A look at last year’s vibrant unicorn startups from India.
The Indian startup ecosystem has become one of the most vibrant and dynamic entrepreneurial hubs globally. In 2021, the Indian startup ecosystem had a record-breaking funding year, raising US$42 billion across 1,583 deals and producing 45 unicorns. In 2022, 21 Indian startups reached unicorn status. A unicorn is a privately owned business valued at US$1 billion or more. However, the momentum slowed in 2023 due to an extended funding winter, with only two startups, Zepto and Incred Finance, joining the unicorn club. But 2024 has brought renewed optimism to the ecosystem. Six new startups have reached unicorn status, signaling a resurgence of investor confidence and the enormous growth potential of India’s entrepreneurial landscape.
In the following sections, let’s delve deeper into the stories of six unicorns in 2024 from the Indian startup ecosystem.
1. Krutrim
Krutrim is an AI startup that delivers a state-of-the-art AI computing stack designed specifically for the Indian market. An AI computing stack is a foundational framework that combines hardware, software and data infrastructure to power AI applications. It includes everything from advanced processors and storage systems to AI development tools and data management platforms. Krutrim’s stack is uniquely tailored to meet the needs of Indian businesses, with features like support for multiple Indian languages and advanced automation capabilities.
In January 2024, Krutrim became India’s fastest unicorn, achieving a valuation of over US$1 billion just 40 days after its launch. This milestone was driven by a US$50 million funding round led by Matrix Partners India.
Founded by Bhavish Aggarwal in April 2023, Krutrim leverages AI technology for predictive analytics, customer insights and automation. According to Business Standard, its AI platform can fluently understand and communicate in multiple Indian languages, engaging in conversations on topics ranging from poetry to Bollywood.
Although Krutrim rose to prominence quickly, it did not generate any revenue in its first year and reported a total loss of US$330,000 (or IND₹2.84 crore). However, the company earned US$352,000 (IND₹3.05 crore) in interest from bank deposits, which helped offset some of its expenses. These financial losses were expected as the company focused on building its foundation for long-term growth. A significant portion of Krutrim’s expenditure—US$1.5 million (IND₹134.86 crore)—was allocated to research and development, including investments in proprietary technologies like Silicon, Krutrim Cloud and Applied AI. The company is optimistic about the future, with plans to launch Krutrim Cloud in the first quarter of fiscal year 2025, which is expected to begin generating substantial revenue.
2. Perfios
Perfios is a leading B2B fintech company that provides financial institutions with data aggregation and analytics solutions. In 2023, this B2B SaaS fintech company raised US$229 million in Series D funding led by Kedara Capital. In March 2024, Teachers’ Venture Growth (TVG) led another funding round for the startup, raising US$80 million. The investment propelled Perfios’ valuation past the US$1 billion threshold in March 2024.
Founded in 2008 by V.R. Govindarajan and Debasish Chakraborty, Perfios helps banks and Non-Banking Financial Companies (NBFCs) make real-time credit decisions, detect fraud and manage compliance. The platform processes millions of transactions daily.
Perfios has also demonstrated impressive financial growth. Its profit for the full fiscal year 2024 rose sharply to US$82 million (IND₹71.76 crore), compared to US$9 million (IND₹7.79 crore) in the previous year. Buoyed by this success, the company plans to expand its operations to Southeast Asia and the Middle East.
3. MoneyView
MoneyView, a Bangalore-based fintech platform, specializes in personal loans, credit management and financial planning tools. In early 2022, the company raised US$75 million in Series E funding, led by Apis Partners, a UK-based asset manager, alongside existing investors like Tiger Global, Winter Capital and Evolvence. After raising US$4.6 million from Accel India and Nexus Ventures, MoneyView officially achieved unicorn status in September 2024, with a valuation of US$1.2 billion.
Founded by Puneet Agarwal and Sanjay Aggarwal, MoneyView was initially launched as a financial management app. Over time, it pivoted to offer instant loans, personalized credit reports and budget management services, aiming to bridge the credit gap for underserved customers in India.
The company demonstrated remarkable financial growth in the fiscal year 2024, with a 75% increase in revenue, reaching US$1.1 billion (IND₹1,012 crore), compared to US$66 million (IND₹577 crore) in FY23. Total income also surged by 105%, climbing to US$1.2 billion (IND₹1,389 crore), up from US$78 million (IND₹677 crore) the previous year. Profits saw a modest rise to US$19 million (IND₹171 crore) in FY24 from US$18 million (IND₹163 crore) in the full fiscal year 2023.
MoneyView reached unicorn status in September 2024 following its latest funding round, which brought its valuation to US$1.2 billion.
