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Unicorns in India: An Updated List of All Unicorn Startups in India

After the US and China, India has the third-largest startup ecosystem in the world in terms of its sizeable market, developing economy, changing consumer preferences, and technological prowess, all working together to create hyper-local solutions also scalable.

Photo by James Lee / Unsplash

Regarding the number of unicorns, India, the third-largest startup ecosystem in the world, recently passed a significant threshold and surpassed 100. This startup ecosystem has advanced significantly after acquiring its first unicorn, "MakeMyTrip," in 2010 and reaching 100 markets over a decade.

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Startups privately held with a valuation of $1 billion or more are accorded the "Unicorn" title.

With the help of widespread digitalization, the startup ecosystem had a significant boost in the years after 2016, when more than 50% of Indian firms achieved unicorn status within five years of their founding.

What is a unicorn?

A unicorn is a startup company that has a valuation of $1 billion and is privately funded. This term, now frequently used in the venture capital sector, was first made popular by venture capitalist Aileen Lee, founder of Cowboy Ventures, when she referred to the 39 startups with a valuation of over $1 billion as unicorns.

ancient unicorn statue at Moscow Historical Museum
Photo by Yura Timoshenko / Unsplash

Because of their enormous dimensions and rarity, unicorns are a unique case that necessitates ingenuity. Unicorn investors are often private investors or venture capitalists, placing them out of the reach of retail investors. However, this is not always the case, as many unicorns find a means to go public.

List of 107 Unicorns in India

As of October 15, 2022, India is home to 107 unicorns with a combined market value of $340.79 billion, of which 44 unicorns have a 2021 debut year valuation of $93 billion and 21 unicorns have a 2022 debut year valuation of $26.99 billion.

I was walking thru the zoo and saw this sign.  The angle and the color caught my eye.  It made me think about how everyone is telling us what to do.  Or the counter to that … Stay on the Path … hang in there.

Also, all of the other signs were perfectly aligned and standing straight up.  But this one sign, just this one, was a rebel.
Photo by Mark Duffel / Unsplash

List of Unicorns in India 2022

  • Tata 1mg
  • Shiprocket
  • 5ire
  • OneCard
  • LeadSquared
  • Purplle
  • PhysicsWallah
  • Open
  • Games24x7
  • Oxyzo
  • CommerceIQ
  • Amagi
  • Yubi (CredAvenue)
  • Hasura
  • Uniphore
  • Xpressbees
  • Livspace
  • ElasticRun
  • DealShare
  • Darwinbox
  • LEAD School
  • Fractal Analytics

107. Tata 1mg

Founding Year: 2015

Unicorn Entry Year: 2022

Industry: HealthTech

Funding: After obtaining $40 million in an internal round of fundraising spearheaded by Tata Digital, the Tata-owned health tech platform increased its valuation to $1.25 billion and became India's 107th unicorn firm.

Founders: Prashant Tandon, Gaurav Agarwal, Vikas Chauhan

Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan founded the company in 2015, with their headquarters in Gurugram, Haryana. It is an online pharmaceutical delivery system that aims to increase the affordability and accessibility of healthcare.

The website is well-known for providing lab testing, prescription drugs, other healthcare supplies, and online medical consultations. As a result, it serves as a one-stop shop for all of the consumers' healthcare requirements.

Current Valuation: $1.25 Billion

Investors: Tata Digital, KWE Beteiligungen AG, HBM Healthcare Investments, MAF Mauritius, MPOF Mauritius

Products & Services: Medicines, Lab Tests, Consultation

Visit their website here (107).

106. Shiprocket

Founding Year: 2017

Unicorn Entry Year: 2022

Industry: E-Commerce, Logistics

Funding: After receiving $33.5 million from Temasek Holdings and Lightrock, the Zomato-backed logistics startup increased its valuation to $1.2 billion and became India's 106th unicorn startup. With this, it became the 21st Indian firm to become a unicorn in 2022.

