India Minicorn Tracker: Mapping The Next Wave Of High-Growth Startups

A decade ago, India’s startup landscape barely registered on the global radar. Today, it stands as the world’s third-largest startup ecosystem, home to 70K tech startups, 125 unicorns and 115 soonicorns that have redefined scale in emerging markets.

As unicorns mature and soonicorns inch closer to the billion-dollar mark, a new breed of startups is quietly rising — the minicorns. Valued between $100 Mn and $200 Mn, they form the crucial bridge between early growth and market leadership, offering a window into India’s next wave of scalable, capital-efficient innovation.

After the Unicorn and Soonicorn Trackers, we present the Minicorn Tracker — mapping the next generation of disruptors shaping India’s startup landscape.

According to Inc42’s analysis, India is home to 67 minicorns, which together command a $9.3 Bn valuation and have raised nearly $3 Bn in funding since inception.

Notably, only 0.1% of all Indian startups ever cross the $100 Mn valuation mark, and among funded startups, just 1% reach this milestone. Of these, five new-age tech companies are already publicly listed. While Veefin and TAC Infosec are listed on the SME platforms, ArisInfra, Unicommerce and Matrimony are listed on the mainboard.

Power-packed with everything from founding years and sectors to funding and investors, this tracker is your complete guide to India’s minicorn landscape. 

Read our methodology here. 

Ecommerce Leads The Indian Minicorn Club

Much like the unicorn and soonicorn landscape, ecommerce dominates this space too. The sector, which already boasts 29 unicorns such as Meesho, Honasa and Nykaa, also nurtures 16 minicorns.

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The highest-valued minicorn startups in the Indian ecommerce space are Geniemode (last valued at $196 Mn), Paper Boat (last valued at $180 Mn) and Foxtale (last valued between $170 Mn to $180 Mn).

Trailing behind ecommerce in the Indian fintech space, which is home to 10 minicorns. The fintech startup founded in 2022, Scapia, became a minicorn earlier in April when it bagged $40 Mn at a valuation of $170 Mn. 

While fintech and ecommerce continue to dominate the minicorn realm, India’s AI industry is fast catching up. The sector takes the third spot in the minicorn club, housing eight startups. Names like Sarvam AI, Unifyapps, and Atomicwork, among others, sit proudly in this list.

Finally, with segments like deeptech, defence tech, and spacetech, the advanced technology & hardware sector is home to five minicorns. 

Bengaluru Remains The Top Hub For Future Unicorns

Unsurprisingly, Bengaluru leads the minicorn race. With 21 minicorns, more than a third of India’s total are headquartered in the Karnataka capital. Some prominent names include AppsForBharat, FirstClub, Kiwi, and QpiAI. 

Delhi NCR and Mumbai trail just behind Bengaluru at 18 minicorns. Mumbai currently houses 14 minicorn startups. 

The next wave of minicorns is also hailing from cities like Pune, Hyderabad and Chennai. While ecommerce startup Easebuzz is based in Pune, Keka calls Hyderabad its home. Listed minicorn Matrimoney is headquartered in Chennai.

With this, let’s dive into the world of minicorns, startups set to power the next phase of growth for India’s startup economy.

Indian Minicorn Tracker will be updated periodically with fresh data, funding rounds, and exits. Stay tuned.

[Edited by: Shishir Parasher]