Hurun Research Institute today released thASK Private Wealth Hurun India Future Unicorn Index 2024

(20 June 2024, Bengaluru, India) The Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2024, a ranking of India’s start-ups founded in the 2000s, worth at least US$200mn, not yet listed on a public exchange and most likely to ‘go Unicorn’ within three years (Gazelles) or five years (Cheetahs). The cut-off date was 31 May 2024.

ASK Private Wealth Hurun India Future Unicorn Index 2024 is a snapshot of India’s start-up ecosystem. This is an index of the most valuable private equity or venture capital-funded companies in India founded after 2000, ranked according to their latest funding round valuation.

To feature in the ASK Private Wealth Hurun India Future Unicorn Index 2024, the start-up is required to have a minimum valuation of US$200mn (INR 1,670 crore).

Hurun Research found 152 Indian future Unicorns from 31 cities. On average, they were set up in 2015, with the vast majority selling software and services, with only 18% selling physical products. 44% are selling to businesses, while 56% are consumer-facing. Future Unicorns were seen disrupting financial services, business management solutions, education and healthcare.

Gazelle: Unicorn in the next three years

Hurun Report defines “Gazelle” as a start-up founded after 2000 and has the potential to go Unicorn in three years. In the next three years, 46 Gazelles from the ASK Private Wealth Hurun India Future Unicorn Index 2024 are likely to become Unicorns.

In the ASK Private Wealth Hurun India Future Unicorn Index 2024, the Gazelles, which are the high-growth potential start-ups, have a cumulative valuation of these Gazelles featured in the index experienced a year-on-year decrease of 6%, amounting to US$29bn. Impressively, the 46 start-ups listed in the index have collectively secured a substantial funding of US$9.7bn.

In the ASK Private Wealth Hurun India Future Unicorn Index 2024, the FinTech sector leads with 8 Gazelles, followed by SaaS with 6. Artificial Intelligence and EdTech each register 5 Gazelles. Among the top Gazelles featured in the index are EdTech startup Leap Scholar, FinTech startup Money View, and AgriTech startup Country Delight. Following closely are AgriTech startup Ninjacart and SaaS startup MoEngage.

 

 

Cheetah: Unicorn in the next five years

Hurun Report defines “Cheetah” as a start-up founded after 2000 and has the potential to go Unicorn in the next five years.

 

Cheetahs are the fastest mammals on land over short distances and have exceptional stride length. They are nimble at high speeds, and the length between their steps is six to seven meters and four strides are completed per second.

 

Hurun classification has been validated in this year’s report as one Cheetah (Porter) from the last year's index, ‘skipped’ the Gazelle stage, and directly entered the Unicorn club.

Within the ASK Private Wealth Hurun India Future Unicorn Index 2024, the Cheetahs, characterized by their high-growth potential, showcase an impressive count of 106 Cheetahs, collectively securing a funding of US$12.4bn. The cumulative valuation of these Cheetahs featured in the index experienced a year-on-year increase of 10%, amounting to US$29bn. Leading the Cheetah index are the FinTech start-ups with 22- representations, closely followed by SaaS with 14 and E-commerce with 11.

 

Methodology

The ASK Private Wealth Hurun India Future Unicorn Index 2024 is compiled by the Hurun Research Institute with 31st May 2024 as the cut-off. Hurun defines a ‘Future Unicorn’ as a start-up founded in the 2000s that has reached of valuation of less than US$1bn and greater than US$200mn, but is not yet listed on a public exchange.

 

Hurun Research believes the ASK Private Wealth Hurun India Future Unicorn Index 2024 to be the most serious attempt to capture India’s future Unicorns into one index.

 

Valuing start-ups can be tricky. The very nature of these superfast-growing companies makes valuation hard to pin down. To ensure consistency of the valuations, the Hurun research team has used the most recent valuation based on a sizeable round. Countries and cities are ranked according to the start-up head office.

