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India's startup ecosystem flourished in 2024, with six startups achieving unicorn status—valuation of $1 billion or more. This marked a notable rise from 2023, which saw only two startups, InCred Finance and Zepto, reaching the milestone.
A look back at 2023
In August 2023, Zepto became the year's first unicorn after raising $200 million at a valuation of $1.4 billion. The round was led by StepStone Group, with participation from Goodwater Capital and existing investors.
Later, in November 2023, InCred Finance reportedly entered the unicorn club following a Rs 500 crore Series D funding round.
The unicorns of 2024
In 2024, six startups achieved unicorn status, including lending firm Moneyview, electric vehicle manufacturer Ather Energy, ride-hailing startup Rapido, traveltech company RateGain, financial technology platform Perfios, and AI startup Krutrim AI.
Krutrim AI, an artificial intelligence startup founded by Ola Electric CEO Bhavish Aggarwal, became the first unicorn of 2024. The AI startup achieved this milestone in January after raising $50 million at a $1 billion valuation.
In February, Delhi NCR-based RateGain became the only listed new-age company to enter the unicorn club in 2024.
In March, Bengaluru-based fintech SaaS startup Perfios achieved unicorn status after raising $80 million from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan.
In August, Ather Energy, which competes with the listed EV giant Ola Electric, joined the unicorn club in August. The company raised Rs 596 crore ($71 million) in a funding round led by the government-owned National Investment and Infrastructure Fund (NIIF).
Rapido, a bike taxi aggregator and rival to Ola and Uber, became a unicorn in September. The Bengaluru-based startup raised $120 million (over Rs 1,000 crore) from WestBridge Capital at a post-money valuation of $1 billion. Additional investors in the round included Think Investments, Nexus Venture Partners, and Invus Group.
Lending firm Moneyview also achieved unicorn status in September with a funding round that valued the company at $1.2 billion. This milestone cemented its position as a major player in India’s growing fintech ecosystem.