Founders: Gautam Kapoor, Saahil Goel, Vishesh Khurana, Akshay Ghulati

This firm, which has its headquarters in New Delhi, was established in 2017 by Gautam Kapoor, Saahil Goel, Vishesh Khurana, and Akshay Ghulati. It develops eCommerce shipping and enabling applications.

The platform employs a data engine based on machine learning to recommend and choose the best courier service for a business. In addition to this, it provides advantages including packaging, warehousing, generating shipping labels, and tracking orders from a single panel. The flawless management of delivery is made possible by this for both sellers and buyers.

Current Valuation: $1.2 Billion

Investors: Tamesek Holdings, Lightrock, Bertelsmann, Moore Strategic Ventures

Products & Services: Software for e-commerce logistics and shipping, courier delivery

Visit their website here (106).

105. 5ire

Founding Year: 2021

Unicorn Entry Year: 2022

Industry: Blockchain

Funding: 5ire, the 105th unicorn in India, raised $100 million in Series A funding from UK firm SRAM & MRAM at a value of $1.5 billion.

Founders: Pratik Gauri, Prateek Dwivedi, Vilma Mattila

In August 2021, the company was established by Indian-born Pratik Gauri and Prateek Dwivedi with Vilma Mattila as a financial backer.

According to Pratik Gauri, the CEO of the company, 5ire seeks to create a space in the web3 revolution, much like Google did in the web1 revolution and Facebook revolutionized the web2 area. The fifth industrial revolution was the inspiration for the moniker "5ire."

Current Valuation: $1.5 Billion

Investors: SRAM & MRAM, GEM Global Yield LLC SCS (GGY), Launchpool, Sanctum Global Ventures

Products & Services: 5th generation Layer-1 (L1) blockchain network, 5irechain testnet, mainnet

Visit their website here (105).

104. OneCard

Founding Year: 2018

Unicorn Entry Year: 2022

Industry: Fintech

Funding: After raising $100 million in a Series D fundraising round on June 13, 2022, spearheaded by Temasek, Sequoia Capital, QED Holdings, Matrix Partners, Hummingbird, and others, OneCard achieved unicorn status. OneCard is currently valued at over $1.3 billion thanks to this fundraising round, making it the 104th unicorn in India by 2022. By July 14th, 2022, it had raised $225 million in total. OneCard is the second unicorn Indian firm operating in the credit card challenger market after Slice.

Founders: Vaibhav Hathi, Rupesh Kumar, Anurag Sinha

It is a subsidiary of FPL Technologies, an Indian startup in the credit card challenger market, and was founded in 2018 by Vaibhav Hathi, Rupesh Kumar, and Anurag Sinha.

Current Valuation: $1.4 Billion

Investors: Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, Hummingbird, etc.

Products & Services: Metal credit cards, Visa credit cards, OneScore

Visit their website here (104).

103. LeadSquared

Founding Year: 2011

Unicorn Entry Year: 2022

Industry: SaaS CRM

Funding: LeadSquared, which has its headquarters in Bengaluru, received $153 million in Series C fundraising from WestBridge Capital and other investors, turning the company into a unicorn and making it the 103rd Indian unicorn as of June 21, 2022.

With this most recent round of funding at its disposal, LeadSquared plans to invest more in its operations in India and North America, as well as expand into the APAC and EMEA regions shortly. It also plans to fund some acquisitions, and it hopes to double its workforce within the next 18 months.

Founders: Nilesh Patel, Prashant Singh, and Sudhakar Gorti

According to Nilesh Patel, they began with a concept that would create a software-first company, and the ideation was not about what kind of product to create but rather about what kind of company.

Current Valuation: $1 Billion

Investors: WestBridge Capital, International Finance Corporation, Gaja Capital, etc.

Products & Services: Self-serve Portal, Sales Execution CRM, Marketing Automation, Field Force Automation, and Sales Performance Suite

Visit their website here (103).

