Ask Private Wealth Hurun India Future Unicorn Index 2024 highlights five Cheetahs from EV/renewable space

The Hurun Research Institute has released the Ask Private Wealth Hurun India Future Unicorn Index 2024, which has one Gazelle and five Cheetahs from the electric vehicle and renewable energy sectors. 

The Hurun India list indicates that in the next three years, 46 gazelles from this index are likely to become unicorns and have collectively secured funding of USD 9.7 billion. In technical parlance, a unicorn is a company with a valuation exceeding USD 1 billion. Gazelles are start-ups that are most likely to be a Unicorn in the next three years and Cheetahs are start-ups that could become Unicorn in the next five years.

Log9 Materials' 29 year old Karitk Haleja is among the youngest founders on the list. There are 11 founders under the age of 30 and 31 founders over 50, the report imdicated. Euler Motors, Zypp Electric, BluSmart Mobility, and Battery Smart are among the EV/battery firms on the Cheetah list. 

The report further highlights that Ather Energy, the gazelle with a funding of USD 451 million, is among the top 10 fundraised gazelles and cheetahs. Ather Energy has venture funding from Tiger Global Management and InnoVen Capital. 

Mobility startup Chalo is on the list of women led founders on the Unicorn Index List. 

With an ESOP pool size of 18%, EV mobility startup Bounce holds the distinction of being the top creator of the ESOP pool, the report noted. 

The ASK Private Wealth Hurun India Future Unicorn Index 2024 is compiled by the  Hurun Research Institute with 31 May 2024 as the cut-off. The evaluation is based on regulatory findings, feedback from entrepreneurs and India focused VC funds and angel investors. 

To feature on the ASK Private Wealth Hurun India Future Unicorn Index 2024, the startup is required to have a minimum valuation of USD 200 million (Rs 1,670 crore), the report noted. 

"Based on govt's digital infrastructure that are seeing results today. Be it energy, or EVs or the Atmanirbhar programme, we will see a lot of action in the coming ten years. The interlay of AI is also interesting," Rajesh Saluja, CEO and MD, ASK Private Wealth, noted. 

Rajesh Saluja, CEO and MD, ASK Private Wealth said, “There is an increasing focus on profitability and sustainable operating models, with 22 of the list entrants making profits in FY23. More than 1.5 lakh people are employed by Future Unicorns. These are green shoots of tangible impact metrics.”

ASK Private Wealth Hurun India Future Unicorn Index 2024 is a snapshot of India’s start-up ecosystem. This is an index of the most valuable private equity or venture capital-funded companies in India founded after 2000, ranked according to their latest funding round valuation.

Talking of funding winters, Saluja said that despite the crunch, VC funding was close USD 8 billion last year. While fintech was important, deeptech, and AI were some sectors that have emerged, Rajesh Saluja noted. "Even the direct benefits 60% are done digitally today, underscoring the importance of digital and fintech sectors. "seeing a shift to AI, deep tech companies will increase productivity in a 'dramatic' way, adding that there was a "good amount of dry powder left for firms on the path to profitability."