India’s startup ecosystem saw significant growth in 2024, with six startups reaching unicorn status, marking a sharp increase from 2023, when only two startups achieved this milestone.
A Look Back at 2023
Zepto became the first unicorn of 2023 in August, raising $200 million at a $1.4 billion valuation. This round was led by StepStone Group, with additional support from Goodwater Capital and other investors. Later, in November 2023, InCred Finance joined the unicorn ranks after a Rs 500 crore Series D funding round.
The Unicorns of 2024
In 2024, six startups reached the $1 billion valuation mark. These include Moneyview, Ather Energy, Rapido, RateGain, Perfios, and Krutrim AI.
- Krutrim AI, founded by Ola Electric CEO Bhavish Aggarwal, became the first unicorn of 2024 in January, securing $50 million in funding.
- RateGain, a Delhi NCR-based traveltech company, entered the unicorn club in February, becoming the only listed new-age company to do so this year.
- Perfios, a fintech SaaS startup from Bengaluru, followed in March, raising $80 million from Teachers’ Venture Growth.
- Ather Energy, a competitor to Ola Electric in the EV sector, achieved unicorn status in August after securing Rs 596 crore in funding.
- Rapido, a bike taxi service based in Bengaluru, became a unicorn in September, raising $120 million from WestBridge Capital.
- Moneyview, a leading lending firm, also joined the ranks in September, with a funding round that valued the company at $1.2 billion, solidifying its position in India’s fintech space.
