Indian unicorns hit $340 billion valuation in 2024 amid surge in IPOs, acquisitions: report
unicorn startups has reached $340 billion, with seven new startups crossing the $1-billion valuation mark in 2024, according to a report by venture capital firm Orios Venture Partners.
India now ranks as the third-largest nation, after the US and China, for venture capital-backed tech initial public offerings (IPOs), the India Tech Unicorns & Exits 2024 report said. These IPOs have pushed the total market capitalisation of India’s listed tech firms to around $150 billion.
However, the report revealed an increase in the average time for Indian startups to achieve unicorn status, rising from 5.5 years in 2023 to 11 years in 2024. Similarly, the average time to go public went up from 12.5 years to 13.4 years during that period.
In 2024, India witnessed 327 IPOs, including 13 in the technology sector. The seven startups that achieved unicorn status during the year are Ather, Moneyview, Rapido, Perfios, Rategain, Krutrim and Porter.
The report also noted that 29 unicorns were profitable in 2024, including companies like Zerodha, MakeMyTrip and InfoEdge. However, one-fifth of Indian unicorns are headquartered overseas.
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