ASK PRIVATE WEALTH HURUN INDIA FUTURE UNICORN INDEX 2022

Indian Start-up ecosystem is the third-largest in the world in the number of Unicorns and is now home to more than 69,000 start-ups (2nd May 2022), according to the data provided by the Union Ministry of Commerce & Industry. In the first half of 2022, India has given birth to 20 Unicorns with a total valuation of US$26bn.

The objective of ASK Private Wealth Hurun India Future Unicorn Index 2022 is to highlight India’s fast-growing start-up ecosystem to investors, governments, family offices, aspiring entrepreneurs, and the international community. Hurun Research Institute has classified start-ups as Unicorns (start-ups founded after the year 2000 with a valuation of US$1bn), Gazelles (start-ups that are most likely to go Unicorn in the next two years), and Cheetahs (start-ups that could go Unicorn in the next four years). The evaluation is based on regulatory filings, feedback from other entrepreneurs, and some of the active India-focused VC funds and angel investors.

In search of India’s Gazelles and Cheetahs

India is currently home to 84 Unicorns, 51 Gazelles, and 71 Cheetahs, as against 51 Unicorns, 32 Gazelles, and 54 Cheetahs in the 2021 index.

India’s future Unicorns are currently worth US$49bn, with an increase of 36% as compared to last year.

17 Gazelles and 7 Cheetahs, from last year’s index, hit Unicorn valuation this year.

Double Promotion: Seven Cheetahs from the last year’s index, “skipped” the Gazelle stage and directly entered the Unicorn club this year.

Logistics tech start-up Shiprocket is the most valuable Gazelle.

Online furniture platform Pepperfry and payment infrastructure start-up Juspay are the most valuable Cheetahs.

Bengaluru continues to be the start-up capital of India. The city is home to 46 probable Unicorns and is followed by Delhi NCR (25) and Mumbai (16).

21 Indian future Unicorns have overseas headquarters, 18 in the USA, two in Singapore, and one in the UK.

E-commerce, FinTech, and SaaS comprise 43 percent of the ASK Private Wealth Hurun India Future Unicorn Index 2022.

Financial services, Logistics, Healthcare, and Education are the sectors disrupted most by the future Unicorns.

Having invested in 39 probable Unicorns, Sequoia is the most active investor in the ASK Private Wealth Hurun India Future Unicorn Index 2022 and is followed by Tiger Global with stakes in 27 future Unicorns.

Nine Gazelles and eight Cheetahs featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 made profits in FY 2021.

Companies featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 employ more than 82,300 people.

19-year-old Kaivalya Vohra, the co-founder of quick commerce start-up Zepto, is the youngest co-founder in the ASK Private Wealth Hurun India Future Unicorn Index 2022.

Where did they study? Indian Institute of Technology (90) and the Indian Institute of Management (32) top the index of institutes that produce successful start-up founders.

Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2022

(29 June 2022, Bengaluru, India) The Hurun Research Institute today released the ASK Private Wealth Hurun India Future Unicorn Index 2022, a ranking of India’s start-ups founded in the 2000s, worth at least US$200mn, not yet listed on a public exchange and most likely to ‘go Unicorn’ within two years (Gazelles) or four years (Cheetahs). The cut-off date was 31 May 2022.

ASK Private Wealth Hurun India Future Unicorn Index 2022 is a snapshot of India’s start-up ecosystem. This is an index of the most valuable private equity or venture capital-funded companies in India founded after 2000, ranked according to their latest funding round valuation.

To feature in the ASK Private Wealth Hurun India Future Unicorn Index 2022, the start-up is required to have a minimum valuation of US$200mn (INR 1,500 crore).

Hurun Research found 122 Indian future Unicorns from 25 cities. On average, they were set up in 2015, with the vast majority selling software and services, with only 17% selling physical products. 37% are selling to businesses, while 63% are consumer-facing. Future Unicorns were seen disrupting financial services, logistics, healthcare and education.

