India Ranks 2nd Globally in Unicorn Growth, Wealth Exceeds $220 Billion

New Delhi, April 3 (NationPress) In 2024, India achieved the remarkable feat of creating the second highest number of unicorns, with a total of six, surpassing other leading global tech startup ecosystems. This growth has propelled the combined valuation of all existing Indian unicorns to over $220 billion, as indicated by a recent report released on Thursday.

The share of unicorns in the total funding for 2024 reached 33 percent, according to a detailed analysis by Nasscom in partnership with Zinnov, launched during the ‘Startup Mahakumbh’ event held here.

During 2024, the Indian tech startup ecosystem experienced a significant 23 percent increase in funding, with overall tech funding soaring to $7.4 billion.

The number of investment deals also saw a remarkable 27 percent rise compared to 2023. This resurgence was highlighted by a 2.1X growth in newly established tech startups throughout the year, bringing the total number of Indian tech startups to an estimated 32,000–35,000, according to the report.

Rajesh Nambiar, President of Nasscom, remarked, "The expansion across both mature and emerging sectors, particularly in DeepTech and AI, highlights the increasing maturity of the Indian tech startup ecosystem, evolving from merely a hub of opportunities to a strategic force propelling India’s digital economy."

“DeepTech startups are becoming increasingly vital in shaping India’s innovation landscape. Our focus must now shift towards fortifying the foundational pillars of this growth, including enhancing capital access and developing robust innovation infrastructure, ensuring our startups can compete on a global scale while addressing uniquely Indian challenges,” he added during the gathering.

In terms of funding stages, the seed-stage demonstrated the highest growth at 29 percent (in terms of total funding share), followed by early-stage with 25 percent, and late-stage with 21 percent in 2024 compared to 2023.

Approximately 67 percent of tech startup funding in 2024 was concentrated in “matured” sectors, characterized by a high aggregate funding value and deal share.

Funding for DeepTech in 2024 surged by 78 percent, reaching $1.6 billion.

“At the core of India’s growth, startups are driving both innovation and economic transformation. India is not merely a consumer of advanced technology but a creator, a leader, and an architect of innovation,” stated Pari Natarajan, CEO of Zinnov.

Nearly three-fourths of Indian tech startups remain optimistic regarding the funding outlook for 2025, and around 98 percent of respondents expect significant revenue growth in 2025, according to the report.