102. Purplle

Founding Year: 2012

Unicorn Entry Year: 2022

Industry: E-Commerce, Care

Funding: On June 7, 2022, the D2C cosmetic eCommerce company with its headquarters in Mumbai became a unicorn after raising $33 million from Paramark Ventures in South Korea and its current backers, including Kedaara Capital, Blume Ventures, and PremjiInvest.

Founders: Manish Taneja, Rahul Dash

Purplle is an online business founded by Rahul Dash and Manish Taneja that offers a wide range of products in several categories, including fragrances, cosmetics, hair and skincare, and more.

Current Valuation: $1.1 Billion

Investors: Blume Ventures, Kedaara Capital, PremjiInvest, Goldman Sachs, etc.

Products & Services: An online store offering cosmetics and beauty products, including haircare, skincare, and other items

Visit their website here (102).

101. PhysicsWallah

Founding Year: 2016

Unicorn Entry Year: 2022

Industry: EdTech

Funding: The most recent funding round for Noida-based PhysicsWallah was the $100 million Series A round, which was spearheaded by Westbridge and GSV Ventures and enabled the bootstrapped company to become India's 101st Indian unicorn on June 7th, 2022.

Following the investment, PhysicsWallah was valued at $1.1 billion, making it the second bootstrapped Indian business to become a unicorn, according to the press. It is a part of the edtech sector, which is likewise undergoing enormous change in the wake of the post-pandemic collapse of the nation.

Founders: Alakh Pandey

The firm had a modest start in 2016 with a YouTube channel and a capital of Rs 30,000 as Alakh had set up educating JEE/NEET aspirants for free with a whiteboard, a phone, a few books, and his theatrical teaching style, which later became a rage and boom.

Current Valuation: $1.1 Billion

Investors: Westbridge, and GSV Ventures

Products & Services: Tutoring, reference materials, and live courses for students in Classes 6 to 12, as well as for other entrance exams like JEE, NEET, and others.

Visit their website here (101).

100. Open

Founding Year: 2017

Unicorn Entry Year: 2022

Industry: Fintech

Funding:  The Indian banking and financial sector is being significantly impacted by the neobanking culture, and Open has been one of the key participants in this expanding culture. 2.3+ million SMEs are today powered by Open, which handles over $30 billion in annual transactions.

With a $50 million Series D investment led by IIFL, Temasek, 3one4 Capital, and Tiger Global on May 2, 2022, this neobanking business has added another feather to its crown. With this, Open has claimed the distinction of becoming the first unicorn in India to emerge from the neobanking sector and the country's 16th unicorn overall as of 2022.

Founders: Ajeesh Achuthan, Anish Achuthan, Deena Jacon, Mabel Chacko

Ajeesh Achuthan, Anish Achuthan, Deena Jacon, and Mabel Chacko were the brains behind the founding of Open, which was established in 2017 and is currently headquartered in Bangalore. Open has continued India's unicorn streak, which experienced an unprecedented pause at the end of March 2022 after Games 24x7 attained unicorn status.

Current Valuation: $1 Billion

Investors: Temasek, IIFL, Trifecta, etc.

Products & Services: Neobanking

Visit their website here (100).

99. Games24x7

Founding Year: 2006

Unicorn Entry Year: 2022

Industry: Gaming

Funding: At a valuation of $2.5 billion, Games24x7 raised $75 million from a group of investors including Malabar Investments, Tiger Global, Raine Group, and angel investors. Both in terms of revenue and profit, the unicorn has been racing ferociously. It reported 1,573 crores in revenue and 110 crores in profit for FY21. The co-founders opted not to disclose the FY22 financial results.

Current Valuation: $2.5 Billion

Founders: Bhavin Pandya, Trivikraman Thampy

Nearly three years after being dealt a terrible hand, Trivikraman Thampy and Bhavin Pandya appeared to bankers to be two jokers. One of the top executives of an MNC bank questioned, "Is this even legal? and now here they are.

Investors: Malabar Investments, Tiger Global, Raine Group. etc.

Products & Services: E-games, entertainment

Visit their website here (99).