Speaking at the launch, Rajesh Saluja, CEO & MD, ASK Wealth Advisors Pvt Ltd said, “India has emerged as the third largest ecosystem for start-ups after US and China, and saw a record 44 start-ups turning Unicorns in 2021. New ideas and innovations which have the potential to benefit millions of consumers are being incubated by the start-up ecosystem.” 

“The ASK Private Wealth Hurun India Future Unicorn list showcases the leaders of tomorrow today. We shine the spotlight on Gazelles & Cheetahs, the rising stars of the start-up ecosystem, and possibly, future Unicorns. 17 Gazelles and 7 Cheetahs from last year’s list hit Unicorn valuation this year. Being a wealth manager of choice, for us this report is not merely a compendium of start-ups, but a reflection of how founders are creating value. The current scrutiny of valuations in this ecosystem, we believe, will help build more sustainable business models in the long-term.” he added.

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said, “While working on the ASK Private Wealth Hurun India Future Unicorn Index 2022 we realized that the start-up ecosystem in the country is growing at a never-before pace. In just one year, the number of Unicorns in the country has grown by 65%, the number of Gazelles has grown by 59% to 51, and the number of Cheetahs has grown by 31% to 71. Probably the pandemic has hastened the disruption of traditional businesses and helped in the ascendancy of the start-ups. Slowly, the ecosystem is achieving the desired maturity and resilience.”

“There are some concerns in the global economy that can impact the valuations and capital raising ability of Indian start-ups. Moreover, some Indian start-ups are also going for layoffs and cost-cutting measures leading to thoughts of a slowdown in the ecosystem. We believe that there could be a blip in the growth story in the short run, but the long-term potential of the Indian start-up ecosystem remains excellent and resilient. The pinch felt in the valuation exercise and extra scrutiny of deliverables could help in broad basing the system,” he added.

Gazelle: Unicorn in the next two years

Hurun Report defines “Gazelle” as a start-up founded after 2000 and has the potential to go Unicorn in two years. In the next two years, 49 Gazelles from the ASK Private Wealth Hurun India Future Unicorn Index 2022 are likely to become Unicorns.

It is the agility and swiftness of the Gazelle that makes it capable of even outrunning the Cheetah.

Take the case of Shiprocket, a LogisticsTech start-up, which leads the Gazelle pack. The start-up provides delivery management service, or simply put, it is a tech-enabled logistic platform that helps SMEs and MSMEs to sell online. The Delhi-based start-up faced its biggest challenge in 2020 when the whole world went into lockdown mode. Shipments of the company formed in 2017 fell by a whopping 95 % in just a few days – enough for its founders to whimper and fold up. Shiprocket demonstrated the ability of a Gazelle in adjusting to the new normal and focussed on the delivery of essential items to survive. After the opening up of the economy, the start-up expanded swiftly and grew at an astounding pace. Shiprocket is the most valuable Gazelle in the ASK Private Wealth Hurun India Future Unicorn Index 2022 and even managed to get funding during the pandemic.

Zepto, the 10 minutes’ grocery delivery service founded by Aadit Palicha and Kaivalya Vohra innovated quickly with the concept of the dark store model to pick, pack and dispatch goods quickly. Dark stores are basically micro warehouses and are meant for instant deliveries.

The Gazelles in the ASK Private Wealth Hurun India Future Unicorn Index 2022 have an estimated valuation ranging from US$500mn to US$1bn. The cumulative valuation of Gazelles featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 increased by more than 54% year-on-year to US$31bn. Combined, the 51 start-ups in the index have received US$10.1bn of funding.

FinTech sector contributes 13 Gazelles to the index, followed by SaaS with five, EdTech, E-commerce and Shared Economy with four each. Shiprocket, a five-year-old LogisticsTech start-up, leads the Gazelle pack, followed by Turtlemint, Zepto, Ather Energy and Vivriti Capital.

