VC firm Peak XV Partners emerges top investor in India's start-up ecosytem

The firm made investments in 47 potential unicorns such as Turtlemint, CleverTap, and Classplus.

Venture capital firm Peak XV Partners ( formerly Sequoia Capital India and SEA) has emerged as the top investor India’s startup ecosystem. The firm made investments in a whopping 47 potential unicorns ( start-ups founded after the year 2000 with a valuation of US$1bn) this year, according to ASK Private Wealth Hurun India Future Unicorn Index 2024, which highlights India's fastest-growing start-ups.

Accel came in at the second position while Tiger Global which made very few investments in the past couple of years came in third. Trifecta and Blume Ventures also made it to the top 5 list.

Accel has made investments in 25 companies that are poised to become the next generation of unicorns. Their portfolio features a diverse range of interesting companies, including Money View, Ninjacart, and Stanza Living.

Tiger Global Management's primary mission is to generate exceptional investment returns in the long run. It  has made investments in 21 Gazelles and Cheetahs. Their portfolio showcases a diverse range of interesting companies, including Ather Energy, Captain Fresh and Classplus.

Top 10 investors in the ASK Private Wealth Hurun India Future Unicorn Index 2024

Hurun Research Institute has classified start-ups as Unicorns (start-ups founded after the year 2000 with a valuation of US$1bn), Gazelles (start-ups that are most likely to go Unicorn in the next three years), and Cheetahs (start-ups that could go Unicorn in the next five years). The evaluation is based on regulatory filings, feedback from other entrepreneurs, and some of the active India-focused VC funds and angel investors.

Hurun Research found 152 Indian future unicorns from 31 cities. On an average, they were set up in 2015, with the vast majority selling software and services, with only 18% selling physical products. It further said that 44% are selling to businesses, while 56% are consumer-facing.

Angel investors: 

Anand Chandrasekaran, a partner and investor at General Catalyst, leads third year in a row in the ASK Private Wealth Hurun India Future Unicorn Index 2024 with 20 investments in future Unicorns. Following closely behind is Kunal Bahl, with 11 investments. Notably, Kunal Shah has also made investments in 9 future unicorns, further contributing to the index’s robust investor portfolio.

 Top five angel investors in the ASK Private Wealth Hurun India Future Unicorn Index 2024

 India is home to 30 future Unicorns in the FinTech sector, with consumer lending emerging as the dominant subcategory, constituting more than half of the FinTech future Unicorns. Among them, Money View stands out as the most valuable FinTech Gazelle, while JusPay takes the lead as the most valuable FinTech Cheetah. The FinTech start-ups featured in the ASK Private Wealth Hurun India Future Unicorn Index 2024 have collectively raised an investment of US$5.7bn. FinTech holds a strong position, commanding a substantial share of the overall value of future Unicorns, with a total of US$11.4bn or 20% of the total value.

Top 10 sectors in the ASK Private Wealth Hurun India Future Unicorn Index 2024