Venture capital firm Peak XV Partners, formerly known as Sequoia Capital India and SEA, has emerged as the leading investor in India's startup ecosystem. According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, Peak XV Partners invested in 47 potential unicorns—startups founded after 2000 and valued at over $1 billion—this year. These investments highlight India's fastest-growing startups.
Accel secured the second position, with investments in 25 companies poised to become the next generation of unicorns. Their portfolio includes companies like Money View, Ninjacart, and Stanza Living. Tiger Global, despite making fewer investments in recent years, ranked third with 21 investments in Gazelles and Cheetahs. Trifecta and Blume Ventures also made it to the top five list of investors.
Among angel investors, Anand Chandrasekaran, a partner at General Catalyst, led for the third consecutive year with 20 investments in future unicorns. He was followed by Kunal Bahl with 11 investments, and Kunal Shah with 9 investments.
Hurun Research Institute categorizes startups as Unicorns (valued over $1 billion), Gazelles (likely to become unicorns in the next three years), and Cheetahs (potential unicorns in the next five years). This evaluation is based on regulatory filings, feedback from other entrepreneurs, and insights from active India-focused VC funds and angel investors.
The research identified 152 future unicorns from 31 cities across India. These startups, mostly established in 2015, predominantly offer software and services, with only 18% dealing in physical products. Notably, 44% cater to businesses, while 56% are consumer-facing.
