List of Unicorn Startups in India [132 Till August 2026, Updated]
A “unicorn startup” is a privately held company valued at $1 billion or more – a term coined by venture capitalist Aileen Lee in 2013. Back in 2022, when this article was first written, India had just crossed the 100-unicorn mark and the ecosystem was still riding the high of the 2021 funding boom. Four years on, the picture looks quite different: fewer unicorns are being minted each year, but the ones that are tend to be built on sturdier fundamentals – real revenue, real paths to profitability, and in several cases, real IPOs.
India’s Unicorn Count in 2026: The Current Numbers
As of August 2026, India has 132 unicorn startups, according to Inc42’s Indian Unicorn Tracker (last refreshed 15 July 2026). Together, these companies have:
- Raised a combined $119+ billion in funding
- A combined valuation of more than $394 billion
- 27 of the 132 have since gone public (IPO’d)
- 5 have been acquired
- 16 have slipped below the $1 billion mark since (due to down rounds or market corrections) but are still counted as having achieved unicorn status historically
India remains the third-largest unicorn hub in the world, behind the US and China.
How the pace has changed since the 2021 boom
| Year | New Unicorns |
| 2021 | 45 (the boom year) |
| 2022 | 22 |
| 2023 | 2 |
| 2024 | 7 |
| 2025 | 6 |
| 2026 (through August) | 6, on pace for ~10 by year-end |
The funding winter that started in 2022 hit unicorn creation hard, and it hasn’t gone back to 2021-style frequency – nor is it expected to. What’s changed instead is the quality of the deals: 2025 saw Indian startups raise about $11 billion across 936 deals (an 8% dip from 2024), even as 18 startups tapped public markets and raised nearly ₹20,000 Cr through IPOs. Growth-stage investment actually rose 14% year-on-year, with capital shifting toward AI, deeptech, and other long-horizon sectors rather than growth-at-all-costs consumer apps.
India’s Newest Unicorns (2023–2026)
This is the part that’s changed most since the last update. The freshest crop of unicorns looks noticeably different from the 2021 batch – more AI, deeptech, and spacetech, fewer pure consumer-app plays.
2026 (so far):
- Juspay (Fintech/Payments infra, Bengaluru) – first unicorn of 2026, January
- Neysa (AI cloud infrastructure, GPU-as-a-Service) – February, after a $600M Series B led by Blackstone
- KreditBee (Fintech/consumer lending, Bengaluru) – April
- Skyroot Aerospace (Spacetech, Hyderabad) – May, India’s first private space unicorn
- Sarvam AI (Artificial Intelligence, Bengaluru) – India’s homegrown foundation-model company
- Emergent (Artificial Intelligence) – July, the sixth and latest unicorn of 2026 at the time of writing
2025: Dhan (fintech), Drools (pet food/D2C), Fireflies AI (AI meeting assistant), Jumbotail (B2B ecommerce), Netradyne (fleet safety AI), Porter (logistics)
2024: Ather Energy (EVs, now listed), Money View (fintech), Ola Krutrim (AI – India’s first AI unicorn, since pivoted from sovereign-AI ambitions toward AI cloud infrastructure), Perfios (fintech SaaS), Rapido (ride-hailing), Rategain (travel tech, listed), TBO (travel tech, listed)
2023: InCred (fintech), Zepto (quick commerce)
Notice the shift: three of the five newest 2026 entrants (Juspay, KreditBee, and Sarvam) are headquartered in Bengaluru, and AI/deeptech now has three unicorns of its own (Sarvam, Krutrim, and Emergent) – a category that didn’t meaningfully exist in the 2021 list at all.
Where India’s Unicorns Are Based
| City | Unicorns |
| Bengaluru | 55 |
| Delhi NCR | 41 |
| Mumbai | 18 |
| Pune | 8 |
| Chennai | 5 |
| Hyderabad | 3 |
Bengaluru’s dominance keeps compounding – the city alone attracted over $4.5 billion in startup funding in 2025, with names like Razorpay, Meesho, Udaan, Rapido, and Zepto all raising large rounds there. Eight of the ten startups that turned unicorn across 2024 and 2025 were Bengaluru-headquartered.
Which Sectors Are Producing Unicorns Now
| Sector | Unicorns |
| Ecommerce | 31 |
| Fintech | 26 |
| Enterprise Tech | 20 |
| Media & Entertainment / Logistics / Edtech / Consumer Services | 7 each |
| Travel Tech / Health Tech | 6 each |
| AI / Spacetech (emerging) | 3 / 1 |
Ecommerce and fintech are still the two biggest categories by headcount, but the growth is now visibly coming from AI, deeptech, and spacetech – categories that were essentially nonexistent in India’s unicorn list five years ago.
