India’s Startup Boom in 2024: Meet the 6 New Unicorns That Defined the Year

December 11, 2024
- By Rajat N

Quick Summary

India celebrated a breakthrough year for startups in 2024, with six companies—Krutrim AI, RateGain, Perfios, Ather Energy, Rapido, and Moneyview—achieving unicorn status.
This marks a sharp rise from 2023, which saw only two unicorns.
These startups span diverse sectors, showcasing India’s innovative prowess in AI, fintech, travel technology, EVs, and transportation.
Each company’s success was fueled by significant funding rounds and highlights India’s thriving entrepreneurial landscape.

India’s startup ecosystem experienced a resounding surge in 2024, with six startups achieving the coveted unicorn status—a valuation of $1 billion or more. This remarkable feat highlights the nation’s growing dominance in global entrepreneurship, building on the foundation laid in 2023, which saw only two startups, InCred Finance and Zepto, enter the unicorn club.

Let’s take a closer look at the remarkable journey of India’s newest unicorns and their impact on the country’s innovation landscape.

A Look Back at 2023: Setting the Stage for Growth

The groundwork for 2024’s impressive numbers was laid in 2023. Despite a challenging funding environment, two startups emerged as unicorns:

Zepto: The quick-commerce startup became the first unicorn of 2023 in August after raising $200 million at a valuation of $1.4 billion. Led by StepStone Group, with participation from Goodwater Capital and other existing investors, Zepto’s milestone highlighted the continued demand for efficient delivery solutions.
InCred Finance: This financial services platform entered the unicorn club in November 2023 after a successful Rs 500 crore Series D funding round.

These successes foreshadowed a brighter 2024 for Indian startups.

The Unicorns of 2024: A Record-Breaking Year

In 2024, India added six unicorns to its list, spanning diverse sectors like fintech, electric vehicles, ride-hailing, traveltech, and artificial intelligence. Here’s a detailed look at these groundbreaking companies:

1. Krutrim AI – January 2024

An artificial intelligence powerhouse, Krutrim AI was founded by Bhavish Aggarwal, CEO of Ola Electric. The startup achieved unicorn status in January after raising $50 million at a $1 billion valuation. Focused on cutting-edge AI solutions, Krutrim AI exemplifies India’s potential as a global AI innovation hub.

2. RateGain – February 2024

RateGain, a travel technology company based in Delhi NCR, made headlines in February as the only listed startup to enter the unicorn club in 2024. With its advanced travel-tech solutions, RateGain continues to redefine the hospitality and travel industries.

3. Perfios – March 2024

March saw Bengaluru-based fintech SaaS startup Perfios become a unicorn, raising $80 million from Teachers’ Venture Growth (TVG), the investment arm of the Ontario Teachers’ Pension Plan. Perfios stands out for its transformative solutions in financial analytics and decision-making.

4. Ather Energy – August 2024

A prominent player in the electric vehicle (EV) sector, Ather Energy achieved unicorn status in August. Competing with giants like Ola Electric, the company raised Rs 596 crore ($71 million) in a round led by the National Investment and Infrastructure Fund (NIIF). Ather Energy’s success underscores India’s accelerating shift toward sustainable mobility.

5. Rapido – September 2024

Rapido, a bike taxi aggregator, joined the unicorn club in September. The Bengaluru-based startup secured $120 million (over Rs 1,000 crore) from investors like WestBridge Capital, Think Investments, and others. As a rival to Ola and Uber, Rapido has reshaped last-mile connectivity in Indian cities.

6. Moneyview – September 2024

Another September success story, fintech lending firm Moneyview, achieved a $1.2 billion valuation following a significant funding round. With this milestone, Moneyview solidified its leadership in India’s burgeoning digital lending space.

Key Insights: Why 2024 Was a Game-Changer

The unicorn boom in 2024 reflects a maturing startup ecosystem driven by diverse sectors:

Technological Innovation: Startups like Krutrim AI and Perfios leverage advanced AI and fintech solutions.
Sustainability Focus: Companies like Ather Energy highlight India’s commitment to green mobility.
Consumer-Centric Models: Rapido and Moneyview cater to practical needs like affordable transportation and accessible credit.

Additionally, government initiatives like the Startup India Program and increased interest from international investors played pivotal roles in fostering this growth.

As India’s startups continue to innovate and attract global attention, the stage is set for even greater achievements in 2025. The emergence of six unicorns in 2024 not only marks a milestone but also underscores India’s transformation into a global startup powerhouse.

Stay tuned as we witness the rise of even more groundbreaking ideas and visionary entrepreneurs!

Share this post

Rajat N

Web Designer and Digital Marketing Manager with 3+ years of experience at Vibrant Marketer. Skilled in crafting visually appealing and user-friendly websites. Also proficient in content writing and graphic design to enhance brand visibility.

For any enquiries please email

info.vibrantmarketer@gmail.com