Unicorns of Tomorrow Decoding India's Soonicorn Landscape Report

Unicorns Of I n di a' s U n i c orn C l u b
Tomorrow
Decoding India’s
Soonicorn Landscape
Report, 2024
© INC42 MEDIA | NOT FOR DISTRIBUTION / 2
TABLE OF CONTENTS
India’s Digital Economy: Snapshot
India’s Startup Economy: Key Highlights
India’s Unicorn Landscape
Decoding India’s Soonicorn Club

The Landscape
Sectors & Hubs Minting Most Soonicorns
M&As By Indian Soonicorns
Jobs Created By India’s Future Unicorns
Notable Investors In The India's Soonicorn Club
Gender Diversity At Indian Soonicorns
Inside Education Backgrounds Of Soonicorn Founders
Inside India’s Soonicorn Club: The State Of Financial Health
Unicorns Of Tomorrow — Key Future Trends

India To Have 900 Mn+ Active Internet Users By 2025

By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female
% Growth
2022 2025 (E) (Absolute)
Smartphone Internet Penetration 5G Enabled Indian

931 Mn+ 1.1 Bn+ 22% (Active Users) Cities/towns
users
52% 7K+
Internet
users
759 Mn+ 900 Mn+ 19%
Urban Internet Penetration Number Of Male
(Active Users) Internet Users
71% 395 Mn
Urban internet
users 360 Mn+ 396 Mn+ 10%
Cost Of 1 GB Number Of Female

Internet Internet Users
Rural internet
users 399 Mn+ 504 Mn+ 26% $0.16 349 Mn
SOURCE: IAMAI, INC42

The State Of Indian Startup Economy
3rd Largest Ecosystem In The World 768K+ Jobs Created In The Past Six Years
68K+ Indian Startups Launched To Date $147 Bn+ Funding Raised By Indian Startups
9.7K+ Investors Participated In Startup Funding 1,298 M&A Deals Recorded
115 Indian Startups In The Unicorn Club

112 Soonicorns In India
$390 Bn+ Combined Valuation Of Indian

Unicorns & Soonicorns 26 Listed Indian Internet Companies
1.8L Tech Startups In India By 2030

The total number of tech startups in India will grow 2.6x from 68K (2023) to 1.8L (2030)
2.0
+2.6x
Cumulative Number Of Startups Launched (In Lakhs)
1.5
1.0
0.5
0.0
2023 2025 2030
Source: Inc42
India’s Unicorn Landscape

ECOMMERCE
FINTECH
ENTERPRISETECH
CONSUMER SERVICES MEDIA & ENTERTAINMENT EDTECH
LOGISTICS HEALTHTECH OTHERS
Source: Inc42
Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.
Companies who gained unicorn status post listing must maintain a market cap>$1 Bn for atleast three months consecutively to retain their unicorn status
India Expected To Produce Over 280 Unicorns By 2030

The total number of unicorns is expected to increase 2.4 times by 2030 from 2023
300
Cumulative Unicorn Count
200
100
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Inc42
Median Time Taken For A Startup To Become A Unicorn In India Is 5.10 Years
Less than 3 years: 9%

9%
Between 3 to 5 years: 15%

15%
5+ years: 76%
76%
The above infographic is based on an analysis of 111 number of unicorns. Info Edge, MakeMyTrip, Zoho are not included.
Source: Inc42
Inside India’s Soonicorn Club

112 Soonicorns In India
Hubs That Will Mint Most Future Unicorns
Bengaluru: 47
$15 Bn+ Total Funding Raised By Soonicorns Mumbai: 25
Delhi NCR: 24
$40 Bn+ Combined Valuation Of Indian Soonicorns
Sectors That Will Mint Most Future Unicorns

95+ Companies Acquired By Indian Soonicorns Fintech: 36
Ecommerce: 19
Enterprise Tech: 13
1.26 Lakh+ Jobs Created By Indian Soonicorns
India’s Soonicorn Landscape

FINTECH
ECOMMERCE TRAVEL TECH
ENTERPRISETECH CONSUMER SERVICES
MEDIA & ENTERTAINMENT EDTECH LOGISTICS
OTHERS
Source: Inc42
Note: Soonicorn refers to the number of Indian startups that are valued at or above $200 Mn.
Fintech, Ecommerce To Mint Most Future Unicorns In India

The current Soonicorn club (112 unicorns) has 55 startups from the both ecommerce and fintech combined
11.6%
26.8%
31
112
SOONICORNS 36
32.1%
6.3%
6.3%
17.0%
Source: Inc42
Bengaluru, Delhi NCR, Mumbai Maintain Supremacy In Minting Unicorns Of Tomorrow

Currently, the three hubs combined, are home to 96 Indian future unicorn
8.9%
2.7%
2.7%
24 47 42.0%
113
21.4% SOONICORNS
22.3%
Source: Inc42
Indian Soonicorns Have Acquired Over 95+ Companies

