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
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, becoming the third startup to achieve a $1 Bn+ valuation.
A month later, AI startup Sarvam has now entered the same club after raising $234 Mn at a valuation of $1.5 Bn.
At this pace, the Indian startup ecosystem is on track to mint at least six to eight 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 slowdown 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, 129 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 130 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.
As of June 2026, India’s unicorns have collectively raised over $118 Bn and command a combined valuation exceeding $393 Bn.
Notably, among all the unicorns, Mensa Brands (now BRND.ME) took the least time to reach the billion-dollar mark; it achieved unicorn status in just six months. It was followed by GlobalBees, which took seven months to become a unicorn.
Meanwhile, startups like 5ire, Ola Krutrim, and Glance
took about a year to achieve unicorn status.
To help track this evolving landscape, Inc42 has launched the Indian Unicorn Tracker. From founding years and sector focus to funding raised, investors, and time taken to reach unicorn status, this tracker is your one-stop resource for decoding India’s most valuable startups.
The tracker below offers a snapshot of where each Indian unicorn stands today.
Read our methodology here.
Bengaluru remains India’s undisputed unicorn capital, with 54 startups headquartered in the city. The city’s position is backed by a mix of engineering talent, established investor networks, and consistent startup activity.
The city led startup funding in 2025, attracting over $4.5 Bn capital, with companies like Razorpay, Meesho, Udaan, Rapido, Zepto, among others, raising substantial rounds.
What’s notable is the continued concentration of new unicorns in the city. According to Inc42 analysis, 8 out of the 10 startups that joined the unicorn club in 2024 and 2025 are headquartered in Bengaluru. Three of the four new entrants in 2026 — Juspay, KreditBee and Sarvam — are headquartered in Bengaluru.
Close behind, Delhi NCR and Mumbai take the second and third spots, with 40 and 18 unicorns, respectively.
Meanwhile, other hubs are slowly coming into their own. Pune now boasts 8 unicorns, benefitting from its product-first culture and talent pool. Chennai has produced 5 unicorns, anchored by strong manufacturing and SaaS roots. Hyderabad startup cohort, though smaller in count with three unicorns, continues to build quietly in deeptech and healthtech. Notably, Skyroot Aerospace is based in the city.
Ecommerce, fintech, and enterprise tech continue to anchor India’s unicorn story. Of the 130 startups that have entered the unicorn club so far, 31 operate in ecommerce, 26 in fintech, and 20 in enterprise tech.
But beyond the headline sectors, other categories are also seeing steady momentum.
Sectors like Media and entertainment, logistics, edtech, and consumer services account for seven unicorns each, reflecting rising demand for digital content, last-mile delivery, affordable education, and everyday convenience.
Travel tech and healthtech follow closely, with six unicorns each, indicating that Indian startups are also making strides in sectors driven by post-pandemic recovery, wellness, and global mobility. Meanwhile, with the entry of Skyroot, India also has a spacetech unicorn now.
The Indian Unicorn Tracker will be updated periodically with fresh data, funding rounds, and exits. Stay tuned.
Last Updated | June 17, 2026
Source: Inc42 - Startups