98. Oxyzo

Founding Year: 2016

Unicorn Entry Year: 2022

Industry: Fintech

Funding: On March 23, 2022, Oxyzo underwent its most recent Series A investment round, in which it collected $200 million from several investors, including Alpha Wave Global, Tiger Global, Matrix Partners, Norwest Venture Partners, and others.

As a result, the firm became a unicorn. This was Oxyzo's first external round of financing, which helped the company become a unicorn. Oxyzo is the second unicorn in the group and is owned by a business. Oxyzo has made history as the first Indian firm to raise such a substantial amount in Series A financing.

Founders: Asish Mohapatra, Bhuvan Gupta, Nitin Jain, Ruchi Kalra, Vasant Shridhar

Oxyzo was founded by Asish Mohapatra and Ruchi Kalra with a clear understanding of the business trends affecting SMEs. Its mission is to help SMEs grow in terms of operations, revenue, and profit margins.

Current Valuation: $1 Billion

Investors: Alpha Wave, LLC, Matrix, Capital Management, Tiger Global, Norwest, etc.

Products & Services: Financial Service

Visit their website here (98).

97. CommerceIQ

Founding Year: 2012

Unicorn Entry Year: 2022

Industry: E-Commerce

Funding: In its Series D investment round, which closed on March 21, 2022, and was organized by Softbank, CommerceIQ raised $115 million to become a unicorn.

CommerceIQ is now the second Indian business to become a unicorn thanks to a funding round funded by SoftBank following ElasticRun. It is the 13th unicorn to emerge in India so far in 2022.

Founders: Guru Hariharan

CommerceIQ, an omnichannel management platform, was originally known as Boomerang Commerce and was founded by Guru Hariharan.

Its current US headquarters are in Palo Alto. To increase e-commerce sales, CommerceIQ, a company founded in 2012, leverages cutting-edge technology including automation and machine learning.

Current Valuation: $1 Billion

Investors: Softbank, Insight, Shasta Ventures, etc.

Products & Services: Technologies and tools to enhance e-commerce

Visit their website here (97).

96. Amagi

Founding Year: 2008

Unicorn Entry Year: 2022

Industry: Media, Advertisement

Funding: On March 16, 2022, Amagi raised $95 million in capital from a group of current investors, including Norwest Venture Partners and Avataar Ventures. This fundraising allowed Amagi to reach a unicorn value.

Amagi joined the unicorn club in 2022 as the 12th Indian firm with this fundraising round. The company is currently praised for being among the most valuable media tech businesses in the world.

Founders: Baskar Subramanian, Srinivasan KA, Srividhya Srinivasan

Amagi is a media tech and broadcasting firm that aids in geotargeting TV commercials. It was founded in 2009 by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan and has its initial headquarters in Bengaluru.

Current Valuation: $1 Billion

Investors: Accel, Mayfield, Premjiinvest, Emerald Media, etc.

Products & Services: Broadcasting cloud solutions

Visit their website here (96).

95. Yubi (CredAvenue)

Founding Year: 2017

Unicorn Entry Year: 2022

Industry: Fintech

Funding: Yubi raised $137 million in a Series B and was valued at $1.3 billion when it joined India's coveted unicorn club in March 2022. In April, it paid Rs 100 crore for the majority of Corpository, a business that underwrites corporate credit, and Rs 400 crore for Spocto Solutions, a platform for debt collection.

Investors including Sequoia Capital, Insight Partners, B Capital Group, Dragoneer Investment Group, Lightspeed Ventures, TVS Capital, and Lightrock support Yubi.

Founders: Gaurav Kumar, Vineet Sukumar

As a division of the financial services marketplace Vivriti Capital, the fintech business was established in August 2020 by Gaurav and Vineet Sukumar.

Current Valuation: $1.3 Billion

Investors: Insight Partners, B Capital Group, Dragoneer Investment Group, Sequoia Capital, Lightspeed Ventures, TVS Capital and Lightrock

Products & Services: Online debt Marketplace

Visit their website here (95).