 

The Hurun research team used databases that specialize in recording rounds of investments by the professional investment world, cross-checking the data with some of the world’s top investment houses, industry experts, start-up co-founders, and media sources.

 

Future Unicorns can drop out from the list either by going public (IPO), being acquired by another company, or dropping in valuation below US$200mn.

 

ASK Private Wealth Disclaimer

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Disclaimer. All the data collection and the research has been carried out by Hurun Research. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources that are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun. Hurun does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

 

About ASK Private Wealth

ASK Private Wealth (ASK Wealth Advisors Pvt Ltd) is the Wealth Management arm of the Blackstone-backed ASK Asset & Wealth Management Group. It focuses on the HNI and UHNI segment and seeks to help them meet their long-term financial goals of wealth creation, preservation, and transfer to the next generation. The firm currently represents ~3,500 HNI and UHNI families. ASK Private Wealth is the recipient of several reputed national and international awards. ASK Wealth Advisors Private Limited is engaged in various businesses which includes, SEBI registered Investment Advisor (Registration Number-INA000000532), Portfolio Manager Service (INP000007827), Alternative Investment Funds (Category II - IN/AIF2/23-24/1315 and Category III - IN/AIF3/20-21/0829), Distribution of Financial products (ARN47293), Corporate Agent (Composite) for distribution of Insurance products (-CA0707). ASK Wealth Advisors Private Limited (IFSC Branch) is registered with IFSCA as Fund Management Entity (Non - Retail) with registration no IFSCA/FME/II/2023-24/095.

 

About ASK Asset & Wealth Management Group:

Blackstone-backed ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. ASK’s diversified businesses comprise of Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers; Real Estate Private Equity – ASK Property Fund; Wealth Management and Multi-Family Office Service – ASK Private Wealth; Long/short funds – ASK Hedge Solutions; NBFC – ASK Finance; and our international business arm – ASK Capital. It has 20+ offices and branches across India, Dubai, and Singapore and caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK Group manages assets over Rs. 82,700 Cr as on 31 May 2024.

About Hurun India

Hurun India was launched in 2012 under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University. The duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been pursuing to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.

 

The Five core pillars of Hurun India are:

1. Wealth Creation—We celebrate transparent wealth creation by highlighting the success stories of some of the most notable entrepreneurs through Hurun Rich Lists.

 

1)     Hurun India Rich List ranks individuals with a net worth of INR 1,000 crore+ and has become India's most comprehensive rich list. Over the last decade, the list grew from 100 individuals from 10 cities to 1,300+ richest Indians from 83 cities.

2)     Hurun Leading Wealthy Women List ranks the richest self-made women in India.

3)     Hurun Real Estate Rich List ranks the country’s most successful Real Estate entrepreneurs. 

4)     Hurun India Wealth Report is the most detailed Hurun study on the wealth distribution landscape in India.

 

2. Value Creation – Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500 - a ranking of the most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.

 

3. Sustainability and Philanthropy—The Hurun India Philanthropy List, celebrating its 7th anniversary, ranks India’s most generous entrepreneurs. The Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with the UN Sustainable Development Goals
   
   
4. Art—In 2019, the Hurun India Art List was launched. It aims to track some of the most successful artists alive today through cumulative auction prices. Through the art list, we endeavour to encourage individuals to collect Indian art.
   
   
5. Lifestyle and Luxury -The Hurun Luxury Consumer Survey debuted in 2019 to help understand ultra-high-net-worth individuals' lifestyle and brand preferences and curate a survey to help them explain their spending habits.

 

Globally, The Hurun brand registers an estimated 8 billion views, with 50% YoY growth, on the back of lists and research reports.

 

Hurun India is India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2024, a ranking of 3,381 US dollar billionaires, the so-called ‘Nine-Zero Club’, currently in the world and the tenth India Rich List which ranks the 1,103 wealthiest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try to tell the story of modern India through the eyes of an entrepreneur.

 

For the full details, please refer to www.hurunindia.com

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