Fintech soonicorns made the maximum (28) acquisitions
Fintech
Others
29.5%
31.6%
30 28
95+COMPANIES
ARE ACQUIRED
BY SOONICORNS
Ecommerce 7
14
7.4% Enterprise Tech
14.7%
7
Real Estate Tech
9 Edtech
7.4%
9.5%
Source: Inc42
Investors With Most Future Unicorns In The Portfolio
Notable Investor Soonicorn
Absolute Foods, HealthKart, Nazara Technologies
Bizongo, BlueStone, CityMall
Inshorts, Money View, Ninjacart
Chaayos, Clear, Sugar
GreyOrange, HealthifyMe, Pepperfry
Zupee, Stanza Living, Country Delight
Classplus, GreyOrange, LambdaTest
Country Delight, Fashinza, LendingKart
Source: Inc42
Note: This list is not an exhaustive list
List Of India’s Future Unicorns
Startup Name Founded In Sector Total Funding Current Valuation Key Investors
2016 Agritech $115.5 Mn $300 Mn Peak XV Partners, Alpha Wave Global, Tiger Global
2010 Edtech $61.2 Mn $175 Mn Asha Impact, Info Edge, Westbridge Capital, JM Financial
1997 Deeptech $54 Mn N/A Steadview Capital, Catamaran, Sparta Capital, Amicus Capital
2013 Cleantech $193 Mn $270 Mn Sachin Bansal, Binny Bansal, Tiger Global , Hero MotoCorp
2018 Enterprise Tech $69 Mn $450 Mn WaterBridge Ventures, 500 Startups, Insight Partners, Sequoia Surge
2008 Fintech $115 Mn $270 Mn Peak XV Partners, Amazon Inc, Eight Roads Ventures, Mousse Partners
2015 Enterprise Tech $91.2 Mn N/A Lalitesh Katragadda, Unitus Seed Fund, Venture Highway
2015 Ecommerce $293.2 Mn N/A Sixth Sense Ventures, Anicut Capital, Kirin Holdings
2015 Ecommerce $265.3 Mn $600 Mn Accel, Addventures, B Capital Group, CDC Group, Chiratae Ventures
2011 EcommerceT $100 Mn $410 Mn Accel, Kalaari Capital, IvyCap Ventures, Dragoneer Investment Group
Source: Inc42
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals. The list of investors is not exhaustive.
2018 Travel Tech $128.2 Mn N/A 9 Unicorns, Mayfield India Fund, Suvan Partners
1999 Consumer Services $225 Mn $800 Mn Stripes Group, Network 18, Accel, TPG Growth
2020 Edtech $102 Mn $500 Mn PremjiInvest, GSV Ventures, BEENEXT, 021 Capital
2008 Enterprise Tech $102 Mn N/A Warburg Pincus, Peak XV Partners, InnoVen Capital
2013 Fintech $201 Mn $198 Mn Amazon, Creation Investments Capital Management, Elevation Capital
2019 Enterprise Tech $126.7 Mn $500 Mn Ankur Capital, Incubate Fund India, Matrix Partners India, Accel
2009 Ecommerce $307.3 Mn $397 Mn Epiphany Ventures, Canaan Partners, Tiger Global, Warburg Pincus
2015 Fintech $41 Mn $107 Mn Musha Ventures, Y Combinator, Smilegate Investment, Apis Partners
2012 Ecommerce $85.5 Mn $250 Mn Vaibhav Puranik, Hemanth Goteti, Mukul Singhal, Alakh Naresh Gargiya
2014 Travel Tech $104 Mn N/A Amit Singhal, Burman Family Holdings, Raine Ventures,Neeraj Arora
Source: Inc42
Note: The companies have been placed in alphabetical order. Funding and valuation has been calculated based on publicly disclosed deals.
The list of investors is not exhaustive.
2019 Ecommerce $112 Mn $288 Mn Elevation Capital, Accel, WaterBridge Ventures
2018 Edtech $130 Mn $600 Mn Tiger Global, Peak XV Partners, Blume Ventures, RTP Global
2011 Fintech $140 Mn $700 Mn Composite Capital Management, Elevation Capital, Founders Fund
2015 Ecommerce $158.1 Mn $580 Mn Venturi Partners, Elevation Capital, Alteria Capital, Matrix Partners
2018 Fintech $78.6 Mn N/A Westbridge Capital, Accel
2013 Edtech $120.9 Mn N/A Peak XV Partners, Alpha Wave Incubation, Manta Ray Ventures
2012 Agritech $254.2 Mn $500 Mn IIM Calcutta Innovation Park, Lightrock, Omnivore, Prosus Ventures
2015 Fintech $375 Mn N/A Accel, Barclays Investment Bank, East West Bank, Peak XV Partners
2009 Ecommerce $60 Mn N/A L Catterton
Source: Inc42
2012 Consumer Services $103 Mn $340 Mn Tiger Global , Mayfield Fund, Trifecta Capital, IIFL
2013 Logistics $524.3 Mn $768 Mn CDC Group, Partners Group, Peepul Capital, Warburg Pincus
