India now home to 100 unicorns with a combined valuation of $340b

Photo: Reuters

With the entry of neobanking startup Open to the unicorn club on Monday, India took its total unicorn tally to 100. Unicorn is a moniker used for privately-held startups valued at atleast $1 billion.

The country has already minted 16 unicorns in 2022 so far as against 45 in the whole of 2021. India is now home to the third highest number of unicorns after the US and China.

High Points:

  • Financial services industry leads the pack with 20 unicorn startups, followed by retail and software industries with 13 and 12 unicorns, respectively.
  • Flipkart, which was acquired by American retail giant Walmart in 2018, is currently the most valued Indian startup with a $37.6 billion valuation. Edtech startup Byju’s is the second most valuable private company ($22 billion) followed by Paytm ($16 billion) and Swiggy ($11 billion).
  • Bengaluru has the highest number of unicorns at 40 followed by Mumbai (17) and Gurugram (15).
  • E-commerce rollup startup Mensa Brands, which was founded in May 2021, became the fastest startup to turn into a unicorn in just six months of its launch. Globalbees, which was founded around the same time as Mensa Brands, bagged the unicorn tag in December 2021.
  • Neobanking startup Open, gaming platform Games24x7, fintech platforms Oxyzo Financial Services and CredAvenue, and SaaS startup Amagi Media Labs are among the latest entrants into the coveted unicorn club.
  • Mobile marketing tech firm InMobi, e-commerce startups Flipkart and Snapdeal, software platform Mu Sigma, and digital payments startup Paytm are among the oldest unicorns.

