INDIA’S TOP

STARTUPS
FINANCIAL INDEX REPORT, 2023
TABLE OF CONTENTS
01 INDIA’S DIGITAL ECONOMY IN A NUTSHELL 11 MOST FRUGAL INDIAN STARTUPS IN FY22

02 INDIAN STARTUP ECONOMY: AN OVERVIEW 12 INDIAN STARTUPS WITH FASTEST SALES GROWTH IN FY22

03 INDIAN STARTUPS’ FUNDING & EXIT LANDSCAPE 13 INDIAN STARTUPS WITH HIGHEST EXPENDITURE SURGE IN FY22

04 HOW INDIA’S TOP 200 STARTUPS PERFORMED IN FY22 14 INDIAN STARTUPS WITH HIGHEST GROWTH IN EMPLOYEE BENEFIT EXPENSES IN FY22

05 FINANCIAL HEALTH OF INDIAN STARTUPS 15 INDIAN STARTUPS WITH FASTEST-GROWING ADVERTISING EXPENDITURE IN FY22

06 INDIA’S TOP 200 STARTUPS: REVENUE RANGE WISE DISTRIBUTION 16 TOP 30 INDIAN STARTUPS WITH THE HIGHEST ADVERTISING BUDGET

07 INDIA’S TOP 10 STARTUPS BY REVENUE IN FY22 17 THE STATE OF INDIAN UNICORNS & SOONICORNS

08 42 FASTEST-GROWING INDIAN STARTUPS IN TERMS OF REVENUE (FY21 TO FY22) PROFITABILITY

REVENUE GROWTH
09 INDIA'S TOP 200 STARTUPS FINANCIAL INDEX 2023
AD SPENDS
10 MEDIAN EXPENDITURE-TO-REVENUE RATIO OF TOP 200 INDIAN STARTUPS
18 VALUATION-TO-REVENUE MULTIPLE
AGGREGATE LOSS
PROFITABILITY RATIO
19 BIG TECH IN INDIA VS FIVE MOST VALUED INDIAN UNICORNS

AGGREGATE SPENDING 20 METHDOLOGY

 © INC42 MEDIA | NOT FOR DISTRIBUTION / 3

India’s Digital Economy In A Nutshell

1,500
1.3 Bn+ 61% 44%
Internet Users Internet Penetration Increase In Internet

1,343
By 2030 In India Users From 2022 To

1,310
1,273
1,132
2030

1,186
1,134
1,000

1,075
Internet Users (Mn)

1,008
$0.17 4.7 Hours 600 Mn+
932
846

Per GB Internet Average Hours Spent Smartphone

749

Cost In India On Mobile Per Day Users

500 Per User

$3 Tn+ 350 Mn+ 373 Mn+

Total Value Of UPI Number Of Users Estimated Rural
0 Transactions As On Transacting Internet Users
2020 2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F January 2023 Online In 2022

Source: TRAI, NPCI, Bain & Company, Data.ai

Indian Startup Economy:
An Overview
60K+ 108 9.5K+
Tech Startups Launched To Date Unicorns Investors Backing Indian Startups

3rd 102 300+

Accelerators & Incubators Fuelling
Largest Startup Ecosystem In The World Soonicorns
Startup Growth

$500 Bn+ 750K

Combined Valuation Of Indian Startups Jobs Created By Startups

Source: Inc42, Economic Survey of India

Indian Startups’ Funding & Exit Landscape
FUNDING OVERVIEW M&As & EXITS

$136 Bn+ $97 Bn+ 1.2K+ 18+

Total Funding Raised At Late Stage M&A Deals Startup IPOs

9.1K+ $32 Bn+ $6.4 Bn+ 22+

Funding Deals Raised At Growth Stage Spent On M&As Upcoming IPOs

5.3K $5 Bn+
Funded Startups Raised At Seed Stage

Source: Inc42
Note: Based on data recorded between January 1, 2014, and December 31, 2022
How India’s Top 200 Startups Performed In FY22

$19 Bn+ Aggregate Revenue $3 Bn+ Aggregate Advertising Spend

$25 Bn+ Aggregate Expenditure $76 Mn Median Annual Revenue Of Unicorns

$8 Bn+ Total Losses Incurred $122 Mn Median Annual Expenditure Of Unicorns

20% Startups Were EBITDA Positive $22 Mn Median Revenue Of Soonicorns

$5 Bn+ Aggregate Employee Benefits Spend $42 Mn Median Annual Expenditure Of Soonicorns

Source: Inc42, Economic Survey of India

 © INC42 MEDIA | NOT FOR DISTRIBUTION / 7

Financial Health Of Indian Startups

India’s Top 200 Startups Spent $25 Bn To Earn $19 Bn In FY22

4 OUT OF Funded startups in India were loss-making Growth In Aggregate Loss Of The Top 200
EVERY 5 in FY22. 2X Indian Startups In FY22

Sector With The Highest Number

Was the most overvalued Indian soonicorn
ENTERPRISETECH Of Operationally Profitable
Startups In FY22
REFYNE in FY22.

Had the highest operating profit margin Was the most overvalued Indian unicorn
GAMESKRAFT in FY22. OPEN in FY22.

ZERODHA Had the highest operating profit in FY22.

 © INC42 MEDIA | NOT FOR DISTRIBUTION / 8

Who Are These 200 Startups?

$85 Bn Funding Raised Between

2014 And 2022 37 Startups Raised More Than
$500 Mn Funding

63% Share In Total Startup Funding

Between 2014 And 2022
65 Of The Top 200 Are
Soonicorns

74 Of The Top 200 Startups Are

Unicorns $260 Bn+ Combined Valuation Of
These 200 Startups
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 9

India’s Top 200 Startups: Revenue Range Wise Distribution

$500 MN+ $50 MN TO $500 MN

 © INC42 MEDIA | NOT FOR DISTRIBUTION / 10

$1 MN TO $50 MN

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 11

India’s Top 10 Startups By BIRIYANI

HOMELINE

REBEL FOODS
URBAN
COMPANY
EATCLUB

Revenue In FY22 CONSUMER

BY KILO BRANDS

SERVICES
ELASTICRUN ZOMATO SWIGGY

PORTER ZETWORK MEESHO

FAREYE
DEALSHARE
SHADOWFAX
SERVIFY BIGBASKET BLINKIT
SHIPROCKET

DELHIVERY ECOM EXPRESS

FLIPKART OFBUSINESS
PAYMATE ACKO
LEAP INDIA
PHONEPE
ZETA
NETRADYNE
XPRESSBEES
BLACKBUCK
BIZONGO
BOAT
CARS24
LOGISTICS MYNTRA ZERODHA PAYTM
MAPMYINDIA
HIGHRADIUS

FRACTAL CLEVARTAP
ANALYTICS
COINDCX

PAYU INDIA PINE LABS

INFIBEAM
ZOHO INFOEDGE

ECOMMERCE
ENTERPRISETECH GUPSHUP
CHARGEBEE
FINTECH
ZENOTI
BROWSERSTACK

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 12

42 Fastest-Growing Indian Startups In Terms Of Revenue (FY21 To FY22)

Rank Startup Name YoY Total Revenue Rank Startup Name YoY Total Revenue
Growth (FY21 to '22) Growth (FY21 to '22)

