India Poised to Double Unicorn Count to 222 by 2024, Says Expert
- ByStartupStory | September 5, 2023
In August, India celebrated its 111th unicorn, Zepto, a prominent e-grocery app that raised $200 million. According to Ravi K Ranjan, curator of Shark Tank India and founder of the Super Angels Summit, India’s unicorn club could expand to 222 by the end of 2024.
There’s a significant pool of “soonicorns” in India, approximately 300 startups that are just one funding round away from achieving unicorn status. Many entrepreneurs in this category may be postponing their next funding round to avoid the heightened attention that comes with becoming a unicorn. However, Ranjan believes that even with conservative estimates, India could welcome at least 100 more unicorns by 2024.
Regarding the funding environment, Ranjan is optimistic that the current funding winter could thaw by the end of 2023. He attributes the funding freeze to the Russia-Ukraine war’s uncertainty, but he anticipates a shift in the funding landscape as people recognize the situation’s insular nature.
Ranjan also highlights the potential for growth in India’s startup ecosystem. While the country has made significant progress, he points out that India has 20,000 angel investors compared to over one million in the United States. He envisions India having a million angel investors by 2030, along with 20 lakh startups, which could reduce the country’s reliance on global funds. Education and fostering a culture of angel investing are crucial for achieving this goal.
Ranjan is organizing the Super Angels Summit, a global gathering of investors and startups in Abu Dhabi later this year. The event aims to provide an opportunity for 200 startups to pitch for funds, and it has already received 1,200 applications, with expectations of more to come from around the world.
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