Which Indian Companies Are Unicorns?

For unicorn hunters in India — in the context of startups, of course — things have been going well this year. People who have been tracking the rise of these companies with a billion-dollar-plus valuation in India will tell you that 2018 and this year so far have been a great time for growth stage companies looking to reach unicorn status.

Startups valued over $1Bn are termed as unicorns. India is home to 31 Unicorns today, with consumer service startups leading the charts.

According to Inc42 DataLabs, 2018 was a bumper year for Indian startups which saw the creation of 10 unicorns, the first time the ecosystem crossed the double-digit mark in a financial year. It was a great achievement considering the previous best year (2014) delivered just four unicorns.

The Startup Unicorn Landscape In India

This calendar year seems to be on track to beat 2018’s record-breaking tally. Since the start of 2019, seven startups have reached unicorn status already to take the total to 31 unicorns in India. Here’s a sector-wise look at the unicorns.

1. Consumer Services

Consumer services as the name suggests refers to startups in the hyperlocal and food delivery space. One of the hottest sectors of the Indian startup ecosystem. In Q3 2019, consumer services startups raised $176 Mn overall with 33% of the deals coming in FMCG startups.  Here’s a look at the unicorns of the sector:

 

• • Quikr

    Launch Year: 2008

    Founders: Jiby Thomas, Pranay Chulet

    Headquarters: Bengaluru

    Total Funding: $430 Mn

    Key Investors: Kinnevik AB, Brand Capital, Tiger Global Management, NGP Capital, Warburg Pincus

    Unicorn Since: 2015

  • Zomato

    Launch Year: 2008

    Founders: Deepinder Goyal, Pankaj Chaddah

    Headquarters: Delhi NCR

    Total Funding: $775 Mn

    Key Investors: Sequoia Capital, InfoEdge, Temasek Holdings, Ant Financial, Vy Capital, Info Edge

    Unicorn Since: 2015

• • Hike

    Launch Year: 2012

    Founders: Kavin Bharti Mittal

    Headquarters: Delhi NCR

    Total Funding: $261 Mn

    Key Investors: Bharti SoftBank, Tiger Global Management, Tencent Holdings, Foxconn Technology Group

    Unicorn Since: 2016

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• Info Edge

  Launch Year: 1995

  Founders: Sanjeev Bikhchandani

  Headquarters: Delhi NCR

  Funding: Public Company

  Unicorn Since: 2014

• BigBasket

  Launch Year: 2011

  Founders: Abhinay Choudhari, Hari Menon, Vipul Parekh, VS Sudhakar

  Headquarters: Bengaluru

  Total Funding: $1.02 Bn

  Key Investors: Alibaba Group, Helion Venture Partners, Paytm Mall, Helion Venture Partners, Bessemer Venture Partners, LionRock Capital, Abraaj Group

  Unicorn Since: 2019

• Swiggy

  Launch Year: 2014

  Founders: Nandan Reddy, Rahul Jaimini, Sriharsha Majety

  Headquarters: Bengaluru

  Total Funding: $1.27 Bn

  Key Investors: DST Global, Naspers, Bessemer Venture Partners, Norwest Venture Partners, Accel, SAIF Partners

  Unicorn Since: 2018

2. Ecommerce

The ecommerce sector remains one of the most crucial in the Indian market from the point of view of startups as plenty of other sectors have relied on the growth of the ecommerce sector for their own growth — with hyperlocal and logistics being prime examples. Over 21 deals in Q3 2019, ecommerce startups raised $381 Mn, according to the analysis by DataLabs by Inc42.

 

• Flipkart

  Launch Year: 2007

  Founders: Sachin Bansal, Binny Bansal

  Headquarters: Bengaluru

  Total Funding: $7.3 Bn

  Key Investors: SoftBank, Naspers, Tiger Global Management, Microsoft, Tencent, eBay, Steadview Capital, DST Global, Accel Partners

  Unicorn Since: 2012

• Snapdeal

  Launch Year: 2010

  Founders: Kunal Bahl, Rohit Bansal

  Headquarters: Delhi-NCR

  Total Funding: $ 1.8 Bn

  Key Investors: SoftBank, RuNet Holdings, Alibaba, Kalaari Capital, Foxconn Tech, Blackrock