1 20x 11 6.4x

2 13x 12 6.3x

3 12x 13 6.0x

4 9.5x 14 5.4x

5 8.9x 15 5.3x

6 8.8x 16 5.3x

7 8.2x 17 5.2x

8 8.2x 18 5.1x

9 6.6x 19 5.0x

10 6.5x 20 4.9x

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 13

YoY Total Revenue YoY Total Revenue

Rank Startup Name Rank Startup Name
Growth (FY21 to '22) Growth (FY21 to '22)

21 4.8x 32 4.2x

22 4.8x 33 4.1x

23 4.7x 34 4.0x

24 4.7x 35 4.0x

25 4.7x 36 3.8x

26 4.6x 37 3.7x

27 4.5x 38 3.6x

28 4.4x 39 3.6x

29 4.3x 40 3.5x

30 4.3x 41 3.5x

31 4.2x 42 3.4x

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 14

India's Top 200 Startups Financial Index 2023

Top 200 startups are ranked on the basis of their Adjusted Growth Rate

Startups Recorded Higher Expenditure Growth

57% Than Revenue In FY22 $8 BN+ Total Losses Incurred

$19 BN+ Aggregate Revenue 20% Startups Were EBITDA Positive

$25 BN+ Aggregate Expenditure

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
THE ADJUSTED REVENUE GROWTH RATE IS THE DIFFERENCE BETWEEN YEAR-ON-YEAR TOTAL REVENUE AND EXPENDITURE GROWTH BETWEEN FY21 AND FY22.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 15

India's Top 200 Startups Financial Index 2023

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue
Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Healthtech $1 Mn to $50 Mn 30 787% 317% 470%

Fintech $1 Mn to $50 Mn 19 389% 28% 361%

Edtech $1 Mn to $50 Mn 29 851% 571% 279%

Healthtech $1 Mn to $50 Mn 6.3 433% 171% 262%

Deeptech $1 Mn to $50 Mn 21 354% 104% 249%

Fintech $1 Mn to $50 Mn 9.8 309% 74% 234%

Transport Tech $50 Mn+ to $500 Mn 52 369% 136% 233%

Fintech $1 Mn to $50 Mn 6.0 423% 200% 223%

Media & Entertainment $50 Mn+ to $500 Mn 51 319% 117% 202%

Healthtech $1 Mn to $50 Mn 6.7 301% 123% 177%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 16

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $50 Mn+ to $500 Mn 53 342% 174% 168%

Transport Tech $1 Mn to $50 Mn 5.1 371% 207% 164%

Fintech $1 Mn to $50 Mn 4.2 201% 39% 162%

Fintech $1 Mn to $50 Mn 4.2 527% 367% 160%

Fintech $1 Mn to $50 Mn 11 158% 1% 157%

Ecommerce $50 Mn+ to $500 Mn 119 102% -49% 150%

Ecommerce $50 Mn+ to $500 Mn 46 361% 236% 126%

Fintech $1 Mn to $50 Mn 29 142% 50% 92%

Fintech $50 Mn+ to $500 Mn 210 132% 41% 91%

Ecommerce $50 Mn+ to $500 Mn 215 441% 351% 90%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 17

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Transport Tech $1 Mn to $50 Mn 29 122% 32% 90%

Real Estate Tech $1 Mn to $50 Mn 19 190% 105% 86%

Fintech $1 Mn to $50 Mn 7.0 258% 175% 83%

Fintech $50 Mn+ to $500 Mn 56 174% 91% 82%

Enterprisetech $1 Mn to $50 Mn 4.1 126% 66% 60%

Transport Tech $1 Mn to $50 Mn 3.8 91% 32% 59%

Fintech $1 Mn to $50 Mn 21 555% 496% 59%

Media & Entertainment $1 Mn to $50 Mn 25 720% 664% 56%

Agritech $1 Mn to $50 Mn 4.9 108% 53% 56%

Agritech $50 Mn+ to $500 Mn 118 23% -30% 53%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 18

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Agritech $50 Mn+ to $500 Mn 45 1170% 1122% 48%

Ecommerce $1 Mn to $50 Mn 18 130% 86% 44%

Fintech $1 Mn to $50 Mn 17 79% 39% 40%

Ecommerce $50 Mn+ to $500 Mn 245 718% 679% 38%

Travel Tech $50 Mn+ to $500 Mn 216 106% 71% 35%

Ecommerce $1 Mn to $50 Mn 38 47% 13% 35%

Healthtech $1 Mn to $50 Mn 6.0 59% 26% 33%

Ecommerce $1 Mn to $50 Mn 13 -1% -35% 33%

Fintech $1 Mn to $50 Mn 12 497% 466% 31%

Ecommerce $1 Mn to $50 Mn 29 -29% -56% 28%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 19

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Enterprisetech $1 Mn to $50 Mn 35 65% 40% 25%

Edtech $1 Mn to $50 Mn 24 44% 20% 24%

Consumer Services $50 Mn+ to $500 Mn 105 98% 77% 21%

Consumer Services $1 Mn to $50 Mn 8.2 122% 104% 18%

Fintech $50 Mn+ to $500 Mn 77 102% 84% 18%

Fintech $50 Mn+ to $500 Mn 64 75% 59% 17%

Fintech $50 Mn+ to $500 Mn 120 98% 82% 16%

Logistics $50 Mn+ to $500 Mn 125 105% 89% 15%

Enterprisetech $1 Mn to $50 Mn 30 23% 8% 15%

Logistics $1 Mn to $50 Mn 12 139% 125% 14%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 20

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Ecommerce $500 Mn+ 552 413% 399% 14%

Fintech $1 Mn to $50 Mn 14 -9% -23% 14%

Agritech $1 Mn to $50 Mn 4.5 50% 37% 13%

Enterprisetech $1 Mn to $50 Mn 27 78% 66% 12%

Logistics $50 Mn+ to $500 Mn 108 163% 151% 12%

Enterprisetech $50 Mn+ to $500 Mn 217 39% 28% 10%

Travel Tech $1 Mn to $50 Mn 37 126% 115% 10%

Fintech $50 Mn+ to $500 Mn 151 247% 236% 10%

Fintech $500 Mn+ 621 82% 72% 10%

Logistics $1 Mn to $50 Mn 27 21% 10% 10%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 21

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $1 Mn to $50 Mn 12 57% 48% 10%

Travel Tech $1 Mn to $50 Mn 31 64% 55% 9%

Logistics $50 Mn+ to $500 Mn 235 84% 75% 9%

Media & Entertainment $50 Mn+ to $500 Mn 81 38% 29% 9%

Consumer Services $1 Mn to $50 Mn 35 99% 91% 9%

Fintech $1 Mn to $50 Mn 6.5 54% 46% 8%

Fintech $1 Mn to $50 Mn 39 59% 52% 7%

Fintech $1 Mn to $50 Mn 23 47% 40% 6%

Fintech $50 Mn+ to $500 Mn 46 783% 777% 6%

Ecommerce $1 Mn to $50 Mn 20 322% 317% 6%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 22

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Ecommerce $50 Mn+ to $500 Mn 140 332% 326% 5%

