6 Indian startups have become unicorns this year; know about their founders, profiles and funding
India Tech saw six new unicorns which is more than 2 new Unicorns in 2023 and 75 per cent less than 24 new Unicorns in 2022, according to a report by SaaS-based market intelligence platform Tracxn.
A startup that reaches a value of more than $1 billion is called a unicorn and they are not listed on the stock market. This year, six Indian companies have entered the unicorn club. In India, InMobi, a global technology company that offers advertising services, was the first startup that became a unicorn in 2011.
Please note that the data is taken till December 18, 2024.
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Who coined the unicorn term?
In 2013, Aileen Lee, founder of Cowboy Ventures coined the term unicorn.
Unicorns in 2024
India Tech saw six new Unicorns which is more than 2 new Unicorns in 2023 and 75 per cent less than 24 new Unicorns in 2022, according to a report by SaaS-based market intelligence platform Tracxn.
Funding in India's tech startups this year
This year, India's tech startups received $11.3 billion funding, an increase of six per cent from $10.7 billion in 2023, as per the report. Also Read
6 Indian startups have unicorn club in 2024
In 2024, six startups including Ather Energy, Krutrim, Moneyview, Perfios, Rapido, and RateGain have become unicorns this year. A look at their business profiles:
Ather Energy
Ather Energy is a Bengaluru-based electric two-wheeler manufacturing company. The startup became a unicorn in August 2024 when the company raised Rs 600 crore from the National Investment and Infrastructure Fund (NIIF). This funding round valued the company at $1.3 billion.
Krutrim
AI startup Krutrim entered the unicorn club in January 2024. The startup was founded by Bhavish Aggarwal who is also a founder of Ola. Recently, Krutrim raised $50 million from Z47 after that it became a unicorn.
Moneyview
Moneyview, a lending tech startup, joined the unicorn club in September 2024 after completing a $4.6 million funding round from Accel India and Nexus Ventures. The startup was founded by Puneet Agarwal and Sanjay Aggarwal in 2014.
Perfios
Perfios, a fintech SaaS startup entered the unicorn club after raising $80 million from Teachers’ Venture Growth (TVG). With this, the company's valuation reached at $1 billion. VR Govindarajan and Debasish Chakraborty founded Perfios in 2008.
Rapido
Ride-hailing firm Rapido raised $120 million from WestBridge Capital and became a more than $1 billion company. It had entered the unicorn club in July 2024. Rishikesh SR, Pavan Guntupalli, and Aravind Sanka founded Rapido in 2015.
Porter
Porter entered the unicorn club in May 2024. At that time, the company had closed an internal round of funding which valued it at over $1 billion. Founded in 2024 by Pranav Goel, Uttam Digga, and Vikas Chaudhary, Porter provides delivery services in India.