Table 1: Gazelles in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Cheetah: Unicorn in the next four years

Hurun Report defines “Cheetah” as a start-up founded after 2000 and has the potential to go Unicorn in the next four years.

Cheetahs are the fastest mammals on land over short distances and have exceptional stride length. They are nimble at high speeds, and the length between their steps is six to seven meters and four strides are completed per second.

Hurun classification has been validated in this year’s report as six Cheetahs from the last year’s index, ‘skipped’ the Gazelle stage, and directly entered the Unicorn club.

Who knows, maybe online furniture store Pepperfry might become the next Cheetah to skip the Gazelle stage and become a Unicorn in some months. The company introduced the concept of virtual reality shopping in India and is known for unique initiatives such as the ‘try before you buy service’ and the ‘rent-to-own’ option. The company is also known for its frugality. Pepperfry is on records saying that it is very ‘close to becoming profitable’ and plans to go for an IPO in the next 12-18 months.

Bengaluru-based Cheetah Juspay came into focus when SoftBank led a US$60mn fundraising round. Founded by Vimal and Ramanathan RV, FinTech start-up Juspay is one of the contributors to the BHIM App and is known to improve the user experience for billions of payment transactions. Juspay has been building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way.

Likewise, Ratan Tata-backed FinTech Mswipe could also leapfrog into a Unicorn if its plans of becoming a digital SME bank happen quickly. Founded in 2011, the start-up offers a POS (Point Of Sale) System that lets businesses accept all types of digital payments.

The estimated valuations of Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2022 range from US$200mn to US$500mn. India is home to 71 Cheetahs that raised a cumulative funding of US$7.7bn. The cumulative valuation of Cheetahs featured in ASK Private Wealth Hurun India Future Unicorn Index 2022 increased by 13% year-on-year to US$17.9bn. With 14 start-ups, FinTech leads the Cheetah index, followed by e-commerce with 10.

Table 2: Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Top investors

“We help the daring build legendary companies”, is the tagline of venture capital (VC) firm Sequoia Capital. Sequoia, one of the world’s largest venture capital firms, believes in partnering early when the start-up’s DNA is just beginning to take shape. And we at Hurun believe that the credo is working for it. With 41 investments, Sequoia is the leading investor in the ASK Private Wealth Hurun India Future Unicorn Index 2022. It has some blockbusters in its kitty like Classplus, DeHaat, Porter, Progcap and CityMall.

Tiger Global’s mission is to generate world-class investment returns over the long term. It is the second-biggest investor in the ASK Private Wealth Hurun India Future Unicorn Index 2022 having invested in 21 start-ups and has an interesting portfolio that includes GreyOrange, Captain Fresh, and MoneyView.

Early and growth-stage VC firm Accel has the motto of ‘First partner to exceptional teams everywhere’. Accel has invested in 19 start-ups that feature in the ASK Private Wealth Hurun India Future Unicorn Index 2022. Bounce, Ninjacart, and CleverTap are the prominent start-ups that have received funding from them. Accel usually comes in at seed stage and then keeps on making follow-on investments. It is the first VC firm to back companies such as Acko, Blackbuck, BookMyShow, Bounce, BrowserStack, Moglix, and Rupeek among others. The start-ups in ASK Private Wealth Hurun India Future Unicorn Index 2022 have raised US $17.7bn funding till now from 115 investors.

Table 3: Top ten investors in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Portfolio of Angel Investors

The investor of today does not profit from yesterday’s growth-Warren Buffett

Angel investors are very critical at the seed stage. The basic reason for any start-up to look for angel investors is to meet the operational expenses during the formation years and also to attain scalability for their products or services. And many have risen to the occasion to provide capital for needy but deserving business start-ups. From just a few individual investors a decade back, India is now home to thousands of angel investors. The successful listing of start-ups has helped a lot and the ecosystem has matured and become buoyant.

