New Delhi— India recorded the second-highest number of unicorn additions globally in 2024, with six new startups reaching the billion-dollar valuation mark. This pushed the total valuation of Indian unicorns beyond $220 billion, according to a new report released on Thursday.
The report, published by Nasscom in collaboration with consulting firm Zinnov and unveiled at the ‘Startup Mahakumbh’ event in New Delhi, highlighted a strong resurgence in the Indian tech startup ecosystem.
Unicorns accounted for 33 per cent of total funding in 2024, underscoring their significant role in shaping the investment landscape.
The year also saw a 23 per cent increase in overall tech startup funding, reaching $7.4 billion. Deal activity surged by 27 per cent compared to 2023, indicating a renewed investor appetite. Additionally, there was a 2.1x increase in newly founded tech startups, bringing the total number of Indian tech startups to an estimated 32,000–35,000.
“India is transitioning from being a hub of opportunity to becoming a strategic force in the global digital economy,” said Rajesh Nambiar, President of Nasscom.
“The growth across mature and emerging sectors—especially in DeepTech and AI—reflects the increasing maturity of India’s startup ecosystem. DeepTech startups are becoming key drivers of innovation. To sustain this momentum, we must focus on foundational pillars like access to capital and robust innovation infrastructure,” he added.
In terms of funding stages, seed-stage startups saw the highest growth in 2024, with a 29 per cent increase in funding share. Early-stage startups followed with 25 per cent growth, while late-stage startups saw a 21 per cent rise compared to the previous year.
About 67 per cent of tech startup funding in 2024 was concentrated in “mature” sectors—industries characterized by high cumulative investment and deal volume.
A standout performer was DeepTech, which saw a 78 per cent increase in funding, reaching $1.6 billion—reflecting a strong shift toward advanced and transformative technologies.
“Startups are at the heart of India’s innovation and economic transformation,” said Pari Natarajan, CEO of Zinnov.
“India is no longer just a consumer of cutting-edge technologies but is emerging as a global creator and architect of innovation,” he noted.
Looking ahead, the outlook remains optimistic: nearly 75 per cent of Indian tech startups expect a positive funding environment in 2025, while an overwhelming 98 per cent anticipate revenue growth in the coming year. (Source: IANS)
