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India's next 35 unicorns may include Practo, BharatPe, Eruditus, Vedantu

The vibrant startup ecosystem is working to boost the investment environment in India both from domestic and global investors, according to consulting firm Praxis Global Alliance

Topics
unicorn companies | soonicorns | Practo

Peerzada Abrar  |  Bengaluru 

startups, unicorn, funding, fintech, companies, firms

India is fast emerging as a startup nation. In around a decade, the Indian startup ecosystem has scaled to become the third-largest start hub in the world followed by the US and China.

To gauge the success of Indian that are expected to enter the Unicorn club, management consulting firm Praxis Global Alliance, has prepared a quarterly report on India’s landscape – the next billion-dollar

It has come up with the launch of the second edition of India’s list. The list includes 35 that have the potential to achieve a $1 billion-plus valuation (unicorn) in near future.

“The prosperous and vibrant startup ecosystem is working to boost the investment environment in India both from domestic and global investors,” said Praxis.

Praxis did the quarterly analysis of the startups that are valued at $ 200 million or above between 2018 and 2021. The analysis was done by PGA Labs, the market intelligence business unit of Praxis Global Alliance.

The sectors that were covered included fintech, foodtech, healthtech and edtech. The other sectors included SaaS (software-as-a-service), logistics, e-grocery and digital gaming.

Some of these include Eruditus, Vedantu, Grofers, BharatPe, Rebel Foods and Mobile Premier League (MPL).

The other such include Practo, cure.fit, Indegene, Ecom Express, Dunzo and BrowserStack.

In the previous edition released in December 2020, Praxis had shortlisted 34 startups that are nearing a $1 billion valuation. Out of those 34, four startups including Digit Insurance, CRED, Innovaccer, and PharmEasy have already entered the coveted Unicorn club while one startup filed for IPO.

Experts said that the Covid-19 pandemic seems to have accelerated the pace of start-ups joining the ‘unicorn’ club. According to venture capital investors and experts, India is expected to have 150 unicorns by 2025.

Currently, there are 48 Indian start-ups valued at $1 billion or more, and Paytm is the most valuable start-up at $16 billion, according to the Venture Intelligence data.

This week, Chargebee, the leading subscription billing, and revenue management platform, became a unicorn after raising a fresh round of $125 million in series G funding. The round was co-led by new investor Sapphire Ventures and existing investors Tiger Global. Chargebee is now valued at $1.4 billion, which triples its valuation in less than 6 months.

Here are some of the soonicorns that have the potential to achieve $1 billion-plus valuation in near future, according to the Praxis report:

Table: Valuation of top soonicorns

Company Valuation ($ mn) Company Valuation ($ mn)

904 885
850 Rebel Foods 799
cure.fit 775 GreyOrange 700
Indegene 700 Grofers 675
Vedantu 584 Open 552
Navi 524 Ecom Express 500

BrowserStack

500 MPL 450

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First Published: Fri, April 23 2021. 19:24 IST
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