2011 Enterprise Tech $87 Mn $307 Mn Steadview Capital, IIFL Asset Management, A91 Partners
2013 Enterprise Tech $151 Mn N/A TCV, M12 Venture Fund, Indian Angel Network, Elevation Capital
2020 Ecommerce $152.6 Mn $300 Mn Alok Mittal, Elevation Capital, Kunal Bahl, Rohit Bansal, Acce
2019 Fintech $136.6 Mn $315 Mn B Capital Group, Hillhouse Capital Group, Ribbit Capital
2006 Fintech $37 Mn $329 Mn Bharat Petroleum Corp, Intel Capital
2015 Fintech $141 Mn N/A Peak XV Partners, Faering Capital, Norwest Venture Partners
2015 Consumer Services $256 Mn $250 Mn Kortschak Investmesnts L.P., Das Capital, Iron Pillar
2019 Ecommerce $47.8 Mn N/A Aditya Birla Ventures, A91 Partners, Alteria Capital, PremjiInvest
Source: Inc42
2011 Deeptech $293.1 Mn N/A Tiger Global, Blume Ventures, Mitsubishi Corporation, Innoven Capital
2009 Enterprise Tech $103 Mn $500 Mn Khosla Ventures, Battery Ventures, Randstad Innovation Fund
2012 Healthtech $100 Mn $500 Mn Khosla Ventures, InnoVen Capital, Inventus Capital, Leapfrog Ventures
2011 Healthtech $196 Mn N/A Intel Capital, Peak XV Partners, Omidyar Network, Edelweiss, GFin
2014 Consumer Services $114 Mn $470 Mn Aarin Capital, Accel, Brand Capital, Evolvence India Fund, FJ Labs
2011 Ecommerce $53 Mn N/A Rise Capital, LionRock Capital, Velos Partners, LionRock Capital
2015 Enterprise Tech $153 Mn N/A Alkeon Capital, Balderton Capital, Lightspeed Venture Partners
2007 Deeptech $47.3 Mn $437.5 Mn Qualcomm,Celesta Capital, Florintree Advisors, Infosys, Infina
2018 Fintech $143 Mn $635 Mn Tiger Global, Steadview Capital, Dragoneer, Sixteenth Street Capital
2007 Fintech $6 Mn $616 Mn Bennett Coleman & Co. Ltd., Network 18, Next Orbit Ventures
Source: Inc42
2013 Media & Entertainment $165 Mn $550 Mn A91 Partners, Addition, Tiger Global, Vy Capital
2016 Fintech $170 Mn $500 Mn TVS Capital Funds, Investcorp, Avataar Venture Partners
2015 Ecommerce $160.3 Mn N/A Nexus Venture Partners, Kalaari Capital, Alteria Capital, Invus
2019 Fintech $167 Mn $711 Mn Global Founders Capital, Hummingbird Ventures, Matrix Partners India
2012 Fintech $87 Mn $403 Mn SoftBank, Wellington Management, Accel, VEF
2018 Fintech $187 Mn $600 Mn B Capital Group, Moore Strategic Ventures, Surge, Tribe Capital
2015 Fintech $142.5 Mn $220 Mn SiCreva Capital, Endiya Partners, VentureEast, Sistema
2018 Fintech $352.4 Mn $375 Mn NewQuest Capital Partners, Motilal Oswal, Alpine Capital, PremjiInvest
2017 Enterprise Tech $70 Mn N/A PremjiInvest, Blume Ventures, Leo Capital Holdings, Telstra Ventures
2019 Edtech $152.5 Mn $825 Mn Sequoia Surge
Source: Inc42
2014 Fintech $279.2 Mn $138 Mn India Quotient, FMO, Alteria Capital, Bertelsmann India Investments
2017 Media & Entertainment $52 Mn N/A 3one4 Capital, Korea Investment Partners, Hashed, Axilor Ventures
2014 Deeptech $31.6 Mn $223 Mn GEMS,Metaform Ventures, Omkar Ghaisas, Renjit Shintorn Capital
2014 Logistics $50 Mn N/A Steadview Capital, Tiger Global, Paytm, IAN, Singapore Angel Network
2014 Fintech $111 Mn $600 Mn Tiger Global, BEENEXT, Flourish Ventures, Omidyar Network
2016 Ecommerce $38 Mn $200 Mn Paragon Partners India, RPSG Capital Ventures, Sharrp Ventures
2013 Healthtech $185.5 Mn N/A Peak XV Partners, Sofina, Zodius Capital, HDFC Bank
2015 Ecommerce $177 Mn N/A Lighthouse Funds, CDC Group, Toppan Printing
2017 Fintech $150 Mn N/A Norwest Venture Partners, Elevation Capital
2014 Enterprise Tech $209.9 Mn $700 Mn Matrix Partners India, Eight Roads Ventures, Helion Venture Partners
Source: Inc42
2014 Fintech $183.7 Mn $625 Mn Tiger Global, Winter Capital, Evolvence India, Accel
2011 Fintech $98 Mn $439 Mn Matrix Partners India, Axis Bank, Falcon Edge Capital, Meru Capital
2016 Enterprise Tech $79.5 Mn $170 Mn Prime Venture Partners, Tiger Global, JS Capital Management