  Unicorn Since: 2014

• Paytm Mall

  Launch Year: 2016

  Founders: Vijay Shekhar Sharma

  Headquarters: Delhi-NCR

  Total Funding: $ 645 Mn

  Key Investors: Softbank, Alibaba

  Unicorn Since: 2018

• Udaan

  Launch Year: 2016

  Founders: Sujeet kumar, Vaibhav Gupta, Amod Malviya

  Headquarters: Bengaluru

  Total Funding: $ 285 Mn

  Key Investors: DST Global, Lightspeed Venture Partners, Yuri Milner

  Unicorn Since: 2018

• Shopclues

  Launch Year: 2011

  Founders: Radhika Aggarwal, Sanjay Sethi

  Headquarters: Delhi NCR

  Total Funding: $ 255 Mn

  Key Investors: Helion Venture Partners, Nexus Venture Partners, Tiger Global

  Unicorn Since: 2016

3. Enterprise Tech

Enterprise tech startups refers to startups working in SaaS and ERP solutions to companies. Many SMEs are leveraging SaaS and to optimise their overall performance. While Zoho and Freshworks dominate the SaaS game, the new kids on the block include Druva and Icertis.

 

• Zoho

  Launch Year: 1996

  Founders: Sridhar Vembu

  Headquarters: Chennai

  Total Funding: Bootstrapped

• Freshworks

  Launch Year: 2010

  Founders: Girish Mathrubootham, Shan Krishnasamy

  Headquarters: Chennai

  Total Funding: $ 249 Mn

  Key Investors: Accel, Sequoia Capital India, Tiger Global Management, CapitalG

  Unicorn Since: 2018

• Mu Sigma

  Launch Year: 2004

  Founders: Dhiraj Rajaram

  Headquarters: Bengaluru

  Total Funding: $ 211 Mn

  Key Investors: Sequoia Capital, General Atlantic, MasterCard

  Unicorn Since: 2013

• Druva

  Launch Year: 2008

  Founders: Jaspreet Singh, Milind Borate, Ramani Kothandaraman

  Headquarters: Bengaluru

  Total Funding: $ 328 Mn

  Key Investors: Viking Global Investors, Riverwood Capital, Tenaya Capital, Nexus Venture Partners

  Unicorn Since: 2019

• Icertis

  Launch Year: 2009

  Founders: Samir Bodas, Monish Darda

  Headquarters: Pune

  Total Funding: $ 211 Mn

  Key Investors: Greycroft, PremjiInvest, B Capital Group, Eight Roads, Ignition Partners

  Unicorn Since: 2019

4. Fintech

With 22% contribution to the total funding amount, fintech emerged as the most funded sector in Q3 2019. One of the most promising sectors for the Indian startup ecosystem, fintech has been on an upward swing with 36 funding deals and investment amount of $688 Mn. Lending tech is on the rise in the Indian fintech ecosystem, with 42% of all funding in the previous quarter coming for lending tech startups. Here’s a look at the fintech unicorns in India:

 

• Paytm

  Launch Year: 2010

  Founders: Vijay Shekhar Sharma

  Headquarters: Delhi-NCR

  Total Funding: $ 2.5 Bn

  Key Investors: SoftBank, Alibaba, Berkshire Hathaway, SAIF Partners, Intel Capital, and SAP Ventures

  Unicorn Since: 2015

• PhonePe

  Launch Year: 2015

  Founders: Burzin Engineer, Rahul Chari, Sameer Nigam

  Headquarters: Bengaluru

  Total Funding: $ 291 Mn

  Key Investors: Flipkart

  Unicorn Since: 2018

• Policy Bazaar

  Launch Year: 2008

  Founders: Alok Bansal, Yashish Dahiya

  Headquarters: Delhi NCR

  Total Funding: $ 346 Mn

  Key Investors: Wellington Management, PremjiInvest, Tiger Global Management, Inventus Capital Partners

  Unicorn Since: 2018

• Billdesk

  Launch Year: 2000

  Founders: Ajay Kaushal

  Headquarters: Mumbai

  Total Funding: $257 Mn

  Key Investors: Clearstone Venture Partners, State Bank of India, Visa

  Unicorn Since: 2018

 

5. Logistics

Touted to touch $307 Bn by 2020, the Indian logistics sector in recent years has become the backbone of the ecommerce, agritech and hyperlocal sector in India. In fact, ecommerce can be said to be the pillar which fuelled the growth of the sector in the country. Add technology to the mix and logistics has redefined movement of goods like never before and this is the reason that logistic startups have mushroomed like never before in the country. Take a look at the unicorns from the logistics sector:

• Delhivery

  Launch Year: 2011

  Founders: Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua, Suraj Saharan

  Headquarters: Delhi NCR

  Total Funding: $670 Mn

  Key Investors: SoftBank, Fosun, Carlyle Group, Tiger Global, Nexus Venture Partners, Times Internet

  Unicorn Since: 2019

• Rivigo

  Launch Year: 2014

  Founders: Deepak Garg, Gazal Kalra

  Headquarters: Delhi NCR

  Total Funding: $ 216 Mn

  Key Investors: SAIF Partners, Warburg Pincus

  Unicorn Since: 2018

 

6. Transport Tech / Mobility

Transport systems today are built on emerging and futuristic technologies and the companies operating within the segment are changing the mobility game by facilitating transportation in a quick and seamless way through on-demand cab services, bike taxis, carpooling and more. The growing segment of electric vehicles is only contributing to the optimism around mobility or transport tech.