Healthtech $1 Mn to $50 Mn 41 176% 170% 5%

Ecommerce $500 Mn+ 741 114% 109% 5%

Enterprisetech $500 Mn+ 664 19% 14% 5%

Real Estate Tech $50 Mn+ to $500 Mn 418 213% 208% 5%

Fintech $1 Mn to $50 Mn 4.5 177% 172% 5%

Fintech $50 Mn+ to $500 Mn 266 50% 46% 5%

Agritech $50 Mn+ to $500 Mn 161 262% 257% 5%

Fintech $1 Mn to $50 Mn 31 12% 9% 4%

Enterprisetech $1 Mn to $50 Mn 19 76% 72% 3%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 23

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Ecommerce $1 Mn to $50 Mn 20 39% 35% 3%

Ecommerce $500 Mn+ 814 371% 368% 3%

Consumer Services $50 Mn+ to $500 Mn 54 55% 54% 2%

Ecommerce $50 Mn+ to $500 Mn 451 46% 45% 1%

Ecommerce $1 Mn to $50 Mn 41 35% 35% 0%

Enterprisetech $1 Mn to $50 Mn 12 94% 94% 0%

Alcohol Beverage $50 Mn+ to $500 Mn 92 59% 59% 0%

Ecommerce $50 Mn+ to $500 Mn 478 252% 252% -1%

Media & Entertainment $1 Mn to $50 Mn 6.0 31% 32% -1%

Consumer Services $50 Mn+ to $500 Mn 220 -73% -72% -1%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 24

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Enterprisetech $50 Mn+ to $500 Mn 53 60% 61% -1%

Enterprisetech $50 Mn+ to $500 Mn 69 110% 111% -1%

Agritech $50 Mn+ to $500 Mn 115 144% 145% -1%

Edtech $50 Mn+ to $500 Mn 90 78% 80% -2%

Logistics $1 Mn to $50 Mn 7.7 46% 48% -3%

Media & Entertainment $1 Mn to $50 Mn 22 51% 54% -3%

Edtech $1 Mn to $50 Mn 5.7 179% 182% -3%

Ecommerce $1 Mn to $50 Mn 16 83% 87% -4%

Enterprisetech $1 Mn to $50 Mn 35 129% 133% -4%

Ecommerce $50 Mn+ to $500 Mn 57 26% 31% -5%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 25

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $1 Mn to $50 Mn 12 20% 25% -5%

Fintech $500 Mn+ 522 37% 42% -5%

Ecommerce $1 Mn to $50 Mn 32 22% 27% -5%

Ecommerce $500 Mn+ 1,332 31% 37% -5%

Ecommerce $1 Mn to $50 Mn 34 20% 25% -5%

Fintech $1 Mn to $50 Mn 4.8 332% 339% -6%

Ecommerce $50 Mn+ to $500 Mn 76 33% 40% -7%

Transport Tech $1 Mn to $50 Mn 4.3 -37% -30% -7%

Fintech $50 Mn+ to $500 Mn 147 101% 108% -7%

Logistics $50 Mn+ to $500 Mn 100 -9% -2% -7%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 26

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Enterprisetech $1 Mn to $50 Mn 26 24% 32% -8%

Ecommerce $1 Mn to $50 Mn 17 55% 63% -8%

Consumer Services $1 Mn to $50 Mn 27 96% 104% -8%

Logistics $50 Mn+ to $500 Mn 266 28% 36% -8%

Ecommerce $50 Mn+ to $500 Mn 195 55% 64% -8%

Enterprisetech $50 Mn+ to $500 Mn 142 53% 61% -9%

Enterprisetech $1 Mn to $50 Mn 8.2 283% 293% -9%

Logistics $500 Mn+ 760 64% 74% -10%

Ecommerce $50 Mn+ to $500 Mn 80 53% 63% -10%

Enterprisetech $1 Mn to $50 Mn 15 94% 105% -11%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 27

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Healthtech $1 Mn to $50 Mn 21 146% 157% -11%

Ecommerce $1 Mn to $50 Mn 34 39% 51% -12%

Ecommerce $50 Mn+ to $500 Mn 63 47% 59% -12%

Ecommerce $50 Mn+ to $500 Mn 361 119% 131% -12%

Fintech $50 Mn+ to $500 Mn 136 129% 142% -13%

Ecommerce $50 Mn+ to $500 Mn 101 115% 129% -14%

Ecommerce $50 Mn+ to $500 Mn 107 14% 29% -14%

Consumer Services $1 Mn to $50 Mn 15 107% 121% -15%

Enterprisetech $1 Mn to $50 Mn 25 92% 106% -15%

Consumer Services $500 Mn+ 506 89% 104% -15%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 28

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $1 Mn to $50 Mn 25 384% 399% -16%

Ecommerce $1 Mn to $50 Mn 18 77% 94% -17%

Media & Entertainment $500 Mn+ 507 50% 70% -20%

Ecommerce $50 Mn+ to $500 Mn 88 64% 85% -21%

Healthtech $1 Mn to $50 Mn 6.6 396% 418% -22%

Healthtech $50 Mn+ to $500 Mn 54 24% 47% -23%

Media & Entertainment $1 Mn to $50 Mn 21 43% 67% -23%

Consumer Services $500 Mn+ 514 123% 146% -24%

Consumer Services $50 Mn+ to $500 Mn 48 36% 61% -25%

Ecommerce $1 Mn to $50 Mn 24 105% 130% -25%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 29

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Ecommerce $1 Mn to $50 Mn 28 75% 100% -26%

Media & Entertainment $50 Mn+ to $500 Mn 146 -26% 1% -26%

Enterprisetech $1 Mn to $50 Mn 21 33% 60% -27%

Fintech $50 Mn+ to $500 Mn 44 53% 83% -29%

Enterprisetech $50 Mn+ to $500 Mn 84 65% 95% -30%

Ecommerce $1 Mn to $50 Mn 5.9 559% 589% -30%

Travel Tech $1 Mn to $50 Mn 32 110% 141% -31%

Logistics $50 Mn+ to $500 Mn 77 70% 102% -32%

Ecommerce $50 Mn+ to $500 Mn 66 12% 47% -34%

Edtech $1 Mn to $50 Mn 11 69% 104% -35%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 30

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Ecommerce $1 Mn to $50 Mn 18 83% 119% -35%

Real Estate Tech $1 Mn to $50 Mn 24 9% 46% -36%

Enterprisetech $1 Mn to $50 Mn 23 89% 127% -37%

Edtech $50 Mn+ to $500 Mn 65 71% 111% -39%

Deeptech $1 Mn to $50 Mn 7.2 -13% 27% -40%

Logistics $1 Mn to $50 Mn 16 64% 105% -41%

Fintech $1 Mn to $50 Mn 21 -72% -31% -42%

Ecommerce $1 Mn to $50 Mn 33 27% 71% -43%

Media & Entertainment $50 Mn+ to $500 Mn 76 22% 68% -46%

Edtech $1 Mn to $50 Mn 5.1 224% 271% -47%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 31

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $1 Mn to $50 Mn 9.1 59% 107% -48%

Fintech $50 Mn+ to $500 Mn 67 189% 240% -50%

Ecommerce $1 Mn to $50 Mn 17 104% 157% -53%

Edtech $1 Mn to $50 Mn 18 134% 189% -55%

Transport Tech $1 Mn to $50 Mn 20 80% 135% -55%

Fintech $1 Mn to $50 Mn 14 45% 101% -56%

Ecommerce $1 Mn to $50 Mn 9.7 -9% 48% -57%

Media & Entertainment $50 Mn+ to $500 Mn 267 50% 109% -59%

Edtech $1 Mn to $50 Mn 37 29% 89% -59%

Fintech $1 Mn to $50 Mn 7.5 -3% 57% -60%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 32

