India recently joined the elite club of countries with over 100 unicorns, following China and the US. In 2022 alone, India added 14 unicorns, startups valued at $1 billion or more, with the majority stemming from the e-commerce sector. Impressively, more than half of these unicorns were born in India since the start of 2021.
Among the top four unicorns, Flipkart, Paytm, Byju’s, and Oyo, all have valuations exceeding $10 billion, earning them the title of “decacorns.” Here are the top 10 unicorn startups:
Top 10 Unicorn Startups
Flipkart
An Indian e-commerce company, Flipkart initially focused on selling books online but expanded into various product categories. It’s headquartered in Bengaluru, Karnataka, and registered as a private limited company in Singapore. Flipkart’s valuation now stands at approximately $37.6 billion. It is among the top 10 unicorn startups.
OYO Hotels & Homes
Established in 2013 by Ritesh Agarwal, OYO is one of the top 10 unicorn startups. It began as a network of budget hotels and grew into a chain of leased and franchised hotels, homes, and living spaces. Over nine years, OYO expanded to 500+ Indian cities, boasting 18,000+ hotels and 270,000+ rooms. International operations started in 2018, with a valuation of $9.6 billion as of August 2021.
Byju’s
India’s largest ed-tech firm, Byju’s, founded in 2011 by Byju Raveendran and Divya Gokulnath, reached 115+ million registered students. Valued at $22 billion, it emphasizes conceptual clarity through personalized learning programs.
Paytm
Paytm is among the top 10 unicorn startups and founded by Vijay Shekhar Sharma in 2010, specializes in digital payments, e-commerce, and financial services. It went public in November 2021 and currently valued at $5 billion.
CRED
Kunal Shah’s Bengaluru-based fintech firm, CRED, introduced app-based credit card payments and attained unicorn status in April 2021. It’s now valued at $4.01 billion.
Dream11
Fantasy sports platform Dream11 became a unicorn in April 2019 and secured an $840 million investment in November 2021, valuing it at $8 billion.
PharmEasy
Founded in 2014 by Dharmil Sheth and Dr. Dhaval Shah, PharmEasy reached unicorn status in April 2021 with a valuation of $1.5 billion.
Urban Company
Previously UrbanClap, this firm entered the unicorn club in April 2021, securing $190 million and a valuation of $2 billion. It offers a variety of home services.
Meesho
Bengaluru-based Meesho, founded by Vidit Aatrey and Sanjeev Barnwal in 2015, is a social e-commerce platform focused on small businesses. It’s expanding in Hyderabad and Tier-II towns.
BharatPe
Delhi-based fintech unicorn BharatPe, founded in March 2018 by Ashneer Grover and Shashvat Nakrani, operates in 140+ Indian cities. It achieved unicorn status in August the previous year and is considering an IPO in the next 18-24 months.
