The recent ASK Private Wealth Hurun India Future Unicorn Index 2024 reveals a dynamic landscape within India’s startup ecosystem. Three startups, Zepto, InCred Finance, and logistics platform Porter, achieved unicorn status, contrasting with 25 others that exited the prestigious list. Notably, Ixigo departed following its successful Initial Public Offering earlier this year.
The report highlights the formidable challenges startups confront amid a funding-constrained environment worsened by economic slowdown and rising interest rates. Anas Rahman Junaid, Managing Director at Hurun India, pointed out a decrease in unicorn promotions compared to previous periods, indicating a critical juncture for the startup sector. Despite these obstacles, India currently counts 67 unicorns, 46 Gazelles, and 106 Cheetahs, collectively valued at US$ 58 billion, reflecting a modest increase of 1.8% from the previous year.
