India Unicorn Companies 2024: In terms of startups, the year 2024 proved to be better than the year 2023. This year was very special for Indian startups. In fact, in 2023 only two companies had achieved the title of Unicorn. But, after a year-long pause, this year the Indian startup ecosystem again gained momentum and 6 companies entered the Unicorn Club.
so many unicorns in india
There are now a total of 118 unicorns in India, who have collectively raised more than $100 billion. Although this number is less compared to the 21 and 42 unicorns created in 2022 and 2021, it is still a positive sign compared to 2023.
6 new unicorns of 2024
Ather Energy
Electric two-wheeler manufacturing company Ather Energy became a unicorn in August 2024. It received funding of $71 million from the National Investment and Infrastructure Fund (NIIF). Ather is preparing to launch an IPO soon with a valuation of $2 billion. The company is competing with companies like Ola Electric and TVS Motor in the electric vehicle market.
artificial (Krutrim)
GenAI, founded by Bhavya Agarwal, became India’s first Generative Artificial Intelligence (GenAI) unicorn in January 2024. The company is working on making large language models (LLMs) and AI chips. Artificial has raised a fund of $74 million so far and is competing with companies like OpenAI and Google.
Moneyview
Fintech startup Moneyview achieved unicorn status in September 2024 with a $1.2 billion valuation. It provides services like personal loan and credit tracking. The company’s revenue grew by 75% to Rs 1,012 crore in FY24.
Perfios
Fintech SaaS company Perfios became a unicorn in March 2024. It received funding of $80 million from a Canadian investor. The company operates in 18 countries and provides services to more than 1,000 financial institutions. Perfios aims to enter the US market and launch an IPO.
Rapido
Ride-hailing platform Rapido becomes unicorn in July 2024. It received funding of $120 million from Westbridge Capital. The company provides bike taxi and auto transportation services and is competing with companies like Ola and Uber. Rapido reduced its losses by 45% in FY24.
RateGain
Travel and hospitality sector company Rategain became a unicorn in 2024. This company is already listed and serves more than 3,200 customers in 100 countries. In the second quarter of FY25, the company’s profit increased by 74% to Rs 52.2 crore.
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