FinTech sector leads 30 startups in Future Unicorns valued at $11.4 bn

24 Jun 2024 CW Team

According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, India hosts 30 future Unicorns in the FinTech sector, defined as startups founded after 2000 with a valuation of $1 billion or more. Among these, consumer lending emerges as the dominant subcategory, comprising more than half of these future Unicorns.

The FinTech sector holds a significant portion of the total value of future Unicorns, totaling $11.4 billion, which constitutes 20 per cent of the overall value, as per the index.

It was noted that Money View is distinguished as the most valuable FinTech Gazelle, indicating startups likely to achieve Unicorn status within the next three years. JustPay leads as the most valuable FinTech Cheetah, representing startups expected to reach Unicorn status within the next five years. Collectively, the 30 startups featured in the index have secured a total investment of $5.7 billion.

During the launch event of the ASK Private Wealth Hurun India Future Unicorn Index 2024, Rajesh Saluja, managing director and CEO at ASK Private Wealth, remarked that the focus of future technological developments has shifted from FinTech towards Deeptech. He emphasized that significant startup activities are expected in sectors such as Electric Vehicles (EV), Green Energy, and Semiconductors, driven by the overarching theme of Climate as the predominant trend of the decade.

The FinTech sector leads the index with 30 companies, followed by SaaS (Software as a Service) with 20 companies and the e-commerce sector with 15 companies. Together, FinTech, SaaS, and e-commerce account for 43 per cent of the companies featured in the index, highlighting their critical role in the Indian startup ecosystem.

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