Indian Soonicorn Tracker: List Of India’s Unicorns Of Tomorrow

From the funding frenzy of 2020-21 to the chill of the funding winter and now to a cautious era where sustainability, profitability and segments like AI and quick commerce have taken the centre stage, the Indian startup ecosystem continues to evolve.

As part of this evolution, India continues to increase the unicorn count. While 2024 saw seven startups enter the unicorn club, the year 2025 has so far seen five startups join the coveted club – Netradyne, Porter, Drools, Fireflies.ai and Jumbotail, taking the total count to 124. 

Besides, a plethora of startups find themselves at the doorstep of the billion-dollar league. According to Inc42 analysis, the Indian startup ecosystem is currently home to 115 soonicorns – startups with a valuation in a range of $200 Mn to under $1 Bn.

As per Inc42 analysis, these soonicorns together boast a combined valuation of about $52 Bn and have netted over $16.5 Bn in funding to date

Fibe, Neuron7.ai, Raphe mPhibr, RENEE Cosmetics, Snitch, smallcase are among the startups which joined the soonicorn club in recent months. However, many startups in the club have also seen their fair share of challenges.

To keep you up-to-date with the dynamic Indian startup landscape, Inc42 has launched the ‘Indian Soonicorn Tracker’. From founding years and sectors to funding and investors, this tracker is your one-stop resource for decoding India’s soonicorn landscape. 

Read our methodology here. 

Deep Dive In The Indian Soonicorn Club

Nearly 43% of the soonicorns, or 50 startups, currently have a valuation of over $500 Mn. This means they are the closest to joining the unicorn league. 

About 40 startups are currently valued in a range of $250 Mn to $500 Mn, while the remaining 26 startups are at the lower end of the spectrum, valued between $200 Mn to $249 Mn. 

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The closest to the unicorn title is defence tech startup Raphe mPhibr, which recently raised $100 Mn at a valuation of $900 Mn. Soon-to-be-listed BlueStone is another such company. The omnichannel jewellery brand, which is set to list on the bourses on August 19, is targeting a valuation of $890 Mn for its public market debut. 

Further, insurtech startup Turtlemint raised $120 Mn in 2022 at a valuation slightly above $900 Mn. In the fintech segment, Juspay and PayMate are also valued around $900 Mn.

Notably, fintech is the most dominant segment in the soonicorn club. Thirty six out of the 115 soonicorns are from the fintech segment and have raised over $5.7 Bn in funding till date. 

The closest competitor to fintech is ecommerce, with about 19 startups from the sector valued in a range of $200 to under $1 Bn. However, we expect only five of these startups to join the unicorn club. 

Among the other sectors, enterprise tech houses 12 soonicorns, including IPO-bound Capillary Tech, Exotel, MyGate, and MoEngage. Edtech, consumer services, and advanced hardware & IoT house six soonicorns each. 

Bengaluru: India’s Biggest Soonicorn Hub

The country’s startup capital, Bengaluru, leads in the soonicorn race. With 43 soonicorns, more than a third of the country’s soonicorns are headquartered in the capital of Karnataka.

The likes of Captain Fresh, Juspay, Pocket FM, Practo, and Shadowfax are among these startups. 

Like the unicorn club, Delhi NCR and Mumbai trail Bengaluru when it comes to the number of soonicorns. While Delhi NCR is home to 32 soonicorns, the number stands at 26 for Mumbai. Other major soonicorn hubs include Chennai (3) and Hyderabad (2).

Pune, Jaipur, and Gandhinagar also house soonicorns. While fintech startup Fibe is based in Pune, Finova Capital calls Jaipur its home. Infibeam Avenues, another fintech soonicorn, is headquartered in Gandhinagar.

Indian Soonicorn Tracker will be updated periodically with fresh data, funding rounds, and exits. Stay tuned.

(Edited by: Vinaykumar Rai)