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $1 Mn to $50 Mn 9.1 55% 117% -62%

Ecommerce $1 Mn to $50 Mn 67 44% 106% -62%

Fintech $1 Mn to $50 Mn 17 71% 134% -63%

Agritech $50 Mn+ to $500 Mn 18 1917% 1985% -68%

Fintech $1 Mn to $50 Mn 20 69% 137% -68%

Enterprisetech $1 Mn to $50 Mn 14 99% 168% -69%

Healthtech $1 Mn to $50 Mn 9.7 429% 500% -71%

Enterprisetech $1 Mn to $50 Mn 267 72% 143% -71%

Transport Tech $1 Mn to $50 Mn 37 105% 183% -78%

Enterprisetech $1 Mn to $50 Mn 7.5 85% 167% -82%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 33

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Media & Entertainment $50 Mn+ to $500 Mn 137 51% 136% -85%

Fintech $1 Mn to $50 Mn 18 63% 153% -90%

Healthtech $1 Mn to $50 Mn 39 151% 244% -92%

Ecommerce $50 Mn+ to $500 Mn 420 301% 394% -93%

Consumer Services $1 Mn to $50 Mn 30 19% 116% -97%

Ecommerce $1 Mn to $50 Mn 43 245% 342% -97%

Healthtech $1 Mn to $50 Mn 23 115% 225% -110%

Ecommerce $1 Mn to $50 Mn 26 536% 650% -113%

Travel Tech $1 Mn to $50 Mn 11 -3% 131% -134%

Enterprisetech $1 Mn to $50 Mn 22 60% 196% -137%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 34

FY22 Total YoY Revenue YoY Expenditure Adjusted Revenue

Startup Name Sector Revenue Range Revenue ($ Mn) Growth Growth Growth Rate

Fintech $1 Mn to $50 Mn 3.7 25% 172% -146%

Ecommerce $1 Mn to $50 Mn 7.0 378% 532% -154%

Consumer Services $1 Mn to $50 Mn 5.1 61% 217% -157%

Healthtech $50 Mn+ to $500 Mn 60 212% 380% -169%

Fintech $1 Mn to $50 Mn 27 21% 246% -225%

Fintech $1 Mn to $50 Mn 25 124% 361% -236%

Edtech $1 Mn to $50 Mn 7.0 51% 294% -243%

Fintech $50 Mn+ to $500 Mn 74 1149% 1448% -299%

Ecommerce $50 Mn+ to $500 Mn 60 89% 513% -424%

Edtech $1 Mn to $50 Mn 2.9 270% 805% -535%

SOURCE: INC42
RED: LOSS MAKING | GREEN: PROFITABLE/ OPERATIONALLY PROFITABLE
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
DECODING THE FINANCIAL HEALTH OF
INDIA’S TOP 200 STARTUPS:
FINANCIAL EFFICIENCY
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 36

Median Expenditure-to-Revenue Ratio Of Top 200 Indian Startups

It depicts how much revenue an organisation has generated for every rupee/dollar spent.

With a +8% increase in median

expenditure-to-revenue, the overall
financial efficiency of startups in
FY21 1.3 the Indian startup ecosystem
decreased marginally in FY22.

Financial Efficiency Scale:

1. 0 to 0.5: High
2. 0.51 to 0.59: Moderate
3. 0.6 to 1: Low
FY22 1.4

0.0 0.5 1.0 1.5

Median Expenditure-to-Revenue Ratio
SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 37

Aggregate Loss Of The Top 200 Indian Startups Doubled In FY22 Compared To FY21
0
MOST LOSS-MAKING INDIAN STARTUPS
Startup Sector Operating Loss In
FY22
-2
BharatPe Fintech -$726 Mn
-4.1
Flipkart Ecommerce -$568 Mn
AGGREGATE LOSS ($ BN)

-4
Meesho Ecommerce -$422 Mn

Swiggy Consumer Services -$398 Mn

-6
ShareChat Media & Entertainment -$377 Mn
-8.2 Edtech
Unacademy -$352 Mn
-8
VerSe Innovation Media & Entertainment -$343 Mn

Paytm Fintech -$320 Mn

-10
FY21 FY22 Udaan Ecommerce -$229 Mn

PhonePe Fintech -$227 Mn

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 38

Share Of Operationally Profitable Startups In India Marginally Decreased In FY22

79% of Indian startups remained operationally loss-making in the financial year

STARTUPS WHICH BECAME OPERATIONALLY PROFITABLE IN FY22

Startup Operating Profit In YoY Surge

FY22 (%)

FY21 22% ideaForge $7.4 Mn 479%

Kissht $5.1 Mn 171%

Travel Boutique $1.7 Mn 200%

FY22 21%
Moneyview $1.7 Mn 124%

Mamaearth $0.9 Mn 101%

0% 5% 10% 15% 20% 25%

% SHARE OF OPERATIONALLY PROFITABLE STARTUPS

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 39

Indian Startups’ Spending Grew Faster Than Revenue In FY22

125% STARTUPS WHOSE EXPENSES GREW THE FASTEST IN FY22
+16% +19% Total Expenditure Total Expenditure
Startup
In FY22 Surge YoY
100% 105% 103%
+6% ReshaMandi $59 Mn 21x
89% $79 Mn
84% 84% CoinDCX 15x
75%
% CHANGE (FY21 TO '22)

78%
Absolute Foods $50 Mn 12x

50% Leap Scholar $12 Mn 9x

Groww $45 Mn 8.8x

25% DealShare $299 Mn 7.8x

Zupee $44 Mn 7.6x

0% Captain Fresh $40 Mn 7.5x

UNICORNS SOONICORNS TOP 200 INDIAN STARTUP
Neemans $9 Mn 6.9x
MEDIAN ANNUAL REVENUE GROWTH MEDIAN ANNUAL EXPENDITURE GROWTH
Physics Wallah $13 Mn 6.7x
SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 40

Most Frugal Indian Startups In FY22

Financial Efficiency Scale
Revenue Range Startup Name Expenditure-to-Revenue Ratio Efficiency Scale (0 to 1) Reference:
0 to 0.5 = High
Easemytrip 0.41 High 0.51 to 0.59= Moderate
Physics Wallah 0.44 High 0.6 to 1= Low
$1 Mn to $50 Mn MapmyIndia 0.51 Moderate
Nykaa 0.60 Low
IdeaForge 0.63 Low
Dailyrounds 0.39 High
Gameskraft 0.44 High
$50 Mn+ To $500 Mn IndiaMart 0.53 Moderate Note: The standalone financial
performance data is based on a
InfoEdge 0.66 Low sample set of top 200
funded/bootstrapped startups in
Browserstack 0.76 Low
India.
Zerodha 0.41 High
Expenditure-to-revenue ratio
Zoho 0.44 High depicts how revenue an
$500 Mn+ Dream11 0.9 Low organization has generated for
every rupee/dollar spent
Ofbusiness 1.0 Low
Zetwerk 1.0 Low

SOURCE: INC42
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 41

Top 10 Indian Startups With Highest Operating Profit Margin In FY22

Startup Name Sector Operating Profit OPM (%)