                            List of Unicorn Startups in India

Expand Table

StartupHeadquarterYear of FoundingYear of EntryLast reported valuation (USD billion)Select InvestorsIndustry
OpenBengaluru2017May 20221IIFL Finance, Temasek, Tiger Global, 3one4 Capital, Google, Visa, SBI InvestmentFinancial Services
ElasticRun Pune2014March 20221.5SoftBank Vision Fund 2, Goldman Sachs Asset Management, Avataar Ventures, Prosus Ventures, Kalaari CapitalLogistics/Distribution
Games24x7Mumbai2006March 20222.5Malabar Investments, Tiger Global, Raine GroupTravel & Leisure
Oxyzo Financial ServicesDelhi2017March 20221Alpha Wave, Tiger Global, Norwest Venture Partners, Matrix Partners, Creation InvestmentsFinancial Services
CommerceIQBengaluru2012March 20221SoftBank Vision Fund 2, Insight Partners, Trinity Ventures, Shasta Ventures, Madrona Venture GroupSoftware
CredAvenue Chennai2017March 20221.3Insight Partners, B Capital Group, Dragoneer, Lightrock, TVS CapitalFinancial Services
PolygonBengaluru2017March 202210Sequoia Capital India, SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic CapitaLFinancial Services
Amagi Media LabsBengaluru2008March 20221Accel, Avataar Ventures, Norwest Venture Partners, Premji InvestMedia
XpressBeesPune2015February 20221.2Blackstone, TPG, ChrysCapital, InvestCorp Group, Norwest, Gaja CapitalLogistics/Distribution
LivspaceBengaluru2014February 20221.2KKR, Jungle Ventures, TPG Growth, Bessemer, Goldman Sachs, Venturi Partners, Ingka Group InvestmentsConsumer Services
Uniphore Chennai2008February 20222.5NEA, March Capital, Sorenson Capital Partners, Serena Capital, Sanabil Investments, Cisco Investments, Chiratae Ventures, Iron Pillar Fund, Sistema CapitalSoftware
HasuraBengaluru2017February 20221Greenoaks, Nexus Venture Partners, Lightspeed Venture Partners, Vertex VenturesIT Infrastructure
DealshareBengaluru2018January 20221.6Tiger Global, Alpha Wave Global, Innoven Capital, WestBridge Capital, Z3PartnersRetail
DarwinBoxHyderabad2015January 20221Technology Crossover Ventures (TCV), Salesforce Ventures, Sequoia Capital, Lightspeed Venture Partners, Endiya Partners, 3One4CapitalSoftware
LEADMumbai2012January 20221.1WestBridge Capital, GSV VenturesEducation/Training
FractalMumbai2000January 20221TPG Capital Asia, TA Associates, Khazanah, Apax PartnersOutsourcing
GlobalBeesDelhi2021December 20211.1Premji Invest, Steadview Capital, SoftBankRetail
MamaearthGurugram2016December 20211.2Sofina, Sequoia Capital, Fireside Ventures, Stellaris Venture Partners, Sharp Ventures, Titan CapitalConsumer Products
Pristyn CareGurugram2018December 20211.4Sequoia Capital, Tiger Global Management, Hummingbird Ventures, Epiq Capital, QED, Amber WinterHealthcare Services
SpinnyGurugram2015December 20211.8General Catalyst, Arena Holdings, Think Investments, Elevation Capital, Fundamentum PartnershipAutomobiles Other Vehicles & Parts
SliceBengaluru2016November 20211Tiger Global, Insight Partners, Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, 8i, Blume Ventures, Binny BansalFinancial Services
Mensa BrandsBengaluru2021November 20211.2Accel Partners, Falcon Edge Capital, Norwest Venture PartnersRetail
UpstoxMumbai2009November 20213.4Tiger Global, Ratan Tata, Kalaari CapitalFinancial Services
CureFitBengaluru2016November 20211.56Tata Digital, Accel India, Kalaari Capital, Chiratae Ventures, Zomato, Temasek, Endiya PartnersHealthcare Services
MyGlammMumbai2017November 20211.2Accel, Bessemer Venture Partners, L’Occitane, Ascent, Amazon, the Mankekar family, Trifecta, Strides VenturesConsumer Products
NoBrokerBengaluru2014November 20211General Atlantic, Tiger Global Management, Moore Strategic VenturesReal Estate Development & Operating Company
LiciousBengaluru2015October 20211.4Multiples Alternate Asset Management, Brunei Investment Agency, Vertex Ventures, Bertelsmann Netherland, 3one4 CapitalFood
AckoMumbai2016October 20211.1General Atlantic, Multiples Private Equity, Canada Pension Plan Investment Board, Lightspeed Growth, Intact Ventures, Munich Re VenturesInsurance
Rebel FoodsMumbai2011October 20211.42Mando Corporation, Acernis Ventures, AlimcoFood
CoinSwitchBengaluru2017October 20211.9Ribbit Capital, Paradigm, Sequoia Capital India, Kunal ShahFinancial Services
MobiKwikGurugram2009October 20211Bajaj Finserv, Abu Dhabi Investment Authority, Sequoia CapitalFinancial Services
CardekhoJaipur2008October 20211.2LeapFrog Investments, Sequoia Capital India, Sunley HouseAutomobiles Other Vehicles & Parts