2018 Fintech $582 Mn $670 Mn Gaja Capital, International Finance Corporation
2000 Media & Entertainment $146 Mn $665 Mn Peak XV Partners, ESL Gaming, IIFL Asset Management
2015 Logistics $262.5 Mn N/A M12- Microsoft's Venture FUND, SoftBank Vision Fund, Point72 Ventures
2015 Agritech $339 Mn $750 Mn Accel, Flipkart, NRJN Trust, Syngenta Ventures, Tiger Global
2015 Fintech $164.2 Mn $133 Mn Accel, Lightrock, Horizons Ventures, Tencent, Social Capital
2006 Fintech $41 Mn $930 Mn Kleiner Perkins, Lightbox,Mayfield Fund, Sherpalu Ventures, Visa
2011 Ecommerce $285.3 Mn $462 Mn Bertelsmann India Investments, Goldman Sachs, InnoVen Capital
Source: Inc42
2009 Ecommerce $77 Mn #N/A ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I
2017 Enterprise Tech $209 Mn #N/A Grupo Carso, General Atlantic, Celesta Capital, Chiratae Ventures
2018 Media & Entertainment $94 Mn #N/A Goodwater Capital, Naver, Lightspeed India Partners, Times Internet
2014 Logistics $132 Mn $500 Mn InnoVen Capital, Kae Capital, Lightrock, Mahindra rise, Peak XV Partners
2008 Healthtech $251 Mn $300 Mn Tencent Holdings, Peak XV Partners, ru-Net, RSI Fund, Thrive Capital
2015 Media & Entertainment $81 Mn #N/A Qiming Venture Partners, Tencent, Omidyar Network
2015 TransportTech $310 Mn $140 Mn AdvantEdge Founders, Astarc Ventures, India Technology Fund
2020 Fintech $105.1 Mn $750 Mn Tiger Global, RTP Global, DST Global, XYZ Venture Capital
Source: Inc42
2015 Fintech $115.5 Mn $364 Mn Evolvence India Fund, Lok Capital,IIFL AMC
2015 Fintech $188.8 Mn $300 Mn Accel, Peak XV Partners, GGV Capital, Bertelsmann India Investments
2019 Edtech $55 Mn $710 Mn Lightrock India,Peak XV Partners, Tiger Global
2012 Fintech $55 Mn $63.1 Mn Accel, InnoVen Capital, Flucas Ventures, Trifecta Capital, Kube VC
2019 Transport Tech $41.9 Mn $200 Mn Vel Kanniappan, Athiyas Group,Manish Bharti,Sattva Group
2014 Deeptech $211 Mn N/A The Global Emerging Markets Group, TAQNIA
2013 Real Estate Tech $98 Mn $260 Mn ADM Capital, Bennett Colemann and Co Ltd, Lohia Group
2021 Deeptech $17 Mn $450 Mn Pantera Capital, Coinbase Ventures, True Ventures, Jump Capital
2017 Real Estate Tech $237 Mn $470 Mn Accel, Peak XV Partners, Matrix Partners India, Alteria Capital
2016 Fintech $345 Mn $135 Mn Snow Leopard Ventures, Alto Partners, Vibhav Dhawan
Source: Inc42
2012 Ecommerce $36 Mn N/A Elevation Capital, Stride Ventures, India Quotient, Anicut Capital
2020 Edtech $118 Mn $500 Mn Better Capital, Learn Capital, Lightspeed India Partners, Rocketship.vc
2014 Fintech $145 Mn N/A Northern Arc, Daesung Private Equity, SoftBank
2015 Fintech $197 Mn $900 Mn Peak XV Partners, GGV Capital, Nexus Venture Partners
2020 Fintech $89 Mn $350 Mn General Catalyst, Elevation Capital, Accel, Eight Roads Ventures India
2014 Ecommerce $145.4 Mn $380 Mn Peak XV Partners, SIG, Verlinvest
2015 Agritech $404 Mn N/A InnoVen Capital, DN Capital, Aspada, Northern Arc, Left Lane Capital
2013 Enterprise Tech $140 Mn $600 Mn Peak XV Partners, SoftBank Investment Advisers
2018 Media & Entertainment $111 Mn $365 Mn Kalaari Capital, Courtside Ventures, Hike, Makers Fund
2014 Ecommerce $124.9 Mn $395 Mn ChrysCapital, GIC
Source: Inc42
2011 Fintech $6 Mn $337 Mn Vivriti Asset Management
2011 Fintech $163 Mn N/A Spectrum Equity
2020 Fintech $155 Mn N/A Accel,Tiger Global,DST Global, Lightspeed Venture Partners
2013 Transport Tech $301.7 Mn N/A Cyber Carrier, Empire Angels, Ford Smart Mobility, InnoVen Capital
2018 Media & Entertainmentt $121 Mn $500 Mn Matrix Partners India, Smile Group, Tomales Bay Capital, WestCap
Source: Inc42
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Source: LinkedIn, Inc42
Lack Of Gender Diversity At India's Future Unicorns: 93% Founders Are Men
Female
7.1%
18
246 Indian
Soonicorn
Founders
229
Male
92.9%

