The problem with predicting future Indian unicorns based on past valuations


Ranjan Crasta

10 reads

Ranjan Crasta

10 reads

Hurun Research Institute's future unicorn index makes for reassuring reading in the ongoing funding winter, identifying 147 Indian startups as potential unicorns within the next five years. It may, however, be out of touch with today’s realities.

June 30, 2023


For Indian startups, which have had to buckle down to survive the current funding crunch, the Hurun Research Institute’s annual ASK Private Wealth Hurun India Future Unicorn Index 2023, which was released earlier this week, likely made for hopeful reading.

Despite the capital markets slowing down and the resulting ‘funding winter’, the report projects that 147 Indian startups could become unicorns in the next five years. These future unicorns are currently worth $57 billion, with e-commerce, fintech, and software as a service (SaaS) startups accounting for 42% of the list. The next hottest sectors are healthtech and AI.

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