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FinTech sector leads with 30 startups in Future Unicorns worth $11.4 billion | Startups

Posted on by darion

The 30 startups included in the ASK Private Wealth Hurun India Future Unicorn Index have raised a total of investments worth USD 5.7 billion

Fintech

Roshni Shekhar Bombay

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, accounting for over half of the future FinTech Unicorns.

The FinTech sector holds a significant share of the overall value of future unicorns, totaling $11.4 billion, or 20 percent of the total value, according to the ASK Private Wealth Hurun India Future Unicorn Index 2024.

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Money View stands out as the most valuable FinTech Gazelle (startups more likely to transition to Unicorn in the next three years), and JustPay comes out ahead as the most valuable FinTech Cheetah (startups most likely to transition to Unicorn in the next five years). The 30 startups included in the ASK Private Wealth Hurun India Future Unicorn Index have raised a total investment of $5.7 billion.

Future technology activities have shifted from FinTech towards Deeptech, said Rajesh Saluja, Managing Director and CEO at ASK Private Wealth, at the launch of ASK Private Wealth Hurun India Future Unicorn Index 2024. There will be a lot of activity on the startup side in the electric vehicle sectors ( EV), green energy and semiconductors, because climate is the most important topic 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 constitute 43 percent of the companies included in the index, highlighting their importance in the Indian startup ecosystem.

The future of the Indian aviation industry

Agnikul Cosmos, which appeared on the list as the new Gazelle, successfully launched a 3D-printed rocket. The sector is driven by rising demand for large aircraft, fueled by rising passenger traffic and significant government spending on defense. These factors, coupled with strategic government support and a strong focus on sustainability, set 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 included in the index received a total of $1.6 billion in funding, aerospace startups received $160 million, and electric vehicle companies received $1.2 billion,” Saluja said. “Significant funding gap for aerospace sector compared to other sectors, highlights its enormous growth potential.”