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By Surender Negi
India’s unicorn club may soon welcome five new members, as startups valued at or above $900 million prepare to cross the $1-billion valuation threshold by 2025. Leading the pack is Airtel-backed Nxtra Data, valued at $986 million post-money, followed closely by Bizongo at $980 million. Bluestone ($965 million), Turtlemint, and Leap (both $900 million) round out the list of emerging contenders, according to Crunchbase data.
Post-money valuation reflects a firm’s worth after its most recent funding round. Nxtra’s ascension to unicorn status would be particularly significant for Bharti Enterprises, following Airtel CEO Gopal Vittal’s 2022 prediction that the group could add five unicorns to India’s tally. “As standalone businesses, Airtel Payments Bank, Nxtra, Wynk, Airtel Ads, and Airtel IQ would comfortably add five more unicorns to India’s tally of 83,” Vittal had stated in 2022. However, Wynk Music has since been discontinued, slightly tempering this outlook.
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Despite a challenging funding environment, India has solidified its position as the world’s second-largest base for emerging unicorns – defined as companies valued between $500 million and $1 billion – behind the United States. Currently, India boasts 46 emerging unicorns, including BookMyShow ($850 million), Country Delight ($850 million), and Pocket FM and Cleartax ($750 million each). Globally, the US leads with 225 emerging unicorns, followed by China (43), the United Kingdom (30), and South Korea (14).
Emerging unicorns worldwide secured $8.8 billion in funding in 2024, up from $7.2 billion the previous year, with over half operating in the software sector. The funding winter has slowed the pace of unicorn creation in India, but the country still boasts 117 startups valued at over $1 billion. While six new unicorns emerged in 2024, this was a modest improvement from two in 2023 and far below the 45 added in the record-breaking year of 2021.
India’s startup ecosystem saw a slight 6% increase in funding last year, from $10.7 billion in 2023 to $11.1 billion in 2024. However, uncertainties surrounding valuation and funding mean the journey of these emerging startups to unicorn status remains unpredictable. Their progress will be closely watched as they navigate a complex market environment.
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