Media & Entertainment $155 Mn 59%

Healthtech $29 Mn 58%

Fintech $350 Mn 56%

Travel Tech $16 Mn 56%

Edtech $16 Mn 56%

Enterprisetech $336 Mn 54%

Ecommerce $37 Mn 39%

Enterprisetech $10 Mn 38%

Deeptech $7 Mn 36%

Fintech $12 Mn 30%

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF TOP 200 FUNDED/BOOTSTRAPPED STARTUPS IN INDIA.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 42

Top 10 Most Frugal Indian Unicorns In FY22

Expenditure-to-Revenue YoY Revenue YoY Expenditure
Startup Name Ratio Growth Growth
0.41 64% 55%

0.44 82% 72%

0.44 19% 14%

Out of the top 10 Indian

0.44 851% 571%
unicorns which spent
0.51 23% 8% less than a rupee to
earn a rupee, four were
0.53 14% 29% from the enterprisetech
sector.
0.60 47% 13%

0.66 39% 28%

0.70 59% 52%

0.76 60% 61%

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF TOP 200 FUNDED/BOOTSTRAPPED STARTUPS IN INDIA.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 43

Top 10 Most Frugal Indian Soonicorns In FY22

Expenditure-to-Revenue YoY Revenue YoY Expenditure
Startup Name Ratio Growth Growth
0.70 39% 35%

0.74 389% 28%

0.79 47% 40%

0.87 126% 66%

Fintech soonicorns
0.90 57% 48% accounted for half of the
top 10 most frugal Indian
0.92 142% 50% soonicorns in FY22.

0.93 101% 108%

0.94 139% 125%

0.96 119% 131%

1.01 76% 72%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF TOP 70+ INDIAN SOONICORNS WHOSE FILLINGS FOR FY22 WERE ACCESSIBLE
DECODING THE FINANCIAL
HEALTH OF INDIA’S TOP 200
STARTUPS: FINANCIAL GROWTH
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 45

Top 200 Indian Startups: Revenue Range Wise Distribution Of Key Performance
Indicators

Annual Revenue Median Annual Median Annual Median Annual Ad Median Annual Employee
Range Revenue Surge Expenditure Surge Expenditure Surge Benefit Expenditure Surge

$1 Mn to $50 Mn 83% 105% 181% 83%

$50 Mn+ to $500 Mn 89% 85% 124% 83%

$500 Mn+ 82% 74% 156% 112%

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 46

Indian Startups With Fastest Sales Growth In FY22

Revenue Range Startup Name Sales Growth (FY21 to FY22) FY22 Sales

DocsApp 10x $29 Mn

Physics Wallah 9.5x $29 Mn
$1 Mn to $50 Mn Zupee 8.5x $24 Mn
OneCard 7.8x $10 Mn
Open Bank 7.2x $5 Mn
ReshaMandi 20x $52 Mn
CoinDCX 15x $74 Mn
$50 Mn+ to $500 Mn Absolute Foods 13x $45 Mn
Groww 8.6x $44 Mn
DealShare 8.2x $252 Mn

Zetwerk 5.2x $538 Mn

Ofbusiness 4.6x $800 Mn
$500 Mn+ Zomato 2.1x $451 Mn
Cars24 1.9x $632 Mn
Zerodha 1.8x $620 Mn
SOURCE: INC42, COMPANY FILINGS
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
REVENUE RANGE DISTRIBUTION IS BASED ON THE TOTAL REVENUE OF THE ORGANISATION.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 47

Indian Startups With Highest Expenditure Surge In FY22

Total Expenditure Growth
Revenue Range Startup Name FY22 Total Expenditure
(FY21 to FY22)
Leap Scholar 9x $11.5 Mn
Zupee 7.6x $44 Mn
$1 Mn to $50 Mn Captain Fresh 7.5x $40 Mn
Neemans 6.9x $9 Mn
Physics Wallah 6.7x $13 Mn
ReshaMandi 21x $59 Mn
CoinDCX 15x $79 Mn
$50 Mn+ to $500 Mn Absolute Foods 12x $50 Mn
Groww 8.8x $45 Mn
DealShare 7.8x $298 Mn

Zetwerk 5x $563 Mn
Ofbusiness 4.7x $793 Mn
$500 Mn+ Zomato 2.5x $672 Mn
Cars24 2.1x $769 Mn
Swiggy 2x $843 Mn
SOURCE: INC42, COMPANY FILINGS
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 48

Indian Startups With Highest Growth In Employee Benefit Expenses In FY22

Employee Expenditure
Revenue Range Startup Name FY22 Employee Expenditure
Growth (FY21 to FY22)
Physics Wallah 44x $5.2 Mn
Aknamed 20x $16 Mn
$1 Mn to $50 Mn Captain Fresh 13x $5.4 Mn
Wow Skin Science 8.3x $2.4 Mn
Leap Scholar 6.8x $5.2 Mn
Tata 1mg 33x $15 Mn
ReshaMandi 17x $3.2 Mn
$50 Mn+ to $500 Mn Absolute Foods 9x $2.8 Mn
Groww 6.5x $8.4 Mn
CoinDCX 4.7x $6.5 Mn

Zetwerk 3.6x $26 Mn

Ofbusiness 2.9x $7.3 Mn
$500 Mn+ Cars24 2.6x $64 Mn
Zomato 2.6x $185 Mn
Paytm 2.3x $238 Mn

SOURCE: INC42, COMPANY FILINGS

NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 49

Indian Startups With Fastest-Growing Advertising Expenditure In FY22

Advertising Expenditure Growth
Revenue Range Startup Name Advertising Expenditure FY22
(FY21 to FY22)
Pharmeasy 63x $10 Mn
Navi Technologies 33x $28 Mn
$1 Mn to $50 Mn Leap Scholar 22x $4 Mn
Niyo 14x $10 Mn
Zupee 11x $22 Mn
CoinDCX 183x $40 Mn
DealShare 7.5x $8.6 Mn
$50 Mn+ to $500 Mn Cashfree Payments 7x $2 Mn
Meesho 6x $322 Mn
Cashify 5.3x $5 Mn

Delhivery 7.4x $1.5 Mn

Swiggy 4.2x $235 Mn
$500 Mn+ Zoho 3.5x $33 Mn
Cars24 2.7x $28 Mn
Zomato 2.4x $153 Mn

SOURCE: INC42, COMPANY FILINGS

NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 50

Top 30 Indian Startups With The Highest Advertising Budget

Startup Name Sector Tag YoY Ad Spend Change FY22 Ad Spend (In $ Mn)

Ecommerce Unicorn 508% 322

Media & Entertainment Unicorn 73% 270

Ecommerce Unicorn 81% 243

Consumer Services Unicorn 321% 236

Ecommerce Late Stage Startup 69% 162

Consumer Services Unicorn 139% 153

Media & Entertainment Unicorn -11% 109

Fintech Unicorn 52% 99

Fintech Unicorn 25% 84

Media & Entertainment Unicorn 39% 66

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 51

Startup Name Sector Tag YoY Ad Spend Change FY22 Ad Spend (In $ Mn)