 

• Ola

  Launch Year: 2010

  Founders: Bhavish Aggarwal, Ankit Bhati

  Headquarters: Bengaluru

  Total Funding: $ 3.8 Bn

  Key Investors: SoftBank, Tencent Holdings, Tekne Capital

  Unicorn Since: 2014

• Ola Electric

  Launch Year: 2018

  Founders: Bhavish Aggarwal, Ankit Bhati

  Headquarters: Bengaluru

  Total Funding: $306 Mn

  Key Investors: Ratan Tata, Matrix Partners India, SoftBank, Tiger Global

  Unicorn Since: 2019

 

7. Cleantech

Startups in India are working to bring eco-friendlier solutions for the major problems such as rising energy consumption. With climate change and global warming becoming a major problem to solve for countries around the world, many Indian startups today are supporting the government’s objective of generating and storing energy with a focus on renewable and sustainable production.

 

• Renew Power

  Launch Year: 2011

  Founders: Sumant Sinha

  Headquarters: Delhi NCR

  Total Funding: $ 1.6 Bn

  Key Investors: Goldman Sachs, Franklin Templeton India, JP Morgan, L&T and more

  Unicorn Since: 2017

8. Traveltech

As per an IBEF report, the online travel space will likely account for 40% to 50% of total travel transactions by 2020. And to take a bite of this pie many startups have risen in the traveltech sector in India. These startups have changed how consumers make their travel plans, and have changed the game for hotel owners and the hospitality industry as well.

 

• Makemytrip

  Launch Year: 2010

  Founders: Deep Kalra, Keyur Joshi, Rajesh Magow

  Headquarters: Delhi NCR

  Total Funding: $ 548 Mn

  Key Investors: Ctrip, Tiger Fund, Helion Venture Partners, Sierra Ventures

  Unicorn Since: 2010

• OYO

  Launch Year: 2013

  Founders: Ritesh Agarwal

  Headquarters: Delhi NCR

  Total Funding: $ 1.7 Bn

  Key Investors: SoftBank, Greenoaks Capital, Huazhu Hotels Group, Sequoia Capital, Lightspeed Venture Partners

  Unicorn Since: 2018

 

 

9. Media & Entertainment

The Indian media and entertainment industry is projected to touch $39.68 Bn by FY 2023, with the OTT and gaming sub-sectors contributing heavily to the growth estimates. With the rise of gaming unicorns in India as the rapid penetration of OTT players, the media and entertainment industry is poised for rocket growth in the next few years.

 

• Dream11

  Launch Year: 2011

  Founders: Harsh Jain; Bhavit Sheth

  Headquarters: Mumbai

  Total Funding: $ 100 Mn

  Key Investors: Steadview Capital, Kalaari Capital, Think Investments, Multiples Equity

  Unicorn Since: 2019

 

10. Edtech

By integrating technology with traditional education patterns, Indian edtech startups are working to provide affordable education for one and all across geographies, and solving the problem of access to schools through online learning and courses. Edtech startups have redefined how one can learn any skill or topic and democratised learning in many ways.

 

• Byjus

  Launch Year: 2008

  Founders: Byju Raveendran, Divya Gokulnath

  Headquarters: Bengaluru

  Total Funding: $819 Mn

  Key Investors: General Atlantic, Tencent Holdings, Verlinvest, Sequoia Capital India, Sofina, Aarin Capital, Chan Zuckerberg Initiative

  Unicorn Since: 2018

 

11. Adtech

With mobile advertising growing by leaps and bounds in the Indian market, adtech solutions that give marketers and businesses the right analytics and digital tools for optimising these digital ads have also mushroomed.

 

• InMobi

  Launch Year: 2007

  Founders: Naveen Tewari, Amit Gupta, Mohit Saxena

  Headquarters: Bengaluru

  Total Funding: $ 320 Mn

  Key Investors: SoftBank, Kleiner Perkins Caufield & Byers, Tennenbaum Capital Partners, Sherpalo Ventures

  Unicorn Since: 2014

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