Six more unicorns added in 2024
After the funding winter in 2023, the startup ecosystem saw some respite in 2024 as six startups became unicorns. However, in 2022, 21 startups had emerged as unicorns and in 2021 the number was a record high of 44
Chennai: As the funding winter receded in 2024, the year saw 6 startups turning unicorns against two in 2023. However, the number is just a fraction of the unicorns that were added in 2022 and 2021.
After the funding winter in 2023, the startup ecosystem saw some respite in 2024 as six startups became unicorns. However, in 2022, 21 startups had emerged as unicorns and in 2021 the number was a record high of 44.
With this, the total number of unicorns in the country reached 118, third after the US and China. The US has 999 unicorns and added 56 in 2024, while China has 244 unicorns, as per the data of Inc42.
Among the freshly minted unicorns, Hero Motocorp-backed Ather Energy surpassed the $1 billion valuation mark in August. Ride app Rapido turned unicorn after raising $200 million.
App-based platform offering on-demand truck booking and moving services Porter joined the Unicorn Club in May.
Lending app Moneyview became a unicorn after raising $4.6 million in September. Platform to build Generative AI applications Krutrim joined the Unicorn Club in January after raising a $50 million Series B funding round. Ola founder Bhavish Aggarwal’s third startup Krutrim became the first AI unicorn.
Fintech SAAS company Perfios joined the Unicorn Club in March after raising a $80 million Series D funding round led by Ontario Teachers' Pension Plan.
RateGain, which provides SAAS solutions for the travel and hospitality sector, is the only listed new-age company to enter the club.
Of the total 118 unicorns, Bengaluru houses the most with 48. It is followed by Mumbai with 21 unicorns and Gurugram with 18 unicorns.
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