Edtech Unicorn 32% 65

Edtech Unicorn 92% 49

Ecommerce Unicorn 120% 49

Fintech Unicorn 183x 40

Ecommerce Unicorn 82% 40

Fintech Unicorn 173% 37

Enterprisetech Unicorn 56% 36

Enterprisetech Unicorn 250% 33

Travel Tech Unicorn 275% 32

Fintech Unicorn 418% 29

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 52

Startup Name Sector Tag YoY Ad Spend Change FY22 Ad Spend (In $ Mn)

Ecommerce Unicorn 172% 28

Fintech Soonicorn 33x 28

Ecommerce Unicorn 582% 27

Media & Entertainment Unicorn -11% 25

Enterprisetech Soonicorn 100% 25

Ecommerce Unicorn 53% 24

Ecommerce Soonicorn 330% 24

Edtech Unicorn 4% 23

Transport Tech Soonicorn 435% 22

Media & Entertainment Soonicorn 11.2x 22

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
UNICORNS & SOONICORNS:
VALUATION, REVENUE & AD SPEND
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 54

The State Of Indian Unicorns & Soonicorns: Ad Expenses Of Indian Unicorns

Topped $2 Bn In FY22
Key Parameters Unicorns Soonicorns

Total Count 108 102

Combined Valuation $345 Bn $34 Bn

Aggregate Revenue (FY22) $13 Bn (+69%) $3 Bn (+96%)

Aggregate Expenditure (FY22) $18 Bn (+79%) $4.4 Bn (+104%)

Aggregate Ad Expenditure (FY22) $2.3 Bn (+109%) $389 Mn (+210%)

Aggregate Employee Benefit Expenditure (FY22) $4 Bn (+69%) $759 Mn (+65%)

SOURCE: INC42
NOTE: THE STANDALONE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF INDIA’S TOP 200 FUNDED/BOOTSTRAPPED STARTUPS.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 55

VALUED $10 BN
OR ABOVE VALUED BETWEEN $1 BN
AND $5 BN

VALUED BETWEEN
$5 BN AND $10 BN

SOONICORNS

NOTE: SOONICORNS ARE COMPANIES VALUED AT OR OVER $200 MN

 © INC42 MEDIA | NOT FOR DISTRIBUTION / 56

Only One Out Of Every Three Indian Unicorn Is Operationally Profitable

Loss Profitable/
Making Operationally Profitable

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 57

Top 30 Indian Unicorns With The Highest Revenue Growth In FY22

Startup Name Sector Headquarters FY22 Total Revenue ($ Mn) YoY Revenue Growth (FY21 to '22)

Fintech Mumbai 74 12.5x

Edtech Delhi NCR 29 851%

Fintech Bengaluru 46 783%

Ecommerce Bengaluru 245 718%

Fintech Bengaluru 21 555%

Fintech Pune 12 497%

Ecommerce Bengaluru 552 413%

Ecommerce Delhi NCR 814 371%

Fintech Bengaluru 53 342%

Ecommerce Delhi NCR 20 322%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 58

Startup Name Sector Headquarters FY22 Total Revenue ($ Mn) YoY Revenue Growth (FY21 to '22)

Media & Entertainment Bengaluru 51 319%

Ecommerce Bengaluru 420 301%

Enterprisetech Mumbai 8.2 283%

Fintech Bengaluru 7.0 258%

Ecommerce Pune 478 252%

Real Estate Tech Mumbai 418 213%

Healthtech Delhi NCR 60 212%

Fintech Delhi NCR 67 189%

Healthtech Mumbai 41 176%

Edtech Mumbai 18 134%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 59

Startup Name Sector Headquarters FY22 Total Revenue ($ Mn) YoY Revenue Growth (FY21 to '22)

Fintech Bengaluru 210 132%

Fintech Mumbai 136 129%

Enterprisetech Chennai 35 129%

Consumer Services Delhi NCR 514 123%

Ecommerce Delhi NCR 741 114%

Travel Tech Delhi NCR 216 106%

Ecommerce Delhi NCR 119 102%

Fintech Bengaluru 77 102%

Enterprisetech Hyderabad 12 99%

Fintech Delhi NCR 120 98%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 60

Top 30 Indian Unicorns With The Highest Ad Spend In FY22

Startup Name Sector Headquarters YoY Ad Spend Change (FY21 to'22) FY22 Ad Spend ($ Mn)

Ecommerce Bengaluru 508% 322

Media & Entertainment Mumbai 73% 270

Ecommerce Bengaluru 81% 243

Consumer Services Bengaluru 321% 236

Consumer Services Delhi NCR 139% 153

Media & Entertainment Mumbai -11% 109

Fintech Delhi NCR 52% 99

Fintech Bengaluru 25% 84

Media & Entertainment Bengaluru 39% 66

Edtech Bengaluru 32% 65

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 61

Startup Name Sector Headquarters YoY Ad Spend Change (FY21 to'22) FY22 Ad Spend ($ Mn)

Edtech Mumbai 92% 49

Ecommerce Delhi NCR 120% 49

Fintech Mumbai 18179% 40

Ecommerce Delhi NCR 82% 40

Fintech Mumbai 173% 37

Enterprisetech Delhi NCR 56% 36

Enterprisetech Chennai 250% 33

Travel Tech Delhi NCR 275% 32

Fintech Delhi NCR 418% 29

Ecommerce Delhi NCR 172% 28

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 62

Startup Name Sector Headquarters YoY Ad Spend Change (FY21 to'22) FY22 Ad Spend ($ Mn)

Ecommerce Delhi NCR 582% 27

Media & Entertainment Mumbai -11% 25

Ecommerce Delhi NCR 53% 24

Edtech Bengaluru 4% 23

Ecommerce Bengaluru 156% 21

Ecommerce Mumbai 179% 20

Consumer Services Mumbai 136% 18

Consumer Services Delhi NCR 47% 17

Ecommerce Bengaluru 94% 17

Fintech Pune 952% 16

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 63

Valuation-To-Revenue Multiple: Indian Unicorns Valued Over $5 Bn

Last Reported Valuation-To-Revenue
Startup Name Total Revenue (FY22) Valuation Multiple
CRED $53 Mn $6.4 Bn 121x
Indian unicorns valued at more than
ShareChat $51 Mn $5 Bn 99x $5 Bn have a median valua-
VerSe Innovation (DailyHunt) $137 Mn $5 Bn 37x tion-to-revenue multiple of 33x.

Flipkart $1.3 Bn $38 Bn 28x

57% of Indian unicorns valued over
PhonePe $210 Mn $5.5 Bn 26x $5 Bn have a valuation-to-revenue
InfoEdge $217 Mn $5.6 Bn 26x
multiple below the median multiple
of this category.
Swiggy $506 Mn $10 Bn 20x

Dream11 $507 Mn $8 Bn 16x With a total revenue of $11 Mn and

a valuation of $9.5 Bn, OYO is the
Meesho $420 Mn $5 Bn 12x
most overvalued startup in India.
Nykaa* $475 Mn $5 Bn 11x

Zomato* $585 Mn $5.4 Bn 9.2x

Paytm* $658 Mn $5 Bn 8x

SOURCE: INC42
COLOUR CODE: RED: VALUATION MULTIPLE IS HIGHER THAN THE CATEGORY MEDIAN; GREEN: VALUATION MULTIPLE IS LOWER THAN THE CATEGORY MEDIAN
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FY22 FILINGS WERE AVAILABLE.
THE LAST REPORTED VALUATIONS OF PUBLICLY LISTED INDIAN STARTUPS ARE AS ON FEBRUARY 17, 2023.
*CONSOLIDATED REVENUE USED DUE TO THE NATURE OF ORGANISATIONS BUSINESS
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 64

