CIOInsider India Magazine
India is Home to 30 Fintech Unicorns Says Report
According to ASK Private Wealth Hurun India Future Unicorn Index 2024, India presently houses 30 Fintech future unicorns, with consumer financing emerging as the dominating segment and accounting for more than half of the FinTech future unicorns.
Upcoming unicorns in India are expected to be worth $58 billion in total, up 1.2 percent from the previous year. The fintech sector is in the front seat amid a large number of businesses that have the potential to become unicorns in the future.
According to the reports, the fintech companies in this year's report have raised $5.7 billion in capital. At $11.4 billion, or 20 percent of the entire value, FinTech holds a dominant position and commands a significant portion of future unicorns' worth.
The report defines a unicorn startup as one that was founded after 2000 and is valued at $1 billion. firms in the Gazelles category are most likely to become unicorns within the next three years, but firms in the Cheetahs category may become unicorns within the next five years.
SaaS, with a tally of twenty future unicorns, was the second-largest sector. Together, the SaaS firms brought in a sizeable sum of money— $ 2.1 billion—demonstrating the backing and trust of investors in the expansion and promise of this industry.
According to the survey, MoEngage is the most valued SaaS Gazelle and Lentra is the most valuable SaaS Cheetah.
Upcoming unicorns in India are expected to be worth $58 billion in total, up 1.2 percent from the previous year.
According to the survey, artificial intelligence, the hottest industry that has drawn interest from investors in the startup space, has the potential to create 11 future unicorns. At USD 4.4 billion, the cumulative value of AI future unicorns is equivalent to 8% of the overall value of all future unicorns.
In the AI industry, the most valuable AI Cheetah is Locus, while the most precious AI Gazelle is AI.
With 11 prospective unicorns, the edtech industry has clinched the fifth spot in the ecosystem. According to the survey, Cuemath achieved the lucrative EdTech Cheetah classification, while Leap Scholar emerged as the most valuable Edtech Gazelle in the Edtech sector.
