Indian Unicorn Tracker: Funding, Investors, Revenue And More

by · Inc42

SUMMARY

  • India’s startup ecosystem has seen 130 startups enter the unicorn club, collectively raising over $118 Bn and amassing a combined valuation of more than $393 Bn
  • With 54 unicorns, Bengaluru continues to dominate, followed by Delhi NCR and Mumbai. Ecommerce (29) and fintech (26) remain the leading sectors
  • Inc42’s ‘Indian Unicorn Tracker’ offers a snapshot of India’s unicorn club — from founding year, funding and valuation to sector insights, key milestones and current status
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The year 2026 has begun on a strong note for India’s startup ecosystem, with Juspay becoming the first Unicorn of the year within the first month of the year.

Shortly after, KreditBee became the second unicorn in April, followed by Skyroot Aerospace entering the unicorn club in May. A month later, AI startup Sarvam and proptech major Square Yards entered the unicorn club. 

At this pace, the Indian startup ecosystem is on track to mint eight to 10 unicorns this year – higher than that of 2025. However, this still is a far cry from the funding boom of 2021, when 45 startups entered the $1 Bn+ valuation club.

The start of the funding winter in 2022 resulted in a sharp slowdown in unicorn creation over the subsequent years. While 22 startups turned unicorns in 2022, just two entered the unicorn club in 2023. The count increased in the subsequent year, with the startup ecosystem getting seven new unicorns in 2024.

The unicorn trend mirrors a broader reset in startup funding. In 2025, Indian startups raised about $11 Bn across 936 deals, an 8% drop from the previous year, even as IPOs emerged as a key fundraising and liquidity route. 

Eighteen startups tapped public markets last year, raising nearly ₹20,000 Cr via fresh issues and delivering exits to early backers. While late stage private funding remained under pressure, growth stage investments rose 14% YoY, and investor interest increasingly shifted towards AI, deeptech and other long-term innovation-led sectors in 2025.

With capital now flowing more selectively, founders and investors are shifting from a “growth-at-all-costs” mindset to a focus on sustainable business models and profitability.

However, the Indian startup ecosystem continues to grow at a rapid pace. So far, 131 startups have entered the unicorn club. But the pace has shifted. What was once a unicorn frenzy has now become a more measured climb, as investors have become more selective. This has resulted in founders doubling down on fundamentals.

While 16 of the 131 unicorns have since slipped below the $1 Bn valuation mark (some due to broader market volatility), others have taken different routes – 27 have gone public, while five have been acquired.