India Welcomes Six New Unicorns in 2024: A Promising Year for Startups

India’s startup ecosystem witnessed a significant leap in 2024, with six startups crossing the $1 billion valuation milestone to achieve unicorn status. This marked a notable surge compared to 2023, which saw only two startups—Zepto and InCred Finance—achieve the coveted unicorn title.

Unicorns of 2024: The Complete List

1. Krutrim AI
   • Sector: Artificial Intelligence
   • Achievement: Krutrim AI, founded by Ola Electric CEO Bhavish Aggarwal, became the first unicorn of 2024 in January. The AI startup raised $50 million at a $1 billion valuation, solidifying its position in the AI innovation space.
2. RateGain
   • Sector: TravelTech
   • Achievement: Delhi NCR-based RateGain became the first listed new-age company to join the unicorn club in February. The startup continues to revolutionize travel and hospitality with its technology-driven solutions.
3. Perfios
   • Sector: FinTech SaaS
   • Achievement: Bengaluru-based Perfios entered the unicorn club in March after raising $80 million from Teachers’ Venture Growth (TVG). The platform provides cutting-edge financial data aggregation and analytics services.
4. Ather Energy
   • Sector: Electric Vehicles
   • Achievement: In August, Ather Energy, a key competitor to Ola Electric, raised Rs 596 crore ($71 million) in a funding round led by the National Investment and Infrastructure Fund (NIIF), elevating its valuation to unicorn status.
5. Rapido
   • Sector: Mobility (Bike Taxi Aggregator)
   • Achievement: Rapido, a Bengaluru-based ride-hailing platform, joined the unicorn league in September. It raised $120 million from WestBridge Capital and other investors, including Think Investments, Nexus Venture Partners, and Invus Group, reaching a valuation of $1 billion.
6. Moneyview
   • Sector: FinTech (Lending)
   • Achievement: Lending platform Moneyview also achieved unicorn status in September, with a funding round valuing the company at $1.2 billion. It continues to expand its reach within India’s growing digital lending ecosystem.

Comparing 2023 and 2024 Unicorn Trends

In 2023, only two startups made it to the unicorn club:

• Zepto (Quick Commerce): Raised $200 million at a $1.4 billion valuation in August.
• InCred Finance (FinTech): Secured Rs 500 crore in November to achieve unicorn status.

In contrast, 2024 showcased broader sectoral diversity, with unicorns emerging from AI, travel technology, fintech, mobility, and electric vehicles. This diversification reflects India’s evolving startup ecosystem, which continues to thrive despite global economic uncertainties.

Key Takeaways

• Sectoral Growth: 2024 saw a mix of unicorns across AI, EVs, mobility, fintech, and traveltech, showcasing India’s innovation across various industries.
• Investor Confidence: Despite a challenging funding climate globally, these startups secured significant investments, demonstrating the resilience of India’s startup ecosystem.
• Global Impact: With companies like Krutrim AI and Perfios scaling globally, Indian startups continue to make their mark on the international stage.

India’s growing unicorn club is a testament to the country’s vibrant entrepreneurial spirit, robust innovation, and unwavering investor interest. As the year progresses, the ecosystem looks poised for further growth, paving the way for more milestones in the coming years.