-metro cities in India.
Sector Ecommerce
Financial Health
Total Expenses $133.8 Mn (+68.2% YoY)
Spinny
Spinny is a used car retailing platform. It operates across the entire value chain of pre-owned cars
Sector Ecommerce
Financial Health
Total Expenses $83.7 Mn (+346% YoY)
Swiggy
Swiggy is an Indian hyperlocal food delivery startup that offers last mile delivery services for food orders from local restaurants.
Headquarters Bengaluru
Total Revenue $765 Mn (+128% YoY)
Financial Health
Total Expenses $1.1 Bn (+131% YoY)
Udaan
Udaan is a B2B ecommerce marketplace that hosts small and medium businesses, manufacturers, wholesalers, traders, and retailers.
Sector Ecommerce
Headquarters Bengaluru
Total Revenue $85.8 Mn (+39% YoY)
Financial Health
Total Expenses $306.7 Mn (+426%)
Unacademy
Indian edtech startup that offers online courses on various Indian and international competitive examinations along with K12 supplementary education.
Sector Edtech
Headquarters Bengaluru
Total Revenue $105.5 Mn (+81.8% YoY)
Financial Health
Total Expenses $462.8 Mn (+82.4% YoY)
Uniphore
Indian SaaS enterprise that offers artificial intelligence based conversational support business to B2B clients in Indian and around the world.
Sector Enterprisetech
Headquarters Chennai
Valuation $2.5 Bn
UpGrad
Indian edtech startup that offers higher education online certification courses in partnership with leading universities in the world.
Sector Edtech
Headquarters Mumbai
Total Revenue $86.5 Mn (+111% YoY)
Financial Health
Total Expenses $162.5 Mn (+153% YoY)
Upstox
Upstox is an online trading app for Demat accounts, the Share market, Mutual Funds, and IPOs.
Sector Fintech
Headquarters Mumbai
Total Revenue $95.7 Mn (+77% YoY)
Financial Health
Total Expenses $152.6 Mn (+144% YoY)
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
Headquarters Delhi-NCR
Total Revenue $63.6 Mn (+76% YoY)
Financial Health
Total Expenses $128 Mn (+90% YoY)
Vedantu
Vedantu is an Indian edtech startup that offers online test preparation and K12 courses to aspirants/students.
Sector Edtech
Headquarters Bengaluru
Total Revenue $24.3 Mn (+44% YoY)
Financial Health
Total Expenses $111 Mn (19% YoY)
Xpressbees
Xpressbees is an Indian logistics tech startup that provided integrated logistics solutions to B2B businesses in India
Sector Logistics
Headquarters Pune
Total Revenue $241 Mn (+88% YoY)
Financial Health
Total Expenses $244.6 Mn (+79.8% YoY)
Zenoti
Zenoti is an all-in-one, cloud-based software for salons, spas, and medi-spas.
Sector Enterprisetech
Headquarters Hyderabad
Valuation $1.5 Bn
Zerodha
Zerodha is an Indian investment tech platform that offers discount-broking services to consumers in India
Headquarters Bengaluru
Total Revenue $620 Mn (81.8% YoY)
Financial Health
Total Expenses $270 Mn (71.7% YoY)
Zeta
Indian fintech SaaS startup that offers API based digital financial products for both banks and other fintech institutions.
Sector Fintech
Headquarters Bengaluru
Valuation $1.45 Bn
Zetwerk
Zetwerk is a manufacturing services platform that connects manufacturing companies with vendors and suppliers
Sector Manufacturing
Headquarters Bengaluru
Total Revenue $632 Mn (+483% YoY)
Financial Health
Total Expenses $643 Mn (465% YoY)
Zoho
Indian SaaS startup that offers 50+ integrated online applications for business operations such as CRM, HRM among others.
Headquarters Chennai
Total Revenue $874.8 Mn (+28.5% YoY)
Financial Health
Total Expenses $446 Mn (+18% YoY)
Zomato
Zomato is an Indian hyperlocal food delivery startup that offers on demand delivery from local restaurants.
Financial Health
Total Expenses $776 Mn (+137% YoY)
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