- By Aditya Pratap Singh
- Thu, 20 Jun 2024 07:31 PM (IST)
- Source:JND
The Hurun Research Institute released the 'ASK Private Wealth Hurun India Future Unicorn Index 2024' on Thursday, which stated that India currently has 67 rhinos, 46 gazelles, and 106 leopards, compared to 68 rhinos, 51 gazelles, and 96 leopards in the 2023 index. There are 38 new entries - 7 gazelles and 31 new leopards on this year's list.
According to the 2024 Unicorn Index, Peak XV Partners, which has invested in 47 potential unicorns, is the most active investor, followed by Accel, which has stakes in 25 future unicorns.
India's future unicorns are currently valued at $58 billion, up 1.8 percent from last year. This year's index saw significant developments. Ixigo, the former Cheetah, went public at a 48 percent premium. Ixigo is expected to become a unicorn by 2022 and has skipped the Gazelle status by going straight to an IPO. With a market capitalization of Rs 6,000 crore ($700 million), Ixigo is poised for a billion-dollar valuation. Zepto, Porter, and Incred Finance have joined the unicorn club.
Despite previous delistings, India added 38 new companies to the index, including 7 Gazelle companies (expected to become unicorns within 3 years) and 31 Cheetah companies (expected to achieve unicorn status within 5 years).
The list this year is exciting, as it includes 2 cheetahs and 1 gazelle from SpaceTech, 6 cheetahs and 5 gazelles from AI, and 1 gazelle and 5 cheetahs from the electric vehicle/renewable energy sectors. These businesses, according to Anas Rahman Junaid, Managing Director and Chief Researcher at Hurun India, are poised to form India's future.
Also read: Nvidia Market Cap Surpasses GDP Of 189 Of 195 Countries In World
Delisting from the unicorn list
Popular startups like Dunzo, Practo, and Rapido have been delisted from the Hurun India Future Unicorn Index 2024. They are among the 25 promising startups that fell off the prestigious list. This development comes at a time when the collective valuation of potential startups in India has risen to $58 billion, representing a 1.8 percent increase over the previous year.
Startups like CogoPort in logistics, NeoGrowth in fintech, and Simple Energy in electric vehicles have also been delisted due to various reasons such as market dynamics, strategic shifts, and financial challenges. Gaana in media and entertainment, Koo in social media, and Bizongo in e-commerce were among the startups that were unable to keep up their momentum.
Other startups that were delisted from the Hurun India Future Unicorn Index 2024 include Jar, Bizongo, Fashinza, Arzooo, Avataar, Park+, Paper Boat, SirionLabs, WayCool, Axio, Dotpe, Jai Kisan, Melorra, Ultraviolette, mFine, and RenewBuy. Each of these businesses, from sectors as diverse as fintech, e-commerce, manufacturing, healthcare, and more, faced distinct challenges that led to their delisting.