EaseMyTripDelhi2008September 20211Nomura, HSBC Group, Aditya Birla Capital, Sundaram Asset ManagementTravel & Leisure
VedantuBengaluru2014September 20211ABC World Asia, Coatue, Tiger Global, GGV CapitalEducation/Training
Mobile Premier LeagueBengaluru2018September 20212.3Beenext, Sequoia Capital India, Moore Strategic Ventures, RTP GlobalTravel & Leisure
Apna.coBengaluru2019September 20211.1Sequoia Capital India, Greenoaks Capital, Lightspeed India, Rocketship.vcInternet
ZetwerkBengaluru2018August 20212.7ICONIQ Strategic Partners, D1 Capital Partners, Steadview Capital Mauritius, Avenir Zetwerk Investors, Lightspeed Venture PartnersIndustrial Machinery
BlinkitGurugram2013August 20211Zomato, Tiger Global, Sequoia Capital India, SoftBank, ApolettoRetail
upGradMumbai2015August 20211.2Temasek, Unilazer VenturesEducation/Training
MindTickleBengaluru2011August 20211.2SoftBank Vision Fund 2, Norwest Venture Partners, Canaan, NewView Capital, Qualcomm VenturesSoftware
EruditusMumbai2010August 20213.2Accel US, Softbank Vision Fund II, Sequoia Capital India, Bertelsmann India InvestmentsEducation/Training
CoinDCXMumbai2018August 20212.15B Capital Group, Coinbase Ventures, Polychain Capital, Block.one, Jump CapitalFinancial Services
BharatPeDelhi2018August 20212.8Tiger Global Management, IIFL Wealth & Asset Management, Northern Arc Capital, Alteria Capital, Coatue Management, Dragoneer Investor Group, Steadfast CapitalFinancial Services
BlackBuckBengaluru2015July 20211.02Tribe Capital, IFC Emerging Asia Fund, VEF, Wellington Management, Sands Capital, International Finance Corporation Logistics/Distribution
DroomDelhi2014July 20211.257 Stars, Seven Train Ventures, Beenos Partners, Lightbox, Axis Capital Partners, BeenextAutomobiles Other Vehicles & Parts
OfBusinessGurugram2015July 20215Tiger Global Management, SoftBank Vision Fund 2, Falcon Edge CapitalFinancial Services
BrowserStackMumbai2011June 20214BOND, Insight Partners, AccelSoftware
MoglixNoida2015May 20212.6Falcon Edge Capital, Harvard Management Co., Tiger Global, Sequoia Capital India, Venture HighwayRetail
ZetaGurugram2015May 20211.5SoftBank Vision Fund 2, MastercardFinancial Services
GupshupMumbai2004April 20211.4Fidelity Management and Research Company LLC, Tiger Global, Think Investments, Malabar Investments, Harbor Spring CapitalSoftware
ShareChatBengaluru2015April 20213.7Lightspeed Ventures, Tiger Global, Mirae-Naver Asia Growth FundInternet
Urban CompanyGurugram2014April 20212.8Prosus Ventures, Dragoneer, Wellington Management, Vy Capital, Tiger Global, SteadviewConsumer Services
ChargeBeeChennai2011April 20213.5Sapphire Ventures, Tiger Global, Insight Venture Partners, Steadview CapitalSoftware
CREDBengaluru2018April 20214Tiger Global Management, Falcon Edge Capital, Marshall Wace, Steadfast, DST Global, Insight Partners, Coatue, Sofina, RTP, DragoneerFinancial Services
GrowwBengaluru2016April 20213ICONIQ Growth, Alkeon, Lone Pine Capital, Steadfast, Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, Propel Venture Partners Financial Services
PharmEasyMumbai2015April 20215.6CDPQ, Orios VP, Eight Roads Ventures, Temasek, Naspers, Steadview CapitalPharmaceuticals
MeeshoBengaluru2015April 20214.9SoftBank Vision Fund 2, Prosus Ventures, Facebook Inc., Shunwei Capital, Venture Highway, Knollwood InvestmentRetail
Five Star Business FinanceChennai1984March 20211.4Sequoia Capital India, Norwest Venture Partners, KKR, TVS CapitalFinancial Services
InnovaccerNoida2014February 20213.2Mubadala Capital, B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global ManagementHealthcare IT
Infra.MarketThane2016February 20212.5InnoVen Capital, Tiger Global, Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, Foundamental GmbhConstruction
DigitBengaluru2017January 20213.5Faering Capital, Sequoia Capital India, IIFL Alternate Asset Managers, TVS Shriram Growth FundInsurance
Glance Bengaluru2019December 20202Jio Platforms, Mithril CapitalInformation Services
ZenotiHyderabad2010December 20201.5N+1 Capital, Tiger Global, Accel India, Norwest, Steadview Capital, Advent International
DailyhuntBengaluru2007December 20205Bytedance, Goldman Sachs, Advent Management, Falcon EdgeMedia
PhonePeBengaluru2015December 20205.5Tiger Global, TencentFinancial Services
Cars24Gurugram2015November 20203.3DST Global, Falcon Edge, SoftBank Vision Fund 2, Alpha Wave GlobalAutomobiles Other Vehicles & Parts