94. Hasura

Founding Year: 2017

Unicorn Entry Year: 2022

Industry: SaaS Programming

Funding: On February 22, 2022, this developer-focused tooling goods platform achieved unicorn status, making it the 10th Indian firm to join the exclusive unicorn club that year. In its Series C investment round, it raised $100 million to become a unicorn.

Founders: Rajoshi Ghosh, Tanmay Gopal

GraphQL development platform located in Bengaluru aims to promote the creation of web applications. The firm founded by Rajoshi Ghosh and Tanmay Gopal hopes to do this by removing obstacles and facilitating data access for frontend and full-stack developers.

Current Valuation: $1 Billion

Investors: Greenoaks, Lightspeed Venture Partners, Vertex Ventures, etc.

Products & Services: GraphQL development

Visit their website here (94).

93. Uniphore

Founding Year: 2008

Unicorn Entry Year: 2022

Industry: SaaS Conservational Automation

Funding: According to reports dated February 16, 2022, Uniphore secured $400 million in a Series E round led by NEA, March Capital, and others to be the eighth unicorn of India in 2022, at the end of which the firm was estimated at $2.5 billion.

Founders: Ravi Saraogi, Umesh Sachdev

In 2008, Umesh Sachdev and Ravi Saraogi founded the company. To bridge the speech gap between humans and robots, Uniphore developed a customer support platform that is powered by AI and automation technologies.

With its headquarters in Silicon Valley, Uniphore provides worldwide enterprises with top-notch customer support while enabling them to take advantage of the integrated suite of software tools for conversational analytics, assistance, and security that Uniphore offers.

Current Valuation: $2.5 Billion

Investors: IIFL, Sorenson, March Capital, Chiratae Ventures, etc.

Products & Services: auMina and akeira and software services and products

Visit their website here (93).

92. Xpressbees

Founding Year: 2015

Unicorn Entry Year: 2022

Industry: E-Commerce, Logistics

Funding: In its most recent Series F funding round, led by Blackstone Growth, TPG Growth, and ChrysCapital on February 9, 2022, Xpressbees—the eighth unicorn company in India—raised $300 million.

Additionally, Xpressbees' current investors, including Investcorp and Norwest Venture Partners, took part in the investment round through which it raised the cash that will support the company's future commercial expansion.

Founders: Amitava Saha, Supam Maheshwari

Supam Maheshwari and Amitava Saha founded Xpressbees, an eCommerce logistics platform with headquarters in Pune that offers dependable delivery solutions to its partners as well as tailored delivery solutions.

Current Valuation: $1.2 Billion

Investors: Blackstone Capital, TPG Growth, Gaja Capital, Alibaba Group, InnoVen Capital. etc.

Products & Services: Services for express delivery and e-commerce logistics

Visit their website here (92).

91. Livspace

Founding Year: 2014

Unicorn Entry Year: 2022

Industry: E-Commerce, Interior Design

Funding: The firm founded by Anuj Srivastava and Ramakant Sharma raised $180 million in a Series F funding round that was spearheaded by American investment behemoth KKR & Co. and fellow Livspace investors Jungle Ventures, Venturi Partners, Ingka Group (Ikea), and Peugeot Investments.

This has increased Livspace's valuation to $1.44 billion. Livspace had a 2X increase in value between December 2019, when it was valued at $500 million, and reached the unicorn valuation with the fundraising round on February 8, 2022. The business, which has been a unicorn since January 2021, became the 7th unicorn in India in 2022.

Founders: Anuj Srivastava, Ramakant Sharma, Shagufta Anurag

Livspace is an interior design firm with its headquarters in Bengaluru that operates as an omnichannel home interior and remodeling platform to connect people with designers, services, and products.

Current Valuation: $1.2 Billion

Investors: Trifecta, Saint Gobain, Bessemer Venture, Helion Venture, Kharis Capital, etc.

Products & Services: Interior Design services

Visit their website here (91).