Inside India’s
Soonicorn Club
Founders & Education
Backgrounds
Around 90% Of Soonicorn Founders Did Their Undergrad In India

Abroad
7.9%
16
Indian
Soonicorn
Founders
197
India
92.1%
Note: Of the total 246 Indian soonicorn founders, information for 33 founders is not available for this analysis
77% Soonicorn Founders Preferred B.Tech As Undergrad Degree In India
Others 17
8.1% Indian
B.Com
2.9%
6
4
Soonicorn
BBA
1.9%
Bachelor of Economics
6 Founders
2.9% 12
Bachelor Of Science
5.7% 164
BTech & Bachelor Of Engineering
78.5%

Bucking The Trend: More Than 60% Future Unicorn Founders Have No IIT Tag
IIT
39.4% 84
Indian
Soonicorn
Founders
129 Non IIT
60.6%

Leading The Pack: IIT Bombay To Produce Most Unicorn Founders

25
While most
soonicorn founders
come from non-IIT
20 backgrounds, IITs
stand out for
consistently
15 producing the
Number of Founders
15
highest number of
founders per college,
highlighting their
10
significant impact on
nurturing
entrepreneurial
5 talent.
0
IIT IIT Delhi IIT IIT Madras BITS University NIT IIT IIT Kanpur
Bombay Kharagpur Pilani of Delhi Karnataka Roorkee

Over 65% Of Soonicorn Founders Have Post Grad Degrees
No Postgrad
35.7% 75
Indian
Soonicorn
Founders
135 Postgrad
64.3%

Most Soonicorn Founders Did Post Grad From Indian Universities

Canada
1.5%
22
USA
29.0% 38
Indian
Soonicorn
Founders
89 India
67.9%

Over 77% of Soonicorn Founders Graduated From Non-IIM Institutions
IIM
23.5%
32
Indian
Soonicorn
Founders
104
Others
76.5%

50% Indian Soonicorn Founders Preferred MBA As Post Grad Degree
Other
25.4%
34
Indian
Soonicorn
MBA
68
50.7%
Msc
4.5%
6
Founders
26
Mtech
19.4%

IIM Ahmedabad To Produce Most Number Of Future Unicorn Founders In India
12
While most
soonicorn founders
10 hold postgraduate
degrees from
non-IIM
8
institutions, the
Number Of Founders
notable influence of
6 IIMs is evident, as
they consistently
produce the
4 highest number of
soonicorn
2 founders…
0
IIM IIM Calcutta ISB IIT Delhi Stanford IIT Bombay Havard
Ahemdabad University University

Inside India’s
Soonicorn Club
The State Of
Financial Health
Indian Soonicorn Financials In FY23
Operating Revenue Total Expense Profit/Loss Employee Benefit Marketing Expense

($ Mn) ($ Mn) ($ Mn) Expense ($ Mn) ($ Mn)
FY23 FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 FY22
NA 45.1 NA 50 NA -4.7 NA 2.8 NA NA
14.4 7.7 53 33 -37.0 -25.0 11.0 3.8 3 1
223.0 51.1 334 95 -108.1 -43.0 41.9 14.4 25 6
19.8 11.9 25 17 -4.6 -5.4 11.6 10.1 4 3
103.0 89.9 160 140 -55.7 -49.5 14.4 11.7 NA 12
20.8 10.5 59.5 30 -36.0 -13.3 14.1 7.9 NA NA
96.3 57.7 119 217 -21.0 -158.0 11.4 5.2 11 5
121.9 34.6 118 49 10.6 -11.5 17.2 13.9 NA NA
Source: Company Filing, Inc42

Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024.
The financials of companies based out of India have not been included in this analysis.| INR to USD exchange rate is 80
Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used.

2.2 2.8 23 15 -19.9 -12.3 9.1 6.9 7.3 5
NA 20.4 NA 21 NA -2.8 NA 13.9 NA NA
NA 13.0 NA 24 NA -9.9 NA 8.0 NA NA
45.5 39.1 46 60 5.1 -15.2 25.7 41.6 NA NA
76.7 43.7 94 44 -16.6 -0.4 24.8 12.0 NA NA
29.8 16.9 44 26 -11.9 -8.9 9.7 6.4 NA NA
12.8 3.2 51 26 -32.1 -20.4 28.6 13.1 6.4 4
13.6 7.3 43 35 -29.2 -27.8 31.4 27.9 NA NA
NA 67.8 NA 92 NA -23.3 NA 8.4 NA 16
NA 18.5 NA 46 NA -27.1 NA 15.7 NA NA

Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024. | The financials of companies based out of India have not been included
in this analysis. | Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used. | INR to USD exchange rate is 80

