Decoding India’s Unicorn Club Report, 2023

India has emerged as a significant global player in the unicorn landscape, boasting a total of 110 unicorns. This achievement…

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Decoding India’s Unicorn Club Report, 2023

Quoted & Trusted By

the economist
business insider
cb insights
the huffington post
the economic times
live mint
the times of india

Key Highlights


Indian Startups In The Unicorn Club

$99 Bn+

Funding Raised By Indian Unicorns

$347 Bn+

Combined Valuation Of Indian Unicorns

$18 Bn

Combined Operational Revenue Of 83 Indian Unicorns


Jobs Created By Indian Unicorns


Indian Unicorns Are Headquartered Abroad

Table Of Contents

  • India’s Digital Economy: Snapshot
  • India’s Startup Economy: Key Highlights
  • Decoding India’s Unicorn Landscape
  • India In The Global Unicorn Map
  • India's Fastest Unicorns
  • Sectors & Hubs Minting Most Unicorns
  • Gender Diversity At Indian Unicorns
  • Inside Education Backgrounds Of Unicorn Founders
  • Time Taken By Indian Startups To Enter $1 Bn Club
  • M&As By Indian Unicorns
  • Top Investors In The India's Billion Dollar Club
  • Inside India’s Unicorn Club: The State Of Financial Health
  • India’s Unicorn Club: The Profiles


India's startup ecosystem has witnessed a remarkable surge, boasting a count of 110 unicorns, slated to increase to 280 unicorns by 2030. However, a unique trend emerges unicorns were recorded since September 2022, indicating potential shifts in the market dynamics. Analysing the timeline of unicorn emergence post-2015 reveals an intriguing pattern. The median time taken for startups to ascend to unicorn status post-2015 stands at approximately 3.5 years. This relatively swift progression underscores the adaptability and growth potential of Indian startups, bolstered by a conducive ecosystem and access to venture capital. Looking ahead, the next wave of unicorns is anticipated to originate from the fintech and enterprise sectors. As enterprisetech continues to reshape traditional industries and financial services, these domains appear primed for innovation-driven disruption, presenting ample opportunities for startups to showcase their value and unlock unicorn potential.

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