Unicorns in India: List of startup companies with unicorn status in 2023

Explore the trailblazers of innovation: India's unicorn startups, their sectors, and valuations

Published: Aug 28, 2023 07:52:15 AM IST
Updated: Aug 28, 2023 11:13:44 AM IST

Unicorns in India: List of startup companies with unicorn status in 2023

In the dynamic world of startups, a rare breed emerges now and then—unicorn startups. These extraordinary ventures have captivated the business world, capturing our imaginations with exceptional achievements. India, with its vibrant entrepreneurial spirit and booming startup ecosystem, has witnessed the rise of numerous unicorn startups that are revolutionising industries, reshaping markets, and making their mark on the global platform.

As of May 2022, the Indian Startup Ecosystem, ranking third globally in terms of unicorn count, has reached a milestone of 100 unicorns, collectively valued at $332.7 billion. In today's fast-paced and dynamic economy, Indian Unicorns are thriving. These startups are not only creating groundbreaking solutions and technologies but also fueling significant job growth.

As of the first quarter of 2023, there are no new unicorns created in India. According to a report by Tracxn, a market intelligence platform, which states that there were no unicorns created from January to March 2023, compared to 14 in the same period in 2022. The report attributes the decrease in funding to the reduction in late-stage funding, which fell by 79 percent in Q1 2023 ($1.8 billion) compared to Q1 2022.

This article will take you on a  journey through the realm of unicorns in India, showcasing the innovative powerhouses that have achieved remarkable valuations and captured the attention of investors worldwide. We will explore the sectors they operate in, the groundbreaking solutions they offer, and the impact they have on the Indian economy and society.

Also Read: Angel investors: What is angel investing and how does it work?

What is a unicorn startup?

A unicorn startup is a term used to describe a privately held startup company with a valuation of over $1 billion. The term was coined by Aileen Lee, a venture capitalist, choosing the mythical animal to represent the statistical rarity of such successful ventures.

Unicorn startups are often innovative and disruptive companies that operate in various sectors, such as technology, e-commerce, finance, healthcare, and more. They typically experience rapid growth and attract significant investment from venture capitalists and other investors. These companies often leverage advanced technologies, business models, or market strategies to gain a competitive edge and capture a large market share.

Also Read: What is equity? What are its types? How does equity investment work? Formula to calculate and more

The concept of unicorn startups has gained prominence in the startup ecosystem as a measure of success and potential. Unicorns in India are seen as game-changers in their respective industries and have the potential to reshape markets or create new ones. Examples of well-known unicorn startups include BYJU's, Swiggy, OYO Rooms, Dream11, Razorpay, and Ola Cabs.

List of Startup Companies with Unicorn Status in India (Latest)

No Company Sector Entry Valuation ($B) Entry
Zepto Quick commerce 1.4 Aug-2023
Molbio Diagnostics Healthtech 1.53 Sep-2022
Shiprocket Aggregator 1.23 Aug-2022
OneCard Fintech 1.3 Jul-2022
Leadsquared SaaS 1 Jun-2022
Purplle E-Commerce 1.1 Jun-2022
PhysicsWallah Edtech 1.1 Jun-2022
Open Financial Technologies Fintech 1 May-2022
Games24x7 Gaming 2.5 Mar-2022
Oxyzo Financial Services Fintech 1 Mar-2022
Amagi Media Labs SaaS 1 Mar-2022
CredAvenue Marketplace 1.3 Mar-2022
Hasura SaaS 1 Feb-2022
Uniphore Software Systems SaaS 2.5 Feb-2022
XpressBees Logistics Logistics Services 1.2 Feb-2022
LivSpace Interior Design 1.2 Feb-2022
ElasticRun Logistics Services 1.4 Feb-2022
Polygon Web3 Infrastructure 10 Feb-2022
DealShare E-Commerce 1.62 Jan-2022
DarwinBox SaaS 1 Jan-2022
LEAD School Edtech 1.1 Jan-2022
Fractal SaaS 1 Jan-2022
GlobalBees Aggregator 1.1 Dec-2021
Mamaearth D2C 1.07 Dec-2021
Pristyn Care Healthtech 1.4 Dec-2021
Slice Fintech 1 Nov-2021
Upstox Fintech 3.4 Nov-2021
Spinny Marketplace 1.5 Nov-2021
NoBroker Proptech 1 Nov-2021
Mensa Brands Aggregator 1.2 Nov-2021
CureFit Healthtech 1.5 Nov-2021
The Good Glamm Group
D2C 1.2 Nov-2021
Acko Fintech 1.1 Oct-2021
Cardekho Marketplace 1.2 Oct-2021
Rebel Foods Foodtech 1.4 Oct-2021
CoinSwitch Cryptocurrency Exchange 1.9 Oct-2021
Licious D2C 1 Oct-2021
Vedantu Edtech 1 Sep-2021
Apna.co Marketplace 1.1 Sep-2021
Mobile Premier League Gaming 2.3 Sep-2021
Zetwerk Marketplace 1 Aug-2021
Blinkit E-Commerce 1 Aug-2021
Eruditus Edtech 3.2 Aug-2021
CoinDCX Cryptocurrency Exchange 1.1 Aug-2021
upGrad Edtech 1.2 Aug-2021
MindTickle SaaS 1.2 Aug-2021
BharatPe Fintech 2.8 Aug-2021
OfBusiness NBFC 1.5 Jul-2021
Droom Marketplace 1.2 Jul-2021
BlackBuck Logistics Services 1 Jul-2021
BrowserStack SaaS 4 Jun-2021
Zeta Fintech 1.4 May-2021
Moglix B2B E 1 May-2021
Urban Company Marketplace 2.1 Apr-2021
Source: Venture Intelligence

Unicorns in India exemplifies its startup ecosystem's entrepreneurial drive and potential. These innovative companies are revolutionising industries, addressing societal challenges, fueling economic growth, and generating employment opportunities.

Despite regulatory obstacles and fierce competition, both the Indian government and the business sector are actively supporting startups. The influence of unicorns in India has had a massive impact on its economy, and society is set to persist, with more pioneering enterprises aspiring to attain this esteemed status in the times ahead.

Also Read: Top 10 companies in India by market valuation in 2023

Frequently Asked Questions( FAQs)

1. What are the important factors that contribute to a startup becoming a unicorn?

Unicorns in India are typically characterised by disruptive innovation, scalability, market demand, strong leadership, successful funding rounds, and rapid growth milestones. They often leverage advanced technologies, capture a significant market share, and demonstrate the potential for long-term sustainability and profitability.

2. How do unicorns in India impact the economy and industries they operate in?

Unicorns in India play an outsized role in driving economic growth and innovation, not just because of their scale but the hype and buzz they generate. They create job opportunities, attract investments, disrupt traditional industries, introduce new technologies and business models, and contribute to the overall transformation of markets. Their success often inspires entrepreneurship and fosters a culture of innovation within the startup ecosystem.

3. Are all unicorn startups profitable?

While unicorns in India have achieved high valuations, not all are immediately profitable. Many unicorn companies prioritise rapid growth and market dominance over short-term profitability. They often reinvest their revenues into scaling operations, expanding market reach, and developing new products or services. Profitability goals may vary across different stages of a startup's growth trajectory.

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