Full List of India’s Unicorn Startups (Alphabetical, with Year Achieved)
| Startup | Sector | Unicorn Since | Valuation ($Bn) | HQ |
| 1mg (Tata 1mg) | Health Tech | 2022 | 1.3 (Acquired by Tata) | Delhi NCR |
| 5ire | Web3 | 2022 | <1.0 | Dubai |
| Acko | Fintech/Insurance | 2021 | 1.4 | Bengaluru |
| Amagi | Enterprise Tech | 2022 | 1.4 | Bengaluru |
| Apna | Enterprise Tech | 2021 | 1.1 | Bengaluru |
| Ather Energy | Clean Tech | 2024 | 2.9 (Listed) | Bengaluru |
| BharatPe | Fintech | 2021 | 2.8 | Delhi NCR |
| BigBasket | Consumer Services | 2019 | 3.2 (Acquired) | Bengaluru |
| Billdesk | Fintech | 2018 | 2.0 | Mumbai |
| BlackBuck | Logistics | 2021 | 1.2 (Listed) | Bengaluru |
| Blinkit | Consumer Services | 2021 | 13.0 (Acquired) | Delhi NCR |
| boAt | Ecommerce | 2022 | 1.5 | Delhi NCR |
| BrowserStack | Enterprise Tech | 2021 | 4.0 | Mumbai |
| BYJU’S | Edtech | 2018 | <1.0 (down round) | Bengaluru |
| CarDekho | Ecommerce | 2021 | 1.2 | Delhi NCR |
| Cars24 | Ecommerce | 2020 | 3.3 | Delhi NCR |
| Chargebee | Fintech | 2021 | 3.5 | Chennai |
| CitiusTech | Health Tech | 2019 | 2.2 | Mumbai |
| CoinDCX | Web3 | 2021 | 2.2 | Mumbai |
| CoinSwitch | Web3 | 2021 | 1.9 | Bengaluru |
| CRED | Fintech | 2021 | 3.5 | Bengaluru |
| Cult.fit | Health Tech | 2021 | 1.5 | Bengaluru |
| Darwinbox | Enterprise Tech | 2022 | 1.0 | Hyderabad |
| DealShare | Ecommerce | 2022 | 1.7 | Bengaluru |
| Delhivery | Logistics | 2019 | 3.4 (Listed) | Delhi NCR |
| Dhan | Fintech | 2025 | 1.2 | Mumbai |
| Digit Insurance | Fintech | 2021 | 3.5 (Listed) | Bengaluru |
| Dream Sports (Dream11) | Media & Entertainment | 2019 | 8.0 | Mumbai |
| Drools | Ecommerce (D2C) | 2025 | 1.0 | Bengaluru |
| Droom | Ecommerce | 2021 | 0.4 | Delhi NCR |
| Druva | Enterprise Tech | 2019 | 2.0 | Pune |
| ElasticRun | Ecommerce | 2022 | 1.5 | Pune |
| Emergent | Artificial Intelligence | 2026 | – | – |
| Eruditus | Edtech | 2021 | 3.1 | Mumbai |
| Eternal (Zomato) | Consumer Services | 2015 | 30.0 (Listed) | Delhi NCR |
| Fireflies AI | Artificial Intelligence | 2025 | 1.0 | San Francisco |
| FirstCry | Ecommerce | 2020 | 1.7 (Listed) | Pune |
| Flipkart | Ecommerce | 2012 | 36.0 (Acquired by Walmart) | Bengaluru |
| Fractal Analytics | Enterprise Tech | 2022 | 1.0 | Mumbai |
| Freshworks | Enterprise Tech | 2018 | 3.7 (Listed) | Chennai |
| Games24x7 | Media & Entertainment | 2022 | 2.5 | Mumbai |
| Glance | Media & Entertainment | 2020 | 1.7 | Bengaluru |
| GlobalBees | Ecommerce | 2021 | 1.1 | Delhi NCR |
| Good Glamm Group | Ecommerce | 2021 | <1.0 | Pune |
| Groww | Fintech | 2021 | 11.0 (Listed) | Bengaluru |
| Gupshup | Enterprise Tech | 2021 | 0.5 | Mumbai |
| Hasura | Enterprise Tech | 2022 | 1.0 | Bengaluru |
| Icertis | Enterprise Tech | 2019 | 5.0 | Pune |
| InCred | Fintech | 2023 | 1.0 | Mumbai |
| IndiaMART | Ecommerce | 2020 | 1.5 (Listed) | Delhi NCR |
| Info Edge | Consumer Services | 2014 | 9.8 (Listed) | Delhi NCR |
| Infra.Market | Ecommerce | 2021 | 2.8 | Mumbai |
| InMobi | Enterprise Tech | 2011 | 1.5 | Bengaluru |
| Innovaccer | Health Tech | 2021 | 3.2 | Delhi NCR |
| Jumbotail | Ecommerce | 2025 | 1.0 | Bengaluru |
| Juspay | Ecommerce/Payments | 2026 | 1.2 | Bengaluru |
| KreditBee | Fintech | 2026 | 1.5 | Bengaluru |
| LEAD School | Edtech | 2022 | 1.1 | Mumbai |
| LeadSquared | Enterprise Tech | 2022 | 1.0 | Bengaluru |
| Lenskart | Ecommerce | 2019 | 5.6 (Listed) | Delhi NCR |
