25 Indian startup companies out of Hurun’s list – StartUp News

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While three Indian startups became unicorns with a valuation of over $1 billion, 25 startups missed out on the Hurun India Future Unicorn Index 2024 list. These include some prominent names like Rapido, Koo, Dunzo, Paper Boat, DotPe, Gaana and Park Plus.

According to the ASK Private Wealth Hurun India Future Unicorn Index 2024 released on Thursday, three startup companies have become unicorns. These include Indian quick delivery startup company Zepto, which got unicorn status in August 2023; Incred Finance, which became a unicorn in December 2023 and logistics platform Porter.

Another startup, ixigo, dropped out of the Hurun India Future Unicorn Index 2024 list after its initial public offering (IPO) this year. Of these 25 startup companies, five were ‘Gazelle’ and 20 were ‘Cheetah’. Gazelles and Cheetahs can become unicorns in three and five years respectively. The list includes the names of 152 future Indian unicorn companies from 31 cities.

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The findings of this report explain the impact of the slowdown in fund raising in India. It says that three future unicorn companies have been elevated to unicorn status in 2023 and 2024. In 2022, this number was much higher i.e. 24.

Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun India, said the golden era of startups is now facing a turning point amid slowdown in fund raising, inflated valuations prior to 2021, and setbacks from companies like Byju’s.

“The economic slowdown has posed challenges for niche companies, with 24 per cent of last year’s Gazelles/Cheetahs either delisted or downgraded. Rising interest rates and geopolitical challenges have created hurdles for startups in raising capital,” he said.

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Rajesh Saluja, managing director and chief executive officer of ASK Private Wealth, said venture capital funding in India is expected to drop to $8 billion in 2023 from $38 billion in 2022.

First Published – June 20, 2024 | 9:54 PM IST

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