India's startup ecosystem is poised for significant growth, with a report indicating that the country may witness the emergence of 147 unicorns over the next five years. This forecast comes as India currently ranks third globally in terms of its startup landscape.
The 'ASK Private Wealth Hurun India Future Unicorn Index 2023' report reveals that India is presently home to 83 unicorns, along with 51 gazelles (startups likely to become unicorns within three years) and 96 cheetahs (startups anticipated to achieve unicorn status within five years).
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Rajesh Saluja, CEO & MD of ASK Private Wealth, attributes this potential growth to the determination, adaptability, and resourcefulness of founders in the face of challenging conditions. The report also suggests that the recent funding winter has catalyzed innovation, prompting startups to think creatively, optimize resources, and refine their strategies.
The future unicorns included in the index were predominantly established in 2015, with a majority focused on selling software and services. Notably, only 20% of these startups sell physical products. While 63% of these companies are consumer-facing and 37% cater to businesses.
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As per the report, among venture capital platforms, Peak XV Partners (formerly Sequoia Capital India and Southeast Asia) is India's most successful at identifying and investing in gazelles and cheetahs. Other notable players include InnoVen Capital, Tiger Global Management, Accel, and Blume Ventures.
The report highlights several startups expected to play critical roles in India's development. These include Zepto, a quick commerce company focusing on solving credit challenges, Vivriti Capital, a financial services startup, and Ather Energy, an electric vehicle company addressing renewable energy and last-mile logistics needs. Additionally, the report identifies the online furniture platform Pepperfry as the most valuable cheetah in India.
Inputs from IANS