245.6 159.0 386 356 -137.0 -196.0 30.0 14.0 NA NA
39.4 26.3 49 32 -8.6 -5.6 12.4 6.3 1.6 3.5
NA 265.9 NA 284 NA -11.4 NA 68.3 NA NA
NA 25.4 NA 32 NA -62.5 NA 11.3 NA 0
NA 12.2 NA 45 NA -29.1 NA 29.0 NA 2
NA 7.8 NA 11 NA -2.9 NA 2.1 NA NA
NA 2.6 NA 34 NA -30.7 NA 9.1 NA 20
NA 2.3 NA 30 NA 65.5 NA 0.6 NA NA
40.0 22.0 27 18 11.0 3.6 11.4 7.3 NA NA

The financials of companies based out of India have not been included in this analysis. | INR to USD exchange rate is 80

NA 0.2 NA 1 NA -0.1 NA 0.1 NA 0
NA 42.9 NA 41 NA 2.5 NA 17.8 NA NA
28.6 23.2 46 43 -17.8 -19.6 14.5 11.7 15 17
104.0 61.4 127 105 -21.0 -41.3 13.5 10.3 NA 15
71.7 53.3 95 73 -21.7 -19.1 23.9 14.9 8.9 8.8
7.0 6.9 14 9 -6.5 -2.4 11.7 7.4 0.0175 0.13
5.1 2.7 25 17 -9.2 -8.7 14.0 5.3 5 7
NA 0.2 NA 1 NA -0.4 NA 0.1 NA 0
12.1 6.0 19 15 -6.4 -9.0 13.4 11.0 2.1 2.06
102.4 47.1 139 65 -33.0 -15.2 12.7 6.4 2 1

Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024.| The financials of companies based out of India have not been
included in this analysis.| Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used. | INR to USD exchange rate is 80

0.9 0.1 48 22 -40.9 -19.5 19.8 8.0 9 6
NA 14.1 NA 28 NA -13.2 NA 16.2 NA 0
NA 8.9 NA 24 NA -13.9 NA 12.6 NA NA
NA 64.2 NA 58 NA 7.8 NA 7.1 NA NA
87.0 53.0 91 63 8.0 -10.6 16.5 8.1 32 20
99.8 77.1 94 111 15.0 -25.4 14.0 9.0 32.0 20.0
NA 3.1 NA 5 14.9 -1.8 14.1 0.7 NA 0
NA 24.3 NA 30 NA -5.1 NA 7.2 NA NA
25.7 16.9 38 24 -11.5 -7.1 5.0 2.5 16 9
NA 194.1 NA 203 NA -2.6 NA 9.5 NA 8

Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024.| The financials of companies based out of India have not been included
in this analysis.| Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used.| | INR to USD exchange rate is 80

NA 31.7 NA 30 NA 2.2 NA 7.3 NA 5
8.8 5.0 38 24 -28.0 -18.0 11.4 13.3 NA NA
160.4 17.0 147 69 21.5 -8.3 10.6 6.2 NA 28
136.0 78.0 131 72 11.0 8.7 18.6 11.0 30 25
144.2 120.9 192 162 -40.8 -38.5 30.9 20.4 NA NA
NA 5.9 NA 31 NA -25.7 NA 9.9 NA 10
168.8 151.1 176 158 -7.0 -7.2 6.3 6.2 NA NA
34.0 30.9 49 57 -23.4 -24.3 10.2 10.1 NA NA
16.2 2.1 26 24 -9.5 -21.5 9.2 3.7 8.8 16

The financials of companies based out of India have not been included in this analysis. | INR to USD exchange rate is 80

219.2 106.0 246 123 -22.0 -15.3 23.2 13.3 8 3
17.0 16.9 25 26 -8.0 -8.3 14.0 10.8 4 7
4.4 1.0 24 26 -19.1 -24.6 7.4 3.6 NA NA
55.4 18.1 147 75 -84.3 -54.9 25.9 26.7 30 22
11.1 15.0 47 62 -35.2 -45.5 20.1 22.3 7 16
NA 1.9 NA 13 NA -10.4 NA 9.1 NA 1
NA 22.5 NA 35 NA -10.9 NA 1.3 NA 5
NA 14.4 NA 72 NA -52.2 NA 28.0 NA NA
52.5 27.8 63 38 -9.5 -9.5 7.6 4.4 20 12
NA 0.1 NA 18 NA -16.5 NA 9.1 NA 9

Note: This list is not a ranking of any kind. Soonicorn have been placed in alphabetical order. | We have only included companies which filed their financials until Feb 2024.| The financials of companies based out of India have not been
included in this analysis.| Companies marked with an asterisk (*) are those for which standalone financials have been taken into account. For the remaining companies, consolidated financials have been used. | INR to USD exchange rate is 80

53.9 30.0 46 30 7.4 0.4 4.9 3.0 4 6
NA 12.4 NA 11 NA 0.9 NA 5.3 NA 1
4.2 0.045 27.5 20 -21.0 -18.4 7.2 4.0 NA NA
101.6 79.1 121 92 -18.2 -12.7 13.2 11.5 12 8
NA 115.9 NA 161 NA -45.1 NA 18.5 NA 3
35.5 21.6 79 112 -41.0 -88.0 52.0 36.8 NA NA
NA 29.3 NA 45 NA -15.1 NA 3.7 NA 25
NA 42.6 NA 60 NA -17.0 NA 2.4 NA 24
NA 11.9 NA 45 NA -20.0 NA 14.9 NA 8
NA 7.1 NA 8 NA 0.1 NA 0.0 NA NA

INR to USD exchange rate is 80 | The financials of companies based out of India have not been included in this analysis.