CRED founder Kunal Shah and Rohit Bansal top ASK Private Wealth Hurun India Future Unicorn Index 2022 with 10 future Unicorn investments. They are followed by Kunal Bahl with nine future Unicorn investments. Binny Bansal and Anand Chandrasekaran have also invested in four future Unicorns each.

Ratan Tata, the chairman emeritus of the Tata Group – turned angel investor, has invested in three start-ups in the ASK Private Wealth Hurun India Future Unicorn Index 2022. According to market reports Tata has invested in over 30 start-ups, including Ola Electric, Paytm, and Zivame, in his personal capacity and some via his investment company.

Table 4: Top five angel investors in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Sector analysis

With 26 start-ups in the index, FinTech contributed the most number of companies in ASK Private Wealth Hurun India Future Unicorn Index 2022, followed by E-commerce 14 and SaaS 10. Around half of the companies featured in the index are FinTech, E-commerce, SaaS and EdTech. AgriTech, Artificial Intelligence, HealthTech, and Shared Economy are the other promising sectors in the Indian start-up ecosystem.

Table 5: Top 10 Sectors in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

FinTech. There are 27 FinTech future Unicorns in India. More than 50% of the FinTech future Unicorns are in the consumer lending business. Vivriti Capital is the most valuable FinTech Gazelle, and Juspay is the most valuable FinTech Cheetah. The FinTech start-ups in the ASK Private Wealth Hurun India Future Unicorn Index 2022 have raised a total investment of US$4.6bn. FinTech dominates with US$11.5bn or 24% of the total value of all future Unicorns.

E-commerce. There are 14 e-commerce future Unicorns with a total value of US$6.1bn. The most valuable E-commerce Gazelle is Turtlemint, and the most valuable E-commerce Cheetah is Pepperfry. The E-commerce start-ups in the ASK Private Wealth Hurun India Future Unicorn Index 2022 have raised a total investment of US$2bn.

SaaS. With ten future Unicorns, SaaS is the third biggest sector. The most valuable SaaS Gazelle is MoEngage, and the most valuable SaaS Cheetah is CleverTap. The SaaS start-ups in the ASK Private Wealth Hurun India Future Unicorn Index 2022 have raised a total investment of US$1.1bn.

EdTech has seven future Unicorns, making it the fourth largest sector with 5.8% of the future Unicorns. The total value of all EdTech future Unicorns comes to US$3bn or just under 6.3% of the total value of all future Unicorns. The most valuable EdTech Gazelle is Scaler, and the most valuable EdTech Cheetah is Cuemath.

Artificial Intelligence boasts seven future Unicorns, up from four in the previous year. Artificial Intelligence future Unicorns are worth US$2.2bn or 4.5% of the total value of all future Unicorns. The AI start-ups in the index have raised a total investment of US$770mn. The most valuable AI Gazelle is GreyOrange, and the most valuable AI Cheetah is Pixis.

Where are they headquartered?

Bengaluru has the third-highest number of tech start-ups in the world. It has a well-developed ecosystem, deep technology talent, and respect for entrepreneurship. ASK Private Wealth Hurun India Future Unicorn Index 2022 has 46 start-ups with headquarters in Bengaluru. With a cumulative valuation of US$18.4bn, Bengaluru is the home to 16 Gazelles and 30 Cheetahs. It has many Unicorns and will continue to remain the Unicorn capital of India.

Bengaluru is followed by Delhi NCR and Mumbai. Start-ups in the current Hurun Index with their base in Delhi NCR have a cumulative valuation of US$12bn. Mumbai with a cumulative valuation of US $7bn has 16 start-ups in the index.

Interestingly, the top three cities account for 71 percent of future Unicorns in ASK Private Wealth Hurun India Future Unicorn Index 2022.