4. Rapido
Rapido, India Rapido, India’s largest bike-taxi aggregator, offers affordable, fast last-mile transportation solutions. In September 2024, the company raised US$200 million in funding, led by existing investor WestBridge Capital, bringing its valuation to US$1.1 billion.
Founded in 2015 by Aravind Sanka, Pavan Guntupalli and Rishikesh SR, Rapido initially started as a hyperlocal logistics service before pivoting to bike taxis. By April 2024, the company had completed an impressive milestone of approximately one billion rides across 120 cities, solidifying its leadership in the market.
Rapido is also taking bold steps toward sustainability. According to a report by Moneycontrol, Rapido plans to go fully electric within the next year. To achieve this, it has partnered with firms like Zypp Electric, an EV-as-a-service platform and Gogoro, a Taiwanese EV maker.
On the financial front, Rapido has made significant progress in improving its profitability. Quarterly losses dropped dramatically to US$1.9 million (IND₹17 crore) in the second quarter of the fiscal year 2025, compared to US$8.5 million (IND₹74 crore) in Q2 FY24. The company also saw a 46.3% increase in revenue for fiscal year 2024, reaching US$74 million (IND₹648 crore), up from US$51 million (IND₹443 crore) in FY23. Annual losses were slashed by nearly half, declining 45% to US$42 million (IND₹371 crore) in the fiscal year 2024 from US$78 million (IND₹675 crore) the previous year.
Rapido’s focus on expanding its services while maintaining a streamlined cost structure has significantly improved its operational efficiency. This strategy has not only enhanced brand visibility but also attracted more customers, resulting in a growing number of rides and further cementing its position as a leader in India’s bike-taxi market.
5. Ather Energy
Ather Energy, a Bangalore-based electric scooter manufacturer, is revolutionizing the EV space in India. The company achieved unicorn status after raising US$71 million (IND₹600 crore) from the National Investment and Infrastructure Fund (NIIF), boosting its valuation to US$1.3 billion.
NIIF first invested in Ather Energy in May 2022, when the company was valued at around US$740–750 million. Interestingly, Hero MotoCorp, Ather’s largest shareholder with a 40% stake, made an additional investment of IND₹124 crore in June 2024, which valued the company at approximately US$671 million.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy focuses on creating innovative and sustainable electric vehicles. Its flagship products, the Ather 450X and 450S are known for their advanced features and long battery life.
While Ather has been a pioneer in the EV space, not all of its experiments have succeeded. For instance, its attempt to introduce a battery-as-a-service model did not deliver the expected results. Nevertheless, the company remains a key player in India’s transition to sustainable mobility.
6. RateGain
Founded in 2004 by Bhanu Chopra, RateGain is a SaaS company specializing in solutions for the travel and hospitality industries. With a global network of over 3,200 customers and 700 partners spanning 100 countries, the company helps businesses drive revenue through customer acquisition, retention and wallet share expansion.
In 2024, RateGain became the only listed company (a public company with shares traded on a stock exchange) to join India’s unicorn club, achieving a valuation of over US$1 billion. This milestone was driven by strong financial performance and growing investor interest in tech-driven solutions for the travel sector.
In 2024, RateGain became the only listed company (a public company whose shares are traded on a stock exchange) to join the unicorn club, achieving a valuation of over US$1 billion. This milestone was driven by strong financial performance and growing investor interest. The company reported an 18% increase in operating revenue, rising from IND₹234.7 crore (US$26.9 million) in the second quarter of fiscal year 2024 to IND₹277.2 crore (US$31.8 million) in the second quarter of fiscal year 2025. Additionally, its profit after tax saw an impressive 74% growth, reaching IND₹52.2 crore (US$6 million) during the same period.
RateGain’s journey from a promising startup to a unicorn highlights its resilience and innovation in the travel tech space. It has set a benchmark for Indian startups aspiring to achieve a global impact in niche industries.
Conclusion
India’s startup journey continues to be nothing short of extraordinary. In 2024, six new unicorns emerged, reflecting the nation’s ingenuity, ambition and resilience. With a rapid pace of innovation and dynamic growth, India’s startup ecosystem is poised to thrive, playing a pivotal role in shaping the country’s economic future. The year 2024 marks a strong recovery for the ecosystem, with the rise in new unicorns signaling renewed investor confidence, increased funding activity and groundbreaking advancements. This resurgence heralds a promising era of growth and opportunity for Indian startups, further cementing their position as key drivers of the economy and global innovation.
Also read:
- 4 AI Startups That Raised Over US$100M in Late 2024
- How Does a Startup Become a Unicorn
- The Top Startups That Entered the Unicorn Club in 2021
- 6 Indian Unicorns in 4 Days: A Week Like No Other for the Indian Startup Ecosystem
- India: The Land of Unicorns
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