India is minting startup unicorns at a record pace in 2021. And many more could be on the way to the billion-dollar-mark before the year wraps up.
There are at least 35 startups with the potential to reach a billion-dollar valuation in the near future, according to consulting and business research firm Praxis Global Alliance. Out of these 35 shortlisted firms, or “Soonicorns” as Praxis calls them, up to five could turn unicorns within the next two months, it said.
The report only underscores the kind of funding frenzy India’s startup ecosystem has witnessed in recent weeks. The country saw six new unicorns minted in the space of four days in April, marking the best first four months of startup funding in a year ever.
“The number of unicorns has been rapidly increasing as investors believe in the accelerated growth opportunity digital in India offers,” Praxis Chief Executive MadhurSinghal was quoted as saying in a statement. “Capital needs of these hyper growth businesses are creating demand for large volumes of private capital.”
For their analysis, Praxis included startups that were valued at over $200 million between 2018 and 2021. They then evaluated funding, key investors, current valuations and the stage of the startup lifecycle they are in to whittle down to 35 names.
Fintechstartups dominate the list with 15 such firms. They’re followed by healthcare technology, online grocery and logistics startups with four each.
HealthtechstartupPracto is the closest to turning unicorn with a current valuation of $904 million based on its Series D funding. Payments startupBharatPe, too, is close to a $900 million valuation. Mumbai-based Eruditus, which provides education programs for executives, runs close with a $850 million valuation.
Other startup “Soonicorns” includeVedantu, Grofers, Rebel Foods, Mobile Premier League, cure.fit, Dunzo, BrowserStack, Ninjacart and 1mg.