2024·Delhi

The India Future Unicorn Awards 2024 were held in Delhi on the 25^th of April. The awards night was held to celebrate those who made it onto the list in 2023, and the event was a precursor to the 2024 list, published in June. The evening highlighted the rapid- growth and innovation within India’s start-up ecosystem.

In the 2023 fiscal year, the index identified 67 unicorns, 46 gazelles and 106 cheetahs. Several notable start-ups achieved significant milestones this year. For example, ixigo, a travel booking platform, bypassed gazelle status and directly became an IPO, demonstrating a 48% premium. Other start-ups like Zepto, Porter and Incred Finance all became unicorns.

Anas Rahman Junaid, CEO and Chief Researcher of Hurun India

Zepto, a quick commerce company, raised US $655m in a Series F funding round, emphasising its rapid growth and significant market position. Additionally, the awards night showcased various sectors where these start-ups are making big strides, such as AI, Fintech, and renewable energy. This year’s index saw a growing focus on these future- oriented sectors, reflecting the evolving landscape and the vast potential for innovation in India.

The evening started with an opening address by Anas Rahman Junaid, CEO and Chief Researcher of Hurun India. He stressed the importance of demonstrating resilience in the face of recent challenges, including funding cuts and economic stagnation. Junaid also highlighted the emergence of many new unicorns, and pointed to the aforementioned successful IPO of ixigo.

Following Junaid, several young and dynamic founders and entrepreneurs took to the stage to share their journeys. Among them were Awais Ahmed and Kshitij Khandelwal of Pixxel, who spoke about their advancements in satellite technology and the critical role of SpaceTech in India’s future. Dilsher Singh Malhi and Siddhant Saurabh from Zupee shared their insights into innovative approaches in the online gaming industry.

Azhar Iqubal, Founder and CEO of InShorts

Mayank Kale and Amrit Singh of LoopHealth gave an insightful talk on integrating technology with healthcare to enhance employee wellness, whilst Vrushali Prasade and Harikrishna Valiyath from Pixis shared their experiences in deploying AI- powered marketing solutions to revolutionise brand engagement.

The evening also included a speech from Kartik Hajela of Log9 Materials, who spoke about the various breakthroughs in advanced material technology and sustainability; and Anand Jain of CleverTap, who focused on the need for Indian start-ups to be innovative yet highly adaptable. He went on to highlight how the increasing support from both the government and private investors is crucial for start-ups to become unicorn companies in the future.

Anand Jain, Co-Founder and Chief Product Officer of CleverTap

The 2024 Indian Future Unicorn Enterprise Award is not only a recognition of the innovative spirit and growth potential of emerging enterprises, but also an affirmation of the vigorous development of India's entrepreneurial ecosystem. This award symbolizes India's rise on the global economic stage, showcasing the country's outstanding achievements in technological innovation, business model innovation, and market development.

These future unicorn enterprises, with their disruptive products and services, are changing the landscape of traditional industries and promoting the digital transformation of the economy and social progress. They represent the vitality, creativity, and boundless aspirations for the future of India's younger generation of entrepreneurs.

The presentation of the Indian Future Unicorn Enterprise Award will further inspire local entrepreneurs to pursue excellence, attract more venture capital, and promote the incubation and commercialization of innovative technologies. At the same time, this award is also a positive response to the Indian government's support for innovation and entrepreneurship policies, helping to build a more open, collaborative, and competitive market environment.

In addition, this award has international influence; it spreads the story of India's innovation to the world, enhancing the country's international image and attracting the attention of global investors and partners. The Indian Future Unicorn Enterprise Award is not only a celebration of past achievements but also an anticipation and exploration of the infinite possibilities of the future.