NA 44.4 NA 40 NA -4.5 NA 5.9 NA 3
NA 3.6 NA 12 NA -8.2 NA 0.0 NA NA
23.3 19.9 19 14 4.0 5.5 6.4 3.4 NA NA
NA 46.4 NA 40 NA 5.2 NA 1.9 NA 2
101.0 66.0 117 79 -14.0 -12.8 18.0 13.3 NA NA
20.6 10.5 27 13 -5.6 -2.3 2.6 0.7 NA NA

INR to USD exchange rate is 80 | The financials of companies based out of India have not been included in this analysis.
Adjusted Revenue Growth Rate Of India's Future Unicorns In FY23

800% 68% 22% -0.08%
637% 59% 21% -0.14%
410% 55% 20% -0.4%
189% 47% 15% -1.3%
117% 43% 15% -2.2%
110% 33% 10% -2.3%
97% 32% 7% -16%
94% 32% 4% -17%
84% 27% 1% -36%
79% 22% 0.3% -58%

We have only included companies which filed their financials until Feb 2024. | The financials of companies based out of India have not been included in this analysis. | Adjusted Revenue Growth Rate is
the difference between year-on-year total revenue and expenses growth rate between FY23 and FY22. Simply Put, it shows how fast the revenue of the company has grown in comparison to expenses
Expenditure To Revenue Ratio Of India's Future Unicorns In FY23

Soonicorn Sector Expenditure To Soonicorn Sector Expenditure To
Revenue Ratio Revenue Ratio
Fintech 53.33 Fintech 3.16
Edtech 10.23 Ecommerce 2.86
Fintech 6.52 Transport Tech 2.65
Media & Entertainment 5.45 Enterprise Tech 2.23
Fintech 4.90 Enterprise Tech 1.94
Enterprise Tech 4.32 Healthtech 1.62
Fintech 4.23 Media & Entertainment 1.60
Edtech 3.95 Agritech 1.57
Edtech 3.68 Fintech 1.57
Alcohal Beverage 1.55

Note: We have only included companies which filed their financials until Feb 2024. |The financials of companies based out of India have not been included in this analysis | The expenditure to revenue ratio
reveals how efficiently a company allocates its resources to generate income. Generally lower ratio signifies more effective spending relative to earnings, indicating improved financial efficiency
Soonicorn Sector Expenditure To Soonicorn Sector Expenditure To

Revenue Ratio Revenue Ratio
Cleantech 1.50 Consumer Services 1.24
Healthtech 1.49 Ecommerce 1.24
Ecommerce 1.48 Fintech 1.23
Ecommerce 1.46 Healthtech 1.22
Ecommerce 1.44 Ecommerce 1.20
Ecommerce 1.36 Ecommerce 1.19
Agritech 1.33 Deeptech 1.16
Consumer Services 1.32 Logistics 1.12
Ecommerce 1.31 Fintech 1.05
Fintech 1.26 Fintech 1.04

Note: We have only included companies which filed their financials until Feb 2024 |The financials of companies based out of India have not been included in this analysis
The expenditure to revenue ratio reveals how efficiently a company allocates its resources to generate income. Generally lower ratio signifies more effective spending relative to earnings, indicating improved financial efficiency
Soonicorn Sector Expenditure To Revenue Ratio
Ecommerce 1.01
Consumer Services 0.97
Media & Entertainment 0.97
Fintech 0.94
Fintech 0.92
Fintech 0.85
Deeptech 0.83
Fintech 0.68

Note: We have only included companies which filed their financials until Feb 2024 |The financials of companies based out of India have not been included in this analysis
The expenditure to revenue ratio reveals how efficiently a company allocates its resources to generate income. Generally lower ratio signifies more effective spending relative to earnings, indicating improved financial efficiency
Unicorns Of Tomorrow — Key Future Trends

GenAI Soonicorns Set To Rise
The landscape of GenAI is poised for the ascent of new unicorns and soonicorns, fueled by a surge in funding that reflects growing confidence in artificial
intelligence's potential across various industries. Notably, startups like Savram, despite being only five months old, recently raised $41 Mn, while Krutrim
has emerged as the latest unicorn in this sector, further illustrating the momentum and investor interest in generative AI innovation.
Emerging Tech Sectors Take Center Stage

Sectors such as spacetech and drone tech are increasingly capturing investor interest, with two drone companies already having their IPOs. The Indian
government's commitment to attracting $600 Mn in investments over the next three years to drive innovation in drone tech, along with the recent
liberalisation of the FDI regime for spacetech startups, are anticipated to pave the way for the emergence of the next unicorns in these sectors.
Tier 2 Startups Joining The Soonicorn Club