RazorPayBengaluru2014October 20207.5Salesforce Ventures, Matrix Partners India, Tiger Global, Sequoia Capital IndiaFinancial Services
UnacademyBengaluru2015September 20203.44Tiger Global, Dragoneer Investment Group, Steadview Capital, General Atlantic, Sequoia India, Nexus Venture Partners, Blume VenturesEducation/Training
PostmanBengaluru2014June 20205.6Insight Partners, Coatue, Bond Capital, Battery Ventures, Nexus Venture PartnersSoftware
NykaaMumbai2012March 20201.2Steadview Capital, Sharrp Ventures, Techpro Ventures, TVS Capital, TPG GrowthConsumer Products
FirstCryPune2010February 20201.9TPG, ChrysCapital, Premji InvestConsumer Products
Pine LabsNoida1998January 20205Invesco Developing Markets Fund, Fidelity Management & Research Company, Ishana, Tree Line, Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, Ward Ferry ManagementFinancial Services
HighRadiusHyderabad2006January 20203.1ICONIQ Capital, Susquehanna Growth Equity, Citi VenturesSoftware
LenskartFaridabad2010September 20194.3KKR, Temasek Holdings, Falcon Edge CapitalRetail
Ola ElectricBengaluru2017July 20195Falon Edge, SoftBank, Temasek, Pawan Munjal Family TrustAutomobiles Other Vehicles & Parts
CitiusTechMumbai2005July 20191General Atlantic, Baring AsiaHealthcare IT
IcertisPune2009July 20195B Capital Group, Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, e.ventureSoftware
Druva SoftwarePune2008July 20192Caisse de depot et placement du Quebec, Neuberger Berman, Viking Global Investors, Atreides Management
Dream11Mumbai2008April 20198Falcon Edge, DST Global, D1 Capital, Redbird Capital, Tiger Global, TPG and Footpath VenturesTravel & Leisure
BigBasketBengaluru2011March 20192.7Alibaba Group Holding, Ascent Capital, Bessemer, Helion Ventures, IFCRetail
RivigoGurugram2014February 20191.09Trifecta Capital, Elevation Capital, Warburg PincusLogistics/Distribution
DelhiveryGurugram2011January 20193Fidelity, GIC's Gamnat, Chimera Investments, Pacific Horizon Trust, FedEx ExpressLogistics/Distribution
BillDeskMumbai2000November 20181.6SIDBI VC, TA Associates, General AtlanticFinancial Services
UdaanBengaluru2016September 20183Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, Tencent, Octahedron Capital, Moonstone CapitalRetail
OYO RoomsGurugram2013September 20189.6Microsoft, Hindustan Media Ventures, SVF India Holdings, RA HospitalityTravel & Leisure
FreshworksChennai2010August 20183.5 Sequoia Capital, Accel, Tiger Global, Google, Steadview CapitalSoftware
PolicyBazaarGurugram2008June 20182.4Tiger Global, SoftBank, Tencent, Steadview Capital, Info Edge
SwiggyBengaluru2014June 201811Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac, Goldman Sachs, Accel, Prosus, InvescoLogistics/Distribution
Paytm MallNoida2017April 20183Elevation Capital, Alibaba, SoftBank, eBayRetail
BYJUSBengaluru2011January 201822Accel, Elevation Capital, Norwest, Naspers, Tencent, Invesco, UBS Group, Blackstone, Eric Yuan, ADQ, Phoenix Rising, IIFL, Maitri EdTech, B Capital Education/Training
HikeDelhi2012August 20161.4Tiger Global, Tencent, Foxconn, BSB Internet
ShopCluesGurugram2011January 20161.1Nexus Ventures, Helion Ventures, Beenos, Tiger GlobalRetail
ZomatoGurugram2008September 20155.4Pacific Horizon Investment Trust, Ant Financial, Info Edge, Sequoia Capital, Steadview CapitalLogistics/Distribution
QuikrBengaluru2008April 20151.5Kinnevik, Norwest, Matrix Partners, Omidyar Network, Steadview CapitalInformation Services
Ola CabsBengaluru2010March 20157.5Temasek, Warburg Pincus, Tiger Global, Matrix Partners, Steadview, SoftBank, TencentTransportation Services
PaytmNoida2010February 201516Saama Capital, Elevation Capital, Alibaba, Berkshire HathwayFinancial Services
SnapdealDelhi2010October 20146.5Kalaari Capital, Alibaba, Nexus Ventures, Bessemer, SoftBankRetail
Mu SigmaBengaluru2004February 20131.5Accel, Sequoia Capital, Mastercard, General Atlantic, Software
FlipkartBengaluru2007February 201237.6Accel, Tiger Global, Naspers, GIC, SoftBank, Tencent, Franklin Templeton Investments, CPPIBRetail
InMobiBengaluru2007September 20111Sherpalo Ventures, SoftBankMarketing/Advertising

Note: The unicorn list also includes companies that went public in the past, including Nykaa, BillDesk, Freshworks, Policybazaar, Zomato, and Paytm. Moreover, companies including Hike, Shopclues and Quikr have lost their unicorn tags owing to a drop in valuation. 

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