90. ElasticRun

Founding Year: 2015

Unicorn Entry Year: 2022

Industry: E-Commerce, Logistics

Funding: ElasticRun has recently raised nearly $300 million from SoftBank Vision Fund 2, Goldman Sachs, and several of its current investors, including Prosus Ventures, in a round of fundraising dated February 8, 2022.

The company reported a post-money valuation of $1.44 billion at the end of the new investment round. ElasticRun was recently valued at $400 million during its most recent round, which took place in April 2021, indicating a 3x increase in the company's valuation.

Founders: Sandeep Deshmukh, Saurabh Nigam, Shitiz Bansal

ElasticRun platform will channel trade, finance, and data of $600 Bn India's consumption through its rural Kirana network. In 2016, Sandeep Deshmukh, Shitiz Bansal, and Saurabh Nigam created ElasticRun, which has its corporate headquarters in Pune.

Current Valuation: $1.5 Billion

Investors: Softbank, Kalaari, Prosus, Innoven, Norwest Venture Partners, etc.

Products & Services: Support for online services, logistics, and transportation

Visit their website here (90).

89. DealShare

Founding Year: 2018

Unicorn Entry Year: 2022

Industry: E-Commerce

Funding: According to reports from January 27, 2022, DealShare has become a unicorn because of its recent $130 million Series E funding round, which was led by Tiger Global, Alpha Wave, Kora Investment, and other investors and involved the Bangalore-based eCommerce platform for the delivery of groceries and other necessities.

Founders: Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao

DealShare is a multi-category marketplace for consumer goods that advertises low costs. It was founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao.

Current Valuation: $1.7 Billion

Investors: Tiger Global, Alteria Capital, Alpha Wave Global, Innoven Capital, etc.

Products & Services: With its e-commerce presence, groceries and other consumer items

Visit their website here (89).

88. Darwinbox

Founding Year: 2015

Unicorn Entry Year: 2022

Industry: SaaS HR

Funding: Over 650+ firms in more than 90 different industries have already used Darwinbox to serve 1.5 million employees. The business asserts that it is, after Oracle and SAP, the third-largest HRTech platform.

To join the unicorn club of Indian businesses, the expanding HR Tech platform acquired $72 million from TCV in its Series D fundraising round on January 25, 2022. Darwinbox is now the first Saas unicorn in India for 2022 and the fourth unicorn overall in the nation this year thanks to the unicorn valuation it attained.

Founders: Chaitanya Peddi, Jayant Paleti, Rohit Chennamaneni

A cloud-based HR technology tool created by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni that enables businesses to fully automate the employee lifecycle.

Current Valuation: $1.07 Billion

Investors: TCV, Salesforce Ventures, Sequoia Capital, Lightspeed Partners

Products & Services: HR software

Visit their website here (88).

87. LEAD School

Founding Year: 2012

Unicorn Entry Year: 2022

Industry: EdTech

Funding: On January 13, 2022, LEAD School attained unicorn status, making it the first Indian edtech business to do so in that year. To become a unicorn, LEAD obtained a $100 million investment round today that was co-led by GSV Ventures and WestBridge Capital. As a result, the Deorah and Mehta-led business has become India's third unicorn startup in 2022.

Founders: Smita Deorah, Sumeet Mehta

LEAD School is an educational technology firm with headquarters in Mumbai that supports the improvement of academic and marketing solutions for educational institutions to alter their school education in India.

LEAD School was established in 2012 by Smita Deorah and Sumeet Mehta to assist private schools in transforming and digitizing to better serve kids from all socioeconomic backgrounds.

Current Valuation: $1.1 Billion

Investors: GSV Ventures, Westbridge Capital, Elevar Equity

Products & Services: Educational tutoring & services

Visit their website here (87).

86. Fractal Analytics

Founding Year: 2000

Unicorn Entry Year: 2022

Industry: SaaS Analytics

Funding: Currently, Fractal Analytics is present in 15 nations, including the US, the UK, Ukraine, and India. According to headlines dated January 5, 2022, the company recently became a unicorn by raising $360 million from a funding round led by TPG Capital and Apax Partners.

