scorecard51 start-ups from India likely to become unicorns in three years
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51 start-ups from India likely to become unicorns in three years

51 start-ups from India likely to become unicorns in three years
Business18 min read

  • These 51 start-ups have collectively raised funding of US$9.6 billion.
  • 11 of such companies are from the fintech sector, while 6 are from the SaaS sector.
  • The companies represent a mix of innovative ventures from different industries.
In the next three years, as many as 51 high-growth start-ups that boast valuations estimated between $500 million to $1 billion, are likely to become unicorns. These 51 start-ups have collectively raised funding of US$9.6 billion till date, according to the ASK Private Wealth Hurun India Future Unicorn Index 2023. A company is considered an unicorn when it achieves a market valuation of $1 billion.

These categories of start-ups are known as Gazelles. The Hurun report defines ‘Gazelle’ as a start-up founded after 2000 and one which has the potential to go unicorn in three years.

Says Anas Rahman Junaid, founder, Hurun India, and Chief Researcher, “Gazelles and Cheetahs provide an insight into the economy of tomorrow. What they are doing and where they are doing it gives an indication into which sectors are attracting the world’s top young talent and smartest capital, and which countries and cities have the best start-up ecosystems.” The Hurun Report defines ‘Cheetah’ as a start-up founded after 2000 and which has the potential to go Unicorn in the next five years.

The index features a diverse range of Gazelle companies from various sectors. The FinTech sector leads with 11 Gazelles, followed by six Gazelles from the SaaS sector. E-commerce, and AgriTech sectors each contribute four Gazelles.

Notable Gazelles in the index include Ather Energy, an electric vehicle (EV) start-up, Zepto, a quick commerce start-up, and Leap Scholar, an EdTech start-up. Close contenders include Observe.AI, an AI start-up, and Ninjacart, an AgriTech start-up. These companies represent a mix of innovative ventures from different industries, showcasing their potential for growth and impact in their respective fields.

We take a closer look at the above start-ups.

Ather Energy:

Ather Energy is an electric two-wheeler manufacturer based in Karnataka, India. Established in 2013 by Tarun Mehta, and Swapnil Jain, the company specialises in producing electric scooters. Their current product lineup includes models like the Ather 450X and the Ather 450X Pro.

Leap Scholar:

Leap Scholar provides support to students from India in their pursuit of studying at international institutions. Their team consists of global study experts, and student mentors who offer guidance throughout the entire process. From university selection to application assistance, financing counselling, and even arranging job interviews, Leap Scholar plays a role in every stage.


Zepto is a next-door quick commerce app that offers a variety of products, including groceries, personal care items, electronics, and more. Their unique selling point is the incredibly fast delivery time of just 10 minutes. They aim to fulfil all daily, and monthly grocery requirements, and provide a wide selection of over 5,000 products to choose from.


Observe.AI is a company that utilises a contact centre language model with 30 billion parameters. They specialise in extracting valuable insights from customer interactions, enabling a team to make informed decisions in real-time. Additionally, they offer workflow automation to facilitate the seamless implementation of successful practices throughout an organisation.


Ninjacart is a fresh produce supply chain company whose primary primary focus is to establish a direct connection between food producers and retailers, restaurants, and service providers. To achieve this, Ninjacart utilises their in-house applications that effectively manage and streamline the entire supply chain process from start to finish. By leveraging technology, Ninjacart aims to improve the efficiency and effectiveness of food distribution, benefiting both producers and end-users.

51 start-ups that are likely to turn unicorn in the next 3 years

No.CompanyYear FoundedTotal Funding Received (US$mn)Start-up Sectorinno
1Ather Energy2013342Electric Vehicle
2Leap Scholar2019153EdTech
3Zepto2021360Quick Commerce
4Observe.AI2017214Artificial Intelligence
6Rapido2015310Shared Economy
8Twin Health2018199HealthTech
10GreyOrange2011293Artificial Intelligence
13Smartworks201625Shared Economy
14Square Yards201398E-commerce
15StashFin2016345Neo Bank
16Servify2015120Consumer Services
20Vivriti Capital2017190FinTech
22La Renon200746BioTech
23M2P Fintech2014107FinTech
26Country Delight2015115AgriTech
27Gaana2011206Media & Entertainment
28Bira 912015263Food & Beverages
29Ecom Express2012485Logistics
33Captain Fresh2019127LogisticsTech
35Navi Technologies2018582FinTech
36Qure AI201560Artificial Intelligence
41Capillary Technologies2008102SaaS
44HomeLane2014114Consumer Goods
47Money View2014109FinTech
48Mosaic Wellness201935HealthTech
49Northern Arc2008447FinTech
50Stanza Living2017227Shared Economy

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2023