India’s future unicorns worth $49 billion: Hurun Research Institute report

Abstract: unicorns are privately held startups valued at $1 billion or more.

A report by Hurun Research Institute shows India’s unicorns are currently worth $49 billion, a 36% jump in value from last year. The list includes Shiprocket, Zepto, Turtlemint, Pepperfry, Juspay, and Ather Energy.

In the report by the research firm, startups from private Indian companies worth at least $200 million and anticipated to become unicorns within the next 2-4 years are ranked.

“In just one year, the number of unicorns in the country has grown by 65% in 2021…Probably the pandemic has hastened the disruption of traditional businesses and helped in the ascendancy of the startups,” said Anas Rahman Junaid, managing director, and chief researcher, Hurun Research Institute


In the report, Hurun identifies 17 startups that are expected to reach unicorn valuations in the next two years. Among them are logistics platform Shiprocket, quick commerce provider Zepto, insurance company Turtlemint, the electric vehicle venture Ather Energy, financial services provider Vivriti Capital, mobility startup Rapido, and financial software platform Clear (formerly ClearTax).

“There are some concerns in the global economy that can impact the valuations and capital raising ability of Indian startups. Moreover, some Indian startups are also going for layoffs and cost-cutting measures,” Junaid said in the report.


There has been a sharp decline in venture funding in the startup ecosystem and many startups, including Vedantu, Udaan, and Meesho, have fired employees to conserve cash and extend their runway.

Sequoia Capital, among other global investors, has also cautioned entrepreneurs about turbulent financial markets, signaling investors’ reluctance to write large checks.

“We believe that there could be a blip in the growth story in the short run…The pinch felt in the valuation exercise and extra scrutiny of deliverables could help in broad-basing the system,” Junaid added.


The cumulative revenue of future unicorns increased by 65% in FY21 to Rs 16,448 crore, according to the report. The report highlighted that 15 companies featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 have a woman co-founder.