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In 2023, Indian startups will most likely become unicorns

India’s startup ecosystem is exploding at an unprecedented rate. ASK Private Wealth Hurun India Future Unicorn Index 2022 has classified companies as gazelles, cheetahs, and unicorns. Among the index’s findings, unicorn numbers have increased 65% in a year, while gazelles and cheetah numbers have grown by 59% and 31%, respectively. 

122 future unicorns are identified in India by the index, with Bengaluru continuing to be the unicorn capital with 46 unicorns. With 25 and 16 unicorns, Delhi and Mumbai are ranked second and third, respectively. According to the report, gazelle is a startup that was created after 2000 with the potential to become a unicorn within two years and is estimated to be worth 500 million to one billion dollars.

Here is a look at the top 10 gazelles listed on the ASK Private Wealth Hurun India Future Unicorn Index 2022 that are projected to become unicorns during the next two years:

10. Twin Health | Founded by Jahangir Mohammed, Twin Health invented the Whole Body Digital Twin to reverse and prevent multiple chronic metabolic diseases. Started in 2018, the health tech startup has received total funding of $200 million. 

9. ClearTax | Founded in 2011 by Archit Gupta, an IIT Guwahati alumnus, ClearTax had a clear vision – making filing of taxes simple for Indians. The fintech startup so far has garnered $140 million worth of funding. 

8. Rapido | India’s first and fastest-growing bike taxi aggregator, Rapido was started in 2015. Rapido, which offers its two-wheeler services in more than 100 Indian cities, has over 10 million customers and 1 million driver-partners or captains. The startup has received total funding of $310 million.

7. Dunzo | Founded by Kabeer Biswas and co-founders Ankur Agarwal, Dalvir Suri, and Mukund Jha, Dunzo is a hyper-local on-demand delivery service. With services in 8 cities in the country, Dunzo has received total funding of $700 million.

6. Ninjacart | Agritech startup Ninjacart is India’s largest fresh produce supply chain company. Founded in 2015 by Thirukumaran Nagarajan along with Vasudevan Chinnathambi, Kartheeswaran KK, Sharath Loganathan, Sachin Jose, and Ashutosh Vikram, Ninjacart connects farmers directly with retailers, which helps farmers get better deals and retailers get fresh produce for their customers. The startup has total funding of $370 million.

5. Vivriti Capital | Founded by Vineet Sukumar, fintech startup Vivriti Capital offers its customers financial services, investment banking, and advisory services. The startup has total funding of $190 million. 

4. Ather Energy | Headquartered in Banglore, Ather Energy is an Indian electric vehicle company. Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy has manufactured two electric scooters – Ather 450X and Ather 450 Plus. The startup has total funding of $290 million. 

3. Turtlemint | Insuretech startup Turtlemint is an online insurance platform that helps consumers identify and purchase appropriate insurance policies. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the startup has a network of over 100,000 insurance advisers catering to over 1.5 million customers in over 5,000 metro cities and towns. It has total funding of $200 million.

2. Zepto | Zepto, founded by Aadit Palicha and Kaivalya Vohra, is a Mumbai-based startup that offers a 10-minute groceries delivery service. Launched in 2021, the startup delivers 3,500 products across 11 cities and plans to start its operations in more cities soon. It has total funding of $360 million.

1. Shiprocket | Founded by Saahil Goel and Gautam Kapoor, Shiprocket is a logistic startup that provides tech-enabled logistic solutions to MSMEs. Started in 2017, the startup has over 1,50,000 happy clients and has grown more than tenfold in the total number of monthly shipments. It has total funding of $355 million.


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