Table 6: Top five Indian cities in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Youngest & oldest start-up founders

When it comes to the spirit of entrepreneurship age is not a barrier or an advantage. It is the strength of your concept and conviction that counts. The youngest start-up founder in the index is Kaivalya Vohra, aged 19, of Quick Commerce Gazelle, Zepto. His co-founder Aadit Palicha is just months older at 20. Both of them are dropouts from Stanford University, and while quarantined in Mumbai during the lockdown came up with the idea of Zepto, which is essentially a 10-minute grocery delivery company.

The oldest founder in the index is K Satyanarayana, aged 61, of Ecom Express. The average age of Indian start-up founders in the index is 38. There are 18 start-up founders aged under 30 and 19 aged above 50.

Table 7: Youngest founders in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Table 8: Oldest founders in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Women-led future Unicorns

More and more women in India are chasing the entrepreneurial dream and flourishing in their ventures. Nykaa, led by a solo woman entrepreneur, became the first Unicorn to go public. The latest Unicorn, Open has two-women co-founders alongside two male co-founders.

Fifteen companies featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 have a woman co-founder. Women entrepreneurs have co-founded five Gazelles and 10 Cheetahs. Pratilipi is the only company in the index with two women co-founders.

Aged 28, Vrushali Prasade of Pixis is the youngest woman co-founder featured in ASK Private Wealth Hurun India Future Unicorn Index 2022. Pixis is a company providing codeless AI infrastructure for marketing.

At the top of the index is Kanika Gupta. Gupta is the Co-founder and COO of PropTech aggregator Square Yards. She is an alumnus of Wharton Business School.

Manju Dhawan, co-founder of Ecom Express was the first entrepreneur in her family.

Table 9: Women-led future Unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Alumni of start-up founders

IIT Delhi is the leading undergraduate institute that schooled 22 future Unicorn co-founders, followed by IIT Kharagpur with 18 co-founders. IIM Ahmedabad (13) is the most favoured post-graduate institute of future Unicorn co-founders in the index. With four start-up co-founders, Harvard University is the top foreign university in the top ten. Stanford University and INSEAD have three alumni each.

Table 10: Top Institutes from which the founders in the ASK Private Wealth Hurun India Future Unicorn Index 2022 graduated

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Table 11: Post-graduation Institutes that founders in the ASK Private Wealth Hurun India Future Unicorn Index 2022 studied at

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Number of founders associated with future Unicorns

ASK Private Wealth Hurun India Future Unicorn Index 2022 underscores the importance of having a co-founder. Only 16% of the future Unicorns are led by a solo co-founder. Whereas, almost half of the future Unicorns have two founders. The average number of founders is 2.5 per future Unicorn.

Chart 1: This graph shows the number of future Unicorns broken down by number of founders.

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

The Revenue Growth of Indian Gazelles and Cheetahs

The cumulative revenue of companies featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 increased by 65% to INR 16,448 crore. Consumer goods Gazelle WOW Skin Science’s revenue skyrocketed 15 times in FY2021 to INR 100 crore from INR 6.5 crore in FY2020. RetailTech Cheetah Avataar and AgriTech Cheetah Absolute Foods increased their top line ten times. Nearly one-fifth of the companies featured in the index doubled their revenue from the previous year. Eight Gazelles and nine Cheetahs featured in the ASK Private Wealth Hurun India Future Unicorn Index 2022 are profitable in FY 2021.

Table 12: Top ten future Unicorns by revenue growth in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Top funded start-ups

Cumulatively, Gazelles and Cheetahs in the index raised US$17.8bn, an increase of 47% compared to last year. With a US$700mn investment, Dunzo is the most funded Gazelle in India, followed by Aye Finance (US$610mn).

Table 13: Top ten fundraised Gazelles and Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Foreign headquartered Indian Gazelles and Cheetahs

Twenty-One companies, eight Gazelles and thirteen Cheetahs in the index, have overseas headquarters, eighteen in the USA, two in Singapore, and one in the UK. USA-based HealthTech start-up Twin Health tops the table, followed by robotics start-up GreyOrange.

