The Hurun Research Institute on Tuesday released the ASK Private Wealth Hurun India Future Unicorn Index 2023, a ranking of India’s start-ups founded in the 2000s, worth at least $200 million, not yet listed on a public exchange, and most likely to “go unicorn” within three years (gazelles) or five years (cheetahs).

The cut-off date was May 31, 2023.

With the number of start-ups reaching the unicorn level falling drastically in 2023, the Hurun Unicorn Index said it has demoted eight gazelles — start-ups that were founded in 2000 and have the potential to go to unicorn in three years — to cheetahs.

It dropped 19 out of the unicorn list.

Highlights:

• India’s future unicorns are worth $57 bn, with an increase of 16% as compared to last year mainly driven by the addition of new future unicorns to the list
• More than 80% of the start-ups that achieved unicorn status in India last year were in the ASK Private Wealth Hurun India future unicorn index
• 24 from the list turned unicorns last year and 3 this year, indicating a slowdown in India’s start-up ecosystem
• Peak XV Partners (earlier Sequoia Capital India) takes the lead as the top investor with 37 investments
• Anand Chandrasekaran, partner of General Catalyst, holds the lead as angel investor with 16 investments in the index
• Bengaluru continues to be the start-up capital of India. It is home to 53 probable unicorns, followed by Delhi NCR (29) and Mumbai (19)
• With 24 founders, the highest number of future unicorn founders are IIT Kharagpur graduates, followed by those from IIT Delhi (23)
• IIM Ahmedabad boasts the highest number of postgraduate future unicorn founders at 14, according to the 2023 ASK Private Wealth Hurun India future unicorn index, with IIT Kharagpur trailing behind with 11 founders
• Double promotion: consumer electronics start-up boAt from last year’s index ‘skipped’ the gazelle stage and directly entered unicorn club
• EV start-up Ather Energy, quick commerce start-up Zepto and edtech start-up Leap Scholar are the most valuable gazelles
• Online furniture platform Pepperfry is the most valuable cheetah
• 30 Indian future unicorns have overseas headquarters, 27 in the US, 2 in Singapore, and 1 in UK
• E-commerce, fintech and SaaS comprise 42% of the ASK Private Wealth Hurun India future unicorn index 2023