The Hurun Research Institute on Tuesday identified 122 future Unicorns in India from 25 cities as a part of the ASK Private Wealth Harun India Future Unicorn Index 2022.
According to the list, Bengaluru is still the unicorn capital of India, with 46 unicorns, followed by Delhi NCR and Mumbai, which have 25 and 16 unicorns, respectively.
According to the Hurun Research Institute, India currently has 84 Unicorns, 51 Gazelles, and 71 Cheetahs, compared to 51 Unicorns, 32 Gazelles, and 54 Cheetahs in the 2021 index.
The index divides companies into three categories: would-be Unicorns (those founded after 2000 and worth at least $1 billion), Gazelles (those most likely to become Unicorns in the next two years), and Cheetahs (startups that could go unicorn in the next four years).
On average, the prospective Unicorns on the list were founded in 2015, with the vast majority selling software and services and only 17% selling physical goods. 37 percent are business-to-business (B2B) sellers, while 63 percent are consumer-facing. Future Unicorns were disrupting financial services, logistics, healthcare, and education.
“After the United States and China, India has emerged as the third-largest startup ecosystem, with a record 44 startups becoming Unicorns by 2021. The startup ecosystem is incubating new ideas and innovations that have the potential to benefit millions of consumers “At the launch, Rajesh Saluja, CEO, and MD of ASK Wealth Advisors Pvt Ltd, said.