India’s startup ecosystem has grown rapidly over the last decade, producing more than 100 unicorns. Over the last two years, however, as the global technology and risk investment ecosystem was hit by a prolonged downturn, the pace of unicorn creation in India also slowed down.
In the last two years, companies such as quick commerce platform Zepto, non-banking lender InCred, Ola founder Bhavish Aggarwal’s artificial intelligence startup Krutrim, and software-as-a-service (SaaS) fintech startup Perfios have attained a value of over $1 billion. In 2024, five startups — Krutrim, Perfios, Rapido, electric scooter maker Ather Energy, and fintech lending startup Moneyview — achieved unicorn status.
ET reported on September 5 that ride-hailing platform Rapido raised $200 million in a financing round led by existing investor WestBridge Capital, becoming a unicorn with a $1.1-billion valuation.
“Becoming a unicorn serves as a reminder of the significant impact a startup has made, but it also comes with increased responsibility. Instead of merely being a nimble startup seeking product-market fit, the company is now viewed as an industry leader…Balancing innovation with the expectations of stakeholders and the broader market becomes crucial in this new phase,” Rapido cofounder Pavan Guntupalli told ET.