21st June 2024- India’s startup landscape showcases robust growth, as reflected in the Hurun India Future Unicorn Index 2024. According to the latest report, India boasts 67 unicorns, 46 gazelles, and 106 cheetahs, significantly increasing from the previous year’s figures.
The index highlights the addition of 38 new entrants, including 7 gazelles and 31 cheetahs, underscoring the dynamic potential of emerging businesses in the country. Notably, companies like Ixigo, previously categorized as a cheetah, made a remarkable leap by going public with a 48% premium, positioning itself for a billion-dollar valuation.
The report also identifies sectors like SpaceTech, Artificial Intelligence, and EV/Renewable Energy as pivotal contributors to India’s startup ecosystem. Zepto, Porter, and Incred Finance have achieved unicorn status, illustrating the sector’s resilience and capacity for rapid growth.
Despite record dropouts of 25 upcoming unicorns from the index, the overall outlook remains optimistic, with the total value of India’s future unicorns reaching $58 billion, reflecting a 1.8% increase from the previous year.
The evolving startup environment in India continues to attract global attention, supported by strategic investments, technological advancements, and a burgeoning entrepreneurial spirit poised for continued expansion in the coming years.
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