| Licious | Ecommerce | 2021 | 1.5 | Bengaluru |
| Livspace | Ecommerce | 2022 | 1.2 | Bengaluru |
| MakeMyTrip | Travel Tech | 2010 | 8.2 (Listed) | Delhi NCR |
| Mamaearth (Honasa) | Ecommerce | 2021 | 0.9 (Listed) | Delhi NCR |
| MapmyIndia | Enterprise Tech | 2021 | 1.0 (Listed) | Delhi NCR |
| Meesho | Ecommerce | 2021 | 9.4 (Listed) | Bengaluru |
| Mensa Brands (BRND.ME) | Ecommerce | 2021 | 1.0 | Bengaluru |
| MindTickle | Enterprise Tech | 2021 | 1.2 | Pune |
| MobiKwik | Fintech | 2021 | 0.2 (Listed) | Delhi NCR |
| Mobile Premier League (MPL) | Media & Entertainment | 2021 | 2.2 | Bengaluru |
| Moglix | Ecommerce | 2021 | 2.5 | Delhi NCR |
| Money View | Fintech | 2024 | 1.2 | Bengaluru |
| Mu Sigma | Enterprise Tech | 2013 | 1.5 | Bengaluru |
| Netradyne | Logistics | 2025 | 1.3 | Bengaluru |
| Neysa | AI Infrastructure | 2026 | 1.4 | – |
| NoBroker | Real Estate Tech | 2021 | 1.0 | Bengaluru |
| Nykaa | Ecommerce | 2020 | 8.1 (Listed) | Delhi NCR |
| OfBusiness | Ecommerce | 2021 | 2.8 | Delhi NCR |
| Ola | Travel Tech | 2014 | 1.3 | Bengaluru |
| Ola Electric | Clean Tech | 2019 | 1.7 (Listed) | Bengaluru |
| Ola Krutrim | Artificial Intelligence | 2024 | 1.0 | Bengaluru |
| OneCard | Fintech | 2022 | 1.4 | Pune |
| Open | Fintech | 2022 | 1.0 | Bengaluru |
| Oxyzo | Fintech | 2022 | 1.0 | Delhi NCR |
| OYO | Travel Tech | 2018 | 2.5 | Delhi NCR |
| Paytm | Fintech | 2015 | 9.5 (Listed) | Delhi NCR |
| Paytm Mall | Ecommerce | 2018 | <1.0 | Delhi NCR |
| Perfios | Fintech | 2024 | 1.0 | Bengaluru |
| PharmEasy | Health Tech | 2021 | 0.5 | Mumbai |
| PhonePe | Fintech | 2018 | 13.0 | Bengaluru |
| Physics Wallah | Edtech | 2022 | 4.3 (Listed) | Delhi NCR |
| Pine Labs | Fintech | 2020 | 5.8 | Delhi NCR |
| Policybazaar | Fintech | 2018 | 9.8 (Listed) | Delhi NCR |
| Porter | Logistics | 2025 | 1.0 | Bengaluru |
| Postman | Enterprise Tech | 2020 | 5.6 | Bengaluru |
| Pristyn Care | Health Tech | 2021 | 1.4 | Delhi NCR |
| Purplle | Ecommerce | 2022 | 1.3 | Mumbai |
| Rapido | Travel Tech | 2024 | 1.1 | Bengaluru |
| Rategain | Enterprise Tech | 2024 | 0.8 (Listed) | Delhi NCR |
| Razorpay | Fintech | 2020 | 7.5 | Bengaluru |
| Rebel Foods | Foodtech | 2021 | 1.4 | Mumbai |
| ReNew Power | Clean Tech | 2017 | 2.5 | Delhi NCR |
| Sarvam AI | Artificial Intelligence | 2026 | 1.5 | Bengaluru |
| ShareChat | Media & Entertainment | 2021 | 2.0 | Bengaluru |
| Shiprocket | Logistics | 2022 | 1.3 | Delhi NCR |
| Skyroot Aerospace | Spacetech | 2026 | 1.1 | Hyderabad |
| Slice | Fintech | 2021 | 1.3 | Bengaluru |
| Spinny | Ecommerce | 2021 | 1.8 | Delhi NCR |
| Swiggy | Consumer Services | 2018 | 12.0 (Listed) | Bengaluru |
| TBO (Travel Boutique Online) | Travel Tech | 2024 | 2.0 (Listed) | Delhi NCR |
| Udaan | Ecommerce | 2018 | 1.8 | Bengaluru |
| Unacademy | Edtech | 2020 | 3.4 | Bengaluru |
| Uniphore | Enterprise Tech | 2022 | 2.5 | Chennai |
| upGrad | Edtech | 2021 | 2.3 | Mumbai |
| Upstox | Fintech | 2021 | 3.5 | Mumbai |
| Urban Company | Consumer Services | 2021 | 2.0 (Listed) | Delhi NCR |
| Vedantu | Edtech | 2021 | 1.0 | Bengaluru |
| Verse Innovation (Dailyhunt) | Media & Entertainment | 2020 | 2.9 | Bengaluru |
| Xpressbees | Logistics | 2022 | 1.5 | Pune |
| Yubi | Fintech | 2022 | 1.3 | Chennai |
| Zenoti | Enterprise Tech | 2020 | 1.5 | Hyderabad |
| Zepto | Consumer Services | 2023 | 5.0 | Bengaluru |
| Zerodha | Fintech | 2020 | 3.6 (Bootstrapped) | Bengaluru |
