Bengaluru undisputed hub for start-ups, with 53 unicorns; Delhi-NCR with 29, Mumbai with 19 unicorns.
India’s start-up landscape continues to thrive, boasting an impressive roster of 83 unicorns, 51 gazelles, and 96 cheetahs, according to the recently released Hurun India Future Unicorn List 2023. The Hurun Research Institute’s report sheds light on India’s growing prominence in the global start-up ecosystem, securing a remarkable third place on the global stage.
Among India’s cities, Bengaluru has emerged as the undisputed hub for start-ups, serving as the base for a staggering 53 unicorns. Following closely are Delhi-NCR with 29 and Mumbai with 19 unicorns.
While the number of start-ups has grown substantially, the cumulative wealth contributed by Indian Unicorn and Gazelle entrepreneurs to the rich list slightly decreased by 13 per cent, amounting to Rs 2.73 lakh crore. Nevertheless, India remains a beacon for exponential wealth creation in the start-up space.
The Hurun India Future Unicorn List 2023 highlights the promising future and potential of India’s start-ups, with 59 entrepreneurs on the list being founders of unicorns and two founders of gazelles, characterized as start-ups most likely to ‘go unicorn’ within two years. According to Hurun’s valuation criteria, a gazelle is a start-up funded in the 2000s, valued at over $500 million, not yet listed, and expected to become a unicorn within three years.
India’s standing on the global stage is reinforced by its third-place ranking in terms of the number of unicorns featured in the Hurun India Future Unicorn List 2023, with 84 unicorns gracing the list. The 360 ONE Wealth Hurun India Rich List 2023 also features founders from 33 Indian unicorns and two Gazelles, showcasing the significant role of these start-ups in the nation’s economic landscape.
The report underscores that 84 startup founders, with a combined wealth of Rs 4.23 crore and an average age of 41, are featured in the 360 ONE Wealth Hurun India Rich List 2023. Notably, the youngest entrepreneur on the list is 20-year-old Kaivalya Vohra, the founder of Zepto, a next-door quick commerce business, demonstrating the profound impact of the start-up revolution in India.
Furthermore, India’s future unicorns are estimated to be worth a staggering $57 billion, cementing the nation’s position as a global leader in the start-up sphere. Despite a slight dip in cumulative wealth, India’s entrepreneurial spirit and innovation continue to drive its impressive presence in the global start-up arena.
In a global context, China and the United States lead the race with 291 and 246 companies, respectively, in the global cheetah index—a list of start-ups founded in the 2000s most likely to become unicorns within five years, according to the Hurun Research Institute. The institute’s first-ever global cheetah index identified 747 cheetahs worldwide, setting the stage for the future of the global economy, highlighting the industries and cities that attract top talent and investment in the start-up landscape.