Valuation-To-Revenue Multiple: Indian Unicorns Valued Under $5 Bn

Unicorn Name Total Revenue Last Reported Valuation-To- Unicorn Name Total Revenue Last Reported Valuation-To-
(FY22) Valuation Revenue Multiple (FY22) Valuation Revenue Multiple

$664 Mn $1 Bn 1.5 $418 Mn $2.5 Bn 6.0

$740 Mn $1.8 Bn 2.5 $245 Mn $1.6 Bn 6.5

$478 Mn $1.4 Bn 2.9 $136 Mn $1.1 Bn 8.1

$621 Mn $2 Bn 3.2 $119 Mn $1.1 Bn 9.0

$760 Mn $2.8 Bn 3.7 $142 Mn $1.4 Bn 9.8

$814 Mn $3 Bn 3.7 $100 Mn $1 Bn 10

$552 Mn $2.5 Bn 4.5 $88 Mn $1 Bn 11

$235 Mn $1.2 Bn 5.1 $84 Mn $1 Bn 12

$220 Mn $1.2 Bn 5.5 $216 Mn $2.6 Bn 12

SOURCE: INC42
COLOUR CODE: RED: VALUATION MULTIPLE IS HIGHER THAN THE CATEGORY MEDIAN; GREEN: VALUATION MULTIPLE IS LOWER THAN THE CATEGORY MEDIAN
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FY22 FILINGS WERE AVAILABLE.
THE LAST REPORTED VALUATIONS OF PUBLICLY LISTED INDIAN STARTUPS ARE AS ON FEBRUARY 17, 2023.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 65

Unicorn Name Total Revenue Last Reported Valuation-To- Unicorn Name Total Revenue Last Reported Valuation-To-
(FY22) Valuation Revenue Multiple (FY22) Valuation Revenue Multiple

$195 Mn $2.5 Bn 13 $120 Mn $3.5 Bn 29

$105 Mn $1.4 Bn 13 $76 Mn $2.3 Bn 30

$74 Mn $1.1 Bn 15 $30 Mn $1 Bn 33

$77 Mn $1.2 Bn 15 $31 Mn $1.1 Bn 34

$107 Mn $1.8 Bn 17 $29 Mn $1 Bn 34

$146 Mn $2.5 Bn 17 $65 Mn $2.3 Bn 35

$60 Mn $1.1 Bn 18 $32 Mn $1.2 Bn 37

$77 Mn $1.5 Bn 19 $90 Mn $3.4 Bn 38

$64 Mn $1.5 Bn 23 $35 Mn $1.4 Bn 40

$39 Mn $1 Bn 26 $76 Mn $3.1 Bn 41

SOURCE: INC42
COLOUR CODE: RED: VALUATION MULTIPLE IS HIGHER THAN THE CATEGORY MEDIAN; GREEN: VALUATION MULTIPLE IS LOWER THAN THE CATEGORY MEDIAN
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FY22 FILINGS WERE AVAILABLE.
THE LAST REPORTED VALUATIONS OF PUBLICLY LISTED INDIAN STARTUPS ARE AS ON FEBRUARY 17, 2023.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 66

Unicorn Name Total Revenue Last Reported Valuation-To- Unicorn Name Total Revenue Last Reported Valuation-To-
(FY22) Valuation Revenue Multiple (FY22) Valuation Revenue Multiple

$24 Mn $1 Bn 41 $53 Mn $4 Bn 76

$67 Mn $2.9 Bn 43 $12 Mn $1 Bn 81

$23 Mn $1 Bn 44 $20 Mn $1.7 Bn 86

$25 Mn $1.1 Bn 44 $12 Mn $1.2 Bn 98

$27 Mn $1.5 Bn 55 $197 Mn $2.7 Bn 2.7

$48 Mn $2.8 Bn 58 $25 Mn $2.5 Bn 101

$18 Mn $1.1 Bn 62 $8 Mn $1.1 Bn 134

$21 Mn $1.3 Bn 63 $7 Mn $1 Bn 142

$46 Mn $3 Bn 65 $6 Mn $1.5 Bn 249

$29 Mn $2 Bn 68 COLOUR CODE: RED (VALUATION MULTIPLE IS HIGHER THAN THE CATEGORY MEDIAN),
GREEN (VALUATION MULTIPLE IS LOWER THAN THE CATEGORY MEDIAN)

NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE ACCESSIBLE
LAST REPORTED VALUATION OF PUBLICLY LISTED INDIAN STARTUPS ARE AS ON 17TH FEBRUARY 2023
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 67

Valuation-To-Revenue Multiple: Top 10 Most Overvalued Unicorns In India

Unicorns Sector FY22 Revenue Valuation Valuation-To-Revenue Multiple

Fintech $7 Mn $1 Bn 142x

Enterprisetech $8.2 Mn $1.1 Bn 134x

Fintech $53 Mn $6.4 Bn 121x

Enterprisetech $25 Mn $2.5 Bn 101x

Media & Entertainment $51 Mn $5 Bn 99x

Fintech $12 Mn $1.2 Bn 98x

Ecommerce $20 Mn $1.7 Bn 86x

Enterprisetech $12 Mn $1 Bn 81x

Enterprisetech $53 Mn $4 Bn 76x

Fintech $46 Mn $3 Bn 65x

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 68

Top 30 Indian Soonicorns With The Highest Revenue Growth In FY22

Soonicorn Sector Headquarters FY22 Revenue ($ Mn) YoY Revenue Growth (FY21 to '22)

Agritech Delhi NCR 45 13x

Media & Entertainment Delhi NCR 25 720%

Ecommerce Bengaluru 26 536%

Ecommerce Mumbai 215 441%

Fintech Delhi NCR 6 423%

Fintech Mumbai 19 389%

Fintech Chennai 25 384%

Transport Tech Bengaluru 52 369%

Fintech Bengaluru 10 309%

Healthtech Bengaluru 7 301%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 69

Soonicorn Sector Headquarters FY22 Revenue ($ Mn) YoY Revenue Growth (FY21 to '22)

Edtech Bengaluru 3 270%

Agritech Patna 161 262%

Fintech Mumbai 151 247%

Ecommerce Bengaluru 43 245%

Real Estate Tech Delhi NCR 19 190%

Edtech Delhi NCR 6 179%

Fintech Bengaluru 56 174%

Logistics Tech Mumbai 108 163%

Fintech Delhi NCR 11 158%

Agritech Chennai 115 144%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 70

Soonicorn Sector Headquarters FY22 Revenue ($ Mn) YoY Revenue Growth (FY21 to '22)

Fintech Bengaluru 29 142%

Logistics Tech Bengaluru 12 139%

Ecommerce Delhi NCR 18 130%

Enterprisetech Abroad 4 126%

Fintech Bengaluru 25 124%

Consumer Services Bengaluru 8 122%

Transport Tech Bengaluru 29 122%

Ecommerce Delhi NCR 361 119%

Healthtech Bengaluru 23 115%

Ecommerce Mumbai 17 104%

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 71

Top 30 Indian Soonicorns With The Highest Ad Spend In FY22

Soonicorn Sector Headquarters YoY Ad Spend Change FY22 Ad Spend (In $ Mn)