| Zeta | Fintech | 2021 | 2.0 | Bengaluru |
| Zetwerk | Enterprise Services | 2021 | 3.1 | Bengaluru |
| Zoho | Enterprise Tech | Bootstrapped, not VC-dated | 1.0 | Chennai |
Note: A handful of once-unicorn startups – Hike, Quikr, Shopclues, Rivigo, Snapdeal, EaseMyTrip – are also part of India’s unicorn history but are currently valued below $1B or have shut down, and so are shown in Inc42’s tracker as “under valued” rather than active unicorns. They’re the historical record of the club, not the current 132.
A Practical Note on “The Real Count”
If you search around, you’ll see wildly different unicorn counts for India – anywhere from 87 to 132. That’s not one source being wrong; it comes down to what’s being counted:
- Some trackers count only currently-private companies still valued above $1B (a stricter, smaller number)
- Some include companies that have since IPO’d or been acquired, since they did achieve unicorn status even if they’re no longer “unicorns” in the technical sense
- Some drop companies that fell below $1B after a down round (BYJU’S, Droom, MobiKwik, and a few others currently sit in this “under valued” bucket)
Inc42’s tracker – the source behind the 132 figure used throughout this article – counts the full historical club: every startup that has ever crossed the $1B threshold, tagged by current status (Active, Listed, Acquired, or Under Valued). That’s the most complete and most commonly cited methodology, which is why we’ve used it here.
FAQs
India has 132 unicorn startups as of August 2026, per Inc42’s Indian Unicorn Tracker. Together they’ve raised over $119 billion and are collectively valued above $394 billion. Six new startups have joined the club in 2026 so far: Juspay, Neysa, KreditBee, Skyroot Aerospace, Sarvam AI, and Emergent.
InMobi, the Bengaluru-based mobile advertising technology company founded in 2007, became India’s first unicorn in 2011.
By current valuation, the largest are Flipkart (~$36B, acquired by Walmart), Eternal/Zomato (~$30B, listed), PhonePe and Blinkit (~$13B each), Swiggy (~$12B, listed), Groww (~$11B, listed), Meesho (~$9.4B, listed), Paytm and Policybazaar (~$9.8B each, listed), and Info Edge (~$9.8B, listed).
2025’s new unicorns were Dhan, Drools, Fireflies AI, Jumbotail, Netradyne, and Porter. 2026’s new unicorns so far are Juspay, Neysa, KreditBee, Skyroot Aerospace (India’s first private space unicorn), Sarvam AI, and Emergent.
The United States leads globally by a wide margin, followed by China. India ranks third worldwide as of 2026, a position it has held consistently since overtaking the UK in 2021.
Very few. Most startups don’t survive their first few years, and reaching a $1B valuation is rarer still. Data from AngelList has previously put the odds of a venture-backed seed-stage startup reaching unicorn status at roughly 1 in 40 – about 2.5%.
Ecommerce (31) and fintech (26) remain the largest categories historically, but the newest unicorns are increasingly coming from AI/deeptech (Sarvam AI, Ola Krutrim, Emergent), spacetech (Skyroot), and cloud infrastructure (Neysa) – sectors that barely existed on India’s unicorn list before 2023.
Yes – 16 of the 132 have slipped below the $1 billion valuation mark since achieving unicorn status, generally due to down rounds or broader market corrections. BYJU’S, Droom, MobiKwik, and Gupshup are among the more prominent names currently valued under $1B, though they retain their place in India’s unicorn history.