With flagship products like Qure.ai, Crux Intelligence, Theremin.ai, Eugenie.ai, and Samya.ai, Fractal is one of the top companies in the AI industry. It's also crucial to remember that Fractal is the second unicorn from India in 2022.

Founders: Ramakrishna Reddy, Pranay Agrawal, Srikanth Velamakanni

Founded in 2000 in Mumbai by Ramakrishna Reddy, Pranay Agrawal, Srikanth Velamakanni, Nirmal Palaparthi, and Pradeep Suryanarayan, this analytics firm is now situated in New York, US.

Current Valuation: $1 Billion

Investors: Apax Partners, Khazanah Nasional, Aimia

Products & Services: Consultancy

Visit their website here (86).

How to Become a Unicorn

In the business sector, unicorn startups and companies are highly regarded. To qualify as a unicorn startup, a company must have an investor valuation of at least $1 billion. A business only has a 0.00006% probability of becoming a unicorn, and it takes young startups an average of seven years to develop into one. However, achieving unicorn status is not easy as, at times, it can be quite challenging.

Photo by Juliana Araujo the artist / Unsplash

However, some firms succeed against all odds because of their unique ideas, but being a unicorn requires a specific quality. The company must maintain a $1 billion valuation to retain its unicorn status, and failing to do so will eventually result in the loss of unicorn status.

The main cause of it is the difficulty unicorn firms confront later on due to their early overvaluation. The private market is flooded with investors who are eager to buy into the excitement and invest substantial sums of money in businesses without a track record.

Due to this, unicorns occasionally fall victim to their weight. However, when a business is a unicorn, there shouldn't be any danger of failure. Surprisingly, even unicorn businesses frequently fail and wind up seriously harming investors' funds. These, however, are unusual circumstances, and if level, quality, and standard are upheld, even a modest business can succeed, as these contemporary startups did.

The Former Unicorns of India

The above list is just one example of the myriad of unicorn companies that India has seen over the years. The actual number of unicorn companies in India is likely to be even higher than what is shown in the list above, as many of the businesses have either gone out of business or experienced a decline in value, thus losing their unicorn status.

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Photo by D koi / Unsplash

Quikr

Quikr is a Bengaluru-based online marketplace and classified advertising company. There are ads for Quikr's wide range of goods in over 1000 Indian cities, including cars, cell phones, furniture, household items, jobs, services, and more.

The top provider of online classified ads was valued at over $1.5 billion on October 8, 2015. However, the company lost its unicorn status in February 2020 as a result of scandalous fraudulent transactions.

Shopclues

Sandeep, Radhika, and Sanjay Aggarwal founded ShopClues in 2011, so it calls itself the first and biggest regulated marketplace in India. It once had more than 2.5 billion listed products and more than 6,000,000 merchants, making it a potential business.

The fourth unicorn startup in India, Shopclues, became a unicorn in 2016. ShopClues was eventually sold to Singapore-based Qoo10 Pte Ltd at a value of just $70-100 million in an all-stock transaction. However, the firm slowly and methodically allowed ShopClues to fall from being a promising unicorn to an all-stock agreement.

Hike Messenger

Hike Messenger went beyond a fad when it originally debuted as a social networking instant messaging tool. At the time, Whatsapp had just recently debuted in India, and it was still a long way from becoming as well-known as it is today. Hike was established in December 2012 by Kavin Bharti Mitta, who also served as its CEO.

It became the youngest startup in India to accomplish the goal when it raised $175 million in a Series D fundraising round in August 2016, valuing the company at $1.4 billion in just under 3.7 years. However, when Whatsapp quickly gained notoriety and took over the market, the corporation witnessed a dramatic decline in its income.

The business tried a few tactics to increase the value of its brand. In April 2019, it was even rebranded as Hike Sticker Chat in an attempt to offer a sticker-focused experience. On January 15, 2021, the corporation formally declared its demise.

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