Fintech Bengaluru 3234% 28

Enterprisetech Bengaluru 100% 25

Ecommerce Bengaluru 330% 24

Transport Tech Bengaluru 435% 22

Media & Entertainment Delhi NCR 1026% 22

Fintech Bengaluru 175% 20

Consumer Services Bengaluru 451% 19

Healthtech Bengaluru 143% 17

Healthtech Bengaluru 423% 17

Ecommerce Mumbai 80% 16

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 72

Soonicorn Sector Headquarters YoY Ad Spend Change FY22 Ad Spend (In $ Mn)

Fintech Bengaluru 227% 16

Ecommerce Delhi NCR 107% 12

Fintech Bengaluru 137% 12

Ecommerce Mumbai 181% 12

Fintech Bengaluru 1271% 10

Ecommerce Mumbai 185% 9.1

Consumer Services Bengaluru 204% 8.8

Consumer Services Bengaluru 485% 8.1

Transport Tech Bengaluru 481% 7.8

Ecommerce Bengaluru 42% 7.7

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 73

Soonicorn Sector Headquarters YoY Ad Spend Change FY22 Ad Spend (In $ Mn)

Fintech Delhi NCR 778% 7.0

Alcohol Beverage Delhi NCR 386% 7.0

Transport Tech Bengaluru 44% 5.7

Real Estate Tech Delhi NCR 685% 5.5

Ecommerce Bengaluru 108% 5.3

Fintech Bengaluru 211% 5.1

Edtech Bengaluru 2069% 4.0

Fintech Delhi NCR 94% 4.0

Ecommerce Bengaluru 248% 3.6

Consumer Services Mumbai 522% 3.5

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 74

Valuation-To-Revenue Multiple: Top 10 Most Overvalued Soonicorns In India

Soonicorn FY22 Revenue Valuation ($ Mn) Valuation-To-Revenue
Sector
Multiple
Edtech $1.4 Mn $750 Mn 548x

Fintech $1.7 Mn $500 Mn 298x

Enterprisetech $2.4 Mn $711 Mn 296x

Edtech $3.8 Mn $635 Mn 169x

Transport Tech $1.1 Mn $138 Mn 125x

Consumer Services $4.1 Mn $450 Mn 111x

Fintech $5.7 Mn $600 Mn 106x

Fintech $8.2 Mn $775 Mn 95x

Healthtech $7.5 Mn $700 Mn 93x

Logistics $12 Mn $900 Mn 72x

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 75

Notable Big Tech In India Vs Five Most Valued Indian Unicorns

Total Revenue Change Total Expenditure Change
Net Profit/Loss
(FY21 to FY22) (FY21 to FY22)

45% 49% $158 Mn

32% 20% -$456 Mn

47% 53% $62 Mn In FY22, global big tech

companies operating in
48% 46% $155 Mn India performed better than
homegrown unicorns. Unlike
56% 47% $37 Mn
four of the five big tech
Total Revenue Change Total Expenditure Change companies in India, only one
Net Profit/Loss
(FY21 to FY22) (FY21 to FY22) of the top five most valuable
Indian unicorns was
31% 37% -$568 Mn
operationally profitable in
89% 104% -$398 Mn FY22.

-3% 131% -$92 Mn

50% 70% $10 Mn

342% 174% -$163 Mn

SOURCE: INC42
NOTE: THE FINANCIAL PERFORMANCE DATA IS BASED ON A SAMPLE SET OF THE TOP 70+ INDIAN UNICORNS WHOSE STANDALONE FILLINGS FOR FY22 WERE AVAILABLE.
 © INC42 MEDIA | NOT FOR DISTRIBUTION / 76

Methodology
All information provided in the report is based on a sample set of the top 200 funded/bootstrapped Indian startups unless mentioned otherwise. The selection of the top 200
startups is based on the following criteria:

Valued at $200 Mn/above or bagged the most funding between CY19 and CY22
Companies which filed their standalone annual filings for India registered entity for FY22 and FY21, on or before February 10, 2023 have been included in the analysis
Companies with minimum INR 4 Cr annual revenues in FY21 have been included

All startups selected on the above criteria were ranked in descending order according to the absolute amount of their annual revenue in FY22. The top 200 were included in the
sample set used for analysis and the index. Only standalone financial statements were used for the analysis unless specified otherwise.

Expenditure-to-revenue ratio: It depicts how much revenue an organisation has generated for every rupee/dollar spent.

Valuation-to-revenue ratio: The valuation-to-revenue ratio has been used to determine each startup's value. Next, it has been compared to an industry benchmark to
decide whether the startup is overvalued or undervalued. In this report, we have used the last reported valuation of the startup available in the Inc42 database.

The Adjusted Revenue Growth Rate: The difference between year-on-year total revenue and expenditure growth between FY21 and FY22. Simply put, it shows how
quickly a company's revenue has grown in comparison to its expenditure.

Revenue Range Distribution Scale:

$1 Mn to $50 Mn: $1 Mn to $50.5 Mn
$50 Mn+ to $500 Mn: $50.6 Mn to $500.5 Mn
$500 Mn+: $500.6 Mn and above
www.inc42.com
CREDITS
ANALYST
Inc42 is India’s largest tech media & information platform on a SANDEEP SINGH

mission to build & serve India’s tech, startup & internet economy.
EDITOR
From breaking the latest news to discovering the hottest startups, SANGHAMITRA MANDAL
from spotting upcoming trends to simplifying complex concepts, we
cover everything tech in India’s internet economy. COVER DESIGN
ANJAN DAS
Born in January 2015, Inc42 has become the leading source for news
& analysis on India’s rapidly growing tech, startup & internet economy. REPORT DESIGN
Inc42, with over 35,000+ published stories, 80+ research reports, 120+ SABITH
conferences & events & having featured 1000s of entrepreneurs, now
reaches over 25 Mn+ tech leaders & professionals every month. ADDRESS
Inc42 Media, 59/16, 4th Floor, Jujhar Tower,
RD Marg, Kalkaji, New Delhi, Delhi 110019
Contact: editor@inc42.com
Disclaimer
The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in this
report is accurate and free from any discrepancies. Ideope Media Pvt Ltd, the parent company of Inc42 Media and Inc42 DataLabs, is not responsible for any
inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of any discrepancy or errors in the
data, you can contact us at editor@inc42.com and we will try our best to update the information in the digital version of the report. We are constantly updating
our database of startups due to new person using or relying on any information in this publication.

This report has been prepared in good faith on the basis of information available at the date of publication without any independent verification. Ideope Media
Pvt. Ltd. does not guarantee the accuracy, reliability or completeness of the information in this publication. Readers are responsible for assessing the relevance
and accuracy of the content of this publication. While this report talks about various individuals and institutions, Ideope Media Pvt. Ltd. will not be liable for any
loss, damage, cost or expense incurred or arising by reason of anyperson using or relying on any information in this publication.

This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of
such trademarks by Ideope Media Pvt Ltd and is not intended to represent or imply the existence of an association between Ideope Media Pvt Ltd and the lawful
owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly available sources, and Ideope
Media Pvt. Ltd. cannot confirm the accuracy or reliability of such sources or information. Its inclusion does not imply an endorsement by or of any third party.
The views and opinions in this report should not be viewed as professional advice with respect to your business.