India's 2024 Unicorn List : 6 Startups Join the $1 Billion Club

India's startup ecosystem flourished significantly in 2024, with six startups reaching unicorn status valued at over $1 billion. 

This marked a substantial rise compared to 2023, which saw only two startups Zepto and InCred Finance aachieving the milestone. 

These new unicorns reflect the burgeoning entrepreneurial spirit in India with notable growth in diverse sectors such as fintech, electric vehicles EVs, AI and travel tech.

Reflecting on 2023:

The year 2023 set the stage for Indias rising startup ecosystem with two key startups Zepto and InCred Finance achieving unicorn status. Zepto the ultra-fast grocery delivery startup, raised $200 million in August 2023 at a $1.4 billion valuation. 

The round was led by StepStone Group and Goodwater Capital, with participation from other existing investors. Zepto’s ability to scale quickly, even in a competitive market, signaled the growing strength of India’s e commerce sector. 

InCred Finance a fintech startup also reached the unicorn club in november 2023 after securing Inr 500 crore in Series D funding​

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The Unicorns of 2024:

The pace of unicorn achievements quickened in 2024 with six startups making it to the $1 billion valuation threshold spanning multiple sectors and showcasing the diverse innovation coming from Indias entrepreneurs.

Krutrim AI: Founded by Bhavish Aggarwal, the CEO of Ola Electric, Krutrim AI became the first unicorn of 2024. The AI startup, focused on developing language models and AI chips for computing, secured $50 million in funding, bringing its valuation to $1 billion. Its innovative solutions aim to compete on a global scale with tech giants like OpenAI​

RateGain: In February 2024, RateGain, a Delhi NCR-based SaaS provider to the travel and hospitality sector, became a unicorn. The company’s offerings in pricing, distribution, and business intelligence software have made it a leader in the travel-tech space​

Perfios: Perfios a fintech SaaS company based in Bengaluru, achieved unicorn status in March after raising $80 million. The company specializes in data aggregation and analytics for financial institutions globally, making it a key player in the fintech ecosystem​

Ather Energy: Ather Energy, a Bengaluru based electric vehicle manufacturer joined the unicorn ranks in August 2024. With a ₹596 crore ($71 million) funding round led by the National Investment and Infrastructure Fund (NIIF), Ather Energy competes with the likes of Ola Electric in the growing Indian EV market​

Rapido: Known for its bike taxi services, Rapido reached a valuation of $1 billion in September 2024. The startup raised $120 million from WestBridge Capital and other investors. Rapido competes with Ola and Uber in Indias rapidly expanding ride hailing market​

Moneyview: Also in September 2024 Moneyview a fintech platform that offers personal loans and financial management solutions, became a unicorn. The company raised funds that valued it at $1.2 billion cementing its position as a significant player in India’s financial technology space​

Conclusion:

India's startup ecosystem is experiencing accelerated growth with these six unicorns showcasing the innovation and dynamism that define India’s entrepreneurial landscape. From fintech to electric vehicles and AI, these companies are not just making waves within India, but also making their mark globally. Their success reflects the investment potential and diverse opportunities within India's thriving startup ecosystem.

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