In the near future, regions beyond tier I cities are poised to attract considerable attention from both established and emerging startups, acknowledging
the untapped potential they offer. The ecommerce market opportunity for Tier II cities and beyond is projected to reach $240 Bn by 2030, highlighting
substantial growth prospects in these regions. Additionally, fintech players targeting rural areas have collectively raised $1.3 Bn since 2014, emphasising
significant investment and market activity in these emerging markets.
Improved Financial Performance Expected From Soonicorns

In FY22, many soonicorns faced financial challenges, experiencing losses and diminishing financial stability, prompting a review of spending habits due
to a slowdown in funding. Nonetheless, FY23 financial reports from 47 companies highlighted a significant change. While only five companies were
profitable in FY22, this number increased to ten in FY23, demonstrating companies' efforts to enhance their financial standing.
CREDITS
www.inc42.com
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mission to build & serve India’s tech, startup & internet economy.
From breaking the latest news to discovering the hottest startups,

from spotting upcoming trends to simplifying complex concepts, ANALYST
we cover everything tech in India’s internet economy. SAIFLAN AIJAZ
Born in January 2015, Inc42 has become the leading source for DESIGN
news & analysis on India’s rapidly growing tech, startup & internet SABITH
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professionals every month.
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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
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Unicorns of Tomorrow Decoding India's Soonicorn Landscape Report

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Unicorns Of I n di a' s U n i c orn C l u b

India’s Startup Economy: Key Highlights

India’s Unicorn Landscape

Decoding India’s Soonicorn Club

Inside Education Backgrounds Of Soonicorn Founders

Inside India’s Soonicorn Club: The State Of Financial Health

Unicorns Of Tomorrow — Key Future Trends

India To Have 900 Mn+ Active Internet Users By 2025

Smartphone Internet Penetration 5G Enabled Indian

Cost Of 1 GB Number Of Female

SOURCE: IAMAI, INC42

The State Of Indian Startup Economy

9.7K+ Investors Participated In Startup Funding 1,298 M&A Deals Recorded

115 Indian Startups In The Unicorn Club

$390 Bn+ Combined Valuation Of Indian

1.8L Tech Startups In India By 2030

India’s Unicorn Landscape

CONSUMER SERVICES MEDIA & ENTERTAINMENT EDTECH

LOGISTICS HEALTHTECH OTHERS

India Expected To Produce Over 280 Unicorns By 2030

Less than 3 years: 9%

Between 3 to 5 years: 15%

Inside India’s Soonicorn Club

$15 Bn+ Total Funding Raised By Soonicorns Mumbai: 25

$40 Bn+ Combined Valuation Of Indian Soonicorns

Sectors That Will Mint Most Future Unicorns

India’s Soonicorn Landscape

ECOMMERCE TRAVEL TECH

ENTERPRISETECH CONSUMER SERVICES

MEDIA & ENTERTAINMENT EDTECH LOGISTICS

Fintech, Ecommerce To Mint Most Future Unicorns In India

Bengaluru, Delhi NCR, Mumbai Maintain Supremacy In Minting Unicorns Of Tomorrow

Indian Soonicorns Have Acquired Over 95+ Companies

Investors With Most Future Unicorns In The Portfolio

Notable Investor Soonicorn

Absolute Foods, HealthKart, Nazara Technologies

Bizongo, BlueStone, CityMall

Inshorts, Money View, Ninjacart

Chaayos, Clear, Sugar

GreyOrange, HealthifyMe, Pepperfry

Zupee, Stanza Living, Country Delight

Classplus, GreyOrange, LambdaTest

Country Delight, Fashinza, LendingKart

List Of India’s Future Unicorns

2019 Ecommerce $112 Mn $288 Mn Elevation Capital, Accel, WaterBridge Ventures

2018 Fintech $78.6 Mn N/A Westbridge Capital, Accel

2009 Ecommerce $60 Mn N/A L Catterton

2006 Fintech $37 Mn $329 Mn Bharat Petroleum Corp, Intel Capital

2012 Fintech $87 Mn $403 Mn SoftBank, Wellington Management, Accel, VEF

2019 Edtech $152.5 Mn $825 Mn Sequoia Surge

2017 Fintech $150 Mn N/A Norwest Venture Partners, Elevation Capital

2018 Fintech $582 Mn $670 Mn Gaja Capital, International Finance Corporation

2019 Edtech $55 Mn $710 Mn Lightrock India,Peak XV Partners, Tiger Global

2014 Ecommerce $145.4 Mn $380 Mn Peak XV Partners, SIG, Verlinvest

2014 Ecommerce $124.9 Mn $395 Mn ChrysCapital, GIC

2011 Fintech $6 Mn $337 Mn Vivriti Asset Management

2011 Fintech $163 Mn N/A Spectrum Equity

35K+ jobs created by fintech Ecom Express employs the

pta ater tifi5 47

Source: LinkedIn, Inc42

Around 90% Of Soonicorn Founders Did Their Undergrad In India

77% Soonicorn Founders Preferred B.Tech As Undergrad Degree In India

Source: LinkedIn, Inc42