Business Standard

FinTech sector leads with 30 startups in Future Unicorns worth $11.4 bn

The 30 startups featured in the ASK Private Wealth Hurun India Future Unicorn Index have collectively raised an investment of $5.7 billion

fintech

Roshni Shekhar Mumbai

Listen to This Article

India is home to 30 future Unicorns (startups founded after 2000 with a valuation of $1 billion) in the FinTech sector, with consumer lending emerging as the dominant subcategory, constituting more than half of the FinTech future Unicorns.

The FinTech sector holds a substantial share of the overall value of future Unicorns, with a total of $11.4 billion or 20 per cent of the total value, as per the ASK Private Wealth Hurun India Future Unicorn Index 2024.

Money View stands out as the most valuable FinTech Gazelle (startups that are more likely to go Unicorn in the next three years), and JustPay takes the lead as the most valuable FinTech Cheetah (startups that could go Unicorn in the next five years). The 30 startups featured in the ASK Private Wealth Hurun India Future Unicorn Index have collectively raised an investment of $5.7 billion.

The future action in technology has moved towards Deeptech from FinTech, said Rajesh Saluja, managing director and CEO at ASK Private Wealth, at the launch of ASK Private Wealth Hurun India Future Unicorn Index 2024. A lot of action on the startup side will take place in the Electric Vehicle (EV), Green Energy, and Semiconductor sectors as Climate is the biggest theme of the decade, he added.

The FinTech sector is followed by SaaS (Software as a Service) with 20 companies and the e-commerce sector with 15 companies. FinTech, SaaS, and e-commerce together represent 43 per cent of the featured companies in the index, underscoring their importance in the Indian startup ecosystem.

Future of Indian Aerospace Industry

Agnikul Cosmos, which has emerged as a new Gazelle on the list, successfully launched a 3D-printed rocket. The sector is being propelled forward by the rising demand for large aircraft, driven by increasing passenger traffic and substantial government defence expenditures. These factors, coupled with strategic government support and a strong focus on sustainability, are setting the stage for significant growth and value creation in the Indian aerospace industry in the coming years.

"Aerospace, in particular, stands out as one of the hottest sectors to watch. AI companies in the index have received a combined $1.6 billion in funding, while aerospace startups have garnered $160 million, and EV companies have attracted $1.2 billion,” said Saluja. “The significant gap in funding for aerospace compared to other sectors highlights its enormous growth potential."

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 20 2024 | 7:41 PM IST

Explore News

news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news