India, over the past few years, has successfully bagged the label of a fast-emerging startup nation. This is an indicator of the country’s immense potential to scale new heights of growth and progress. In the past ten years, India has emerged as the third-largest startup hub in the world after the US and China.
To take stock of the success of Indian startups that are all set to enter the unicorn club, a quarterly list was prepared by Praxis Global Alliance, a management consulting firm. The report throws light on the list of startups that will soon step into the group of billion-dollar startups. It is also an indicator of the scope and potential of the nation.
Praxis’s second edition of the Soonicorn list has named 35 startups that are expected to attain a unicorn valuation amounting to $1 billion and more.
According to Praxis,
“The prosperous and vibrant startup ecosystem is working to boost the investment environment in India both from domestic and global investors.”
The quarterly analysis conducted by Praxis focused on the startups with a $200 million valuation. The analysis was carried out by PGA labs which is the market intelligence business unit of Praxis.
The startups were spread across a multitude of sectors such as fintech, foodtech, edtech to list a few.
A few names in the soonicorns list are Vedantu, Eruditus, BharatPe, Grofers, Rebel Foods, etc.
The experts are of the opinion that the pandemic has played a crucial role in accelerating the pace of startups entering the unicorn club. It is expected that, by the end of 2025, India will be home to over 150 unicorns.
At present, India has a total of 48 startups with a $1 billion or more valuation, with Paytm holding the label of being the most valuable startup with a $16 billion valuation.
This week saw the entry of Chargebee into the unicorn club after a series G funding round that raised $125 million. Chargebee is a subscription and revenue management platform with remarkable success and fame. Investors like Sapphire Ventures and Tiger Global took part in the series G funding round.