Table 14: Foreign headquartered Indian Gazelles and Cheetahs in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

ESOP pool – Indian future Unicorns

With an ESOP pool of 13.3%, social media platform Koo is the top ESOP pool creator among Indian future Unicorns, followed by EV start-up Ather Energy with a 10% ESOP pool.

Table 15: Top ten ESOP pool in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

How many do they employ?

Start-ups from the ASK Private Wealth Hurun India Future Unicorn Index 2022 employ more than 82,300 people, an average of 675. Twenty-two future Unicorns have more than 1,000 employees, led by Square Yards with 5,390 employees and Ecom Express with 3,600 employees.

Table 16: Top ten employers in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Gazelles and Cheetahs turned to Unicorns

More than half of last year’s Gazelles turned Unicorns in 2022. One in every five Cheetahs of last year turned to Gazelles. Twenty-four future Unicorns from last year turned into Unicorns, of which 17 are Gazelles, and seven are Cheetahs.

Table 17: Gazelles that turned Unicorns from the Hurun India Future Unicorn Index 2021

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Table 18: Cheetahs that turned Unicorns from the Hurun India Future Unicorn Index 2021

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Table 19: Cheetahs that turned Gazelles from the Hurun India Future Unicorn Index 2021

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Some of the notable exits of future Unicorns

RateGain, MedPlus and FINO Paytech have moved out of ASK Private Wealth Hurun India Future Unicorn Index 2022 as they are listed on the stock exchange. Shuttl and Twenty-Two Motors have moved out of the index as they are acquired by Chalo and Bounce respectively.

Table 20: Notable Exits of Future Unicorns from Hurun India Future Unicorn Index 2021

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Future Unicorns with international presence

More than one-fourth of the future Unicorns featured in ASK Private Wealth Hurun India Future Unicorn Index 2022 have an active overseas presence. Except for Exotel, all the Indian future SaaS Unicorns are headquartered in the USA and Singapore.

Table 21: Top five start-ups that have international presence in the ASK Private Wealth Hurun India Future Unicorn Index 2022

Source: Hurun Research Institute. ASK Private Wealth Hurun India Future Unicorn Index 2022

Interesting facts

• FinTech Cheetah FINO Paytech was the first Indian payment bank listed on the stock exchanges.

• IPO of HealthTech Cheetah MedPlus, India’s second-largest pharmacy retailer, was subscribed about 53 times and listed at a 30% premium over the issue price.

• Ten future Unicorn co-founders graduated from IIT and post-graduated from IIM.

• Aerospace start-up Pixxel, a satellite-imaging company, launched its first fully operational satellite Shakuntala/TD2 on SpaceX’s Transporter-4 mission in 2022.

Mergers and Acquisitions

• Shiprocket, a LogisticsTech Gazelle, acquired 80% stake in Pickrr for US$200mn in June,2022 and also acquired supply chain management start-up Glaucus Supply Chainin February,2022.

• Bus transport technology Cheetah Chalo acquired Shuttl, a bus aggregator for office commute, in an all-cash deal.

• Bounce, a scooter rental Gazelle, acquired EV start-up Twenty Two Motors.

• B2B logistics platform Rocketbox, customer data platform Wigzo Tech and SaaS platform Logibricks in 2022.

• E-commerce Gazelle Turtlemint acquired Pune-based data science start-up IOPhysics Systems.

• Ninjacart acquired Bengaluru based SaaS communication platform Tecxprt.

Methodology

The ASK Private Wealth Hurun India Future Unicorn Index 2022 is compiled by the Hurun Research Institute with 31st May 2022 as the cut-off. Hurun defines a ‘Future Unicorn’ as a start-up founded in the 2000s that has reached of valuation of less than US$1bn and greater than US$200mn, but is not yet listed on a public exchange.

Hurun Research believes the ASK Private Wealth Hurun India Future Unicorn Index 2022 to be the most serious attempt to capture India’s future Unicorns into one index.

Valuing start-ups can be tricky. The very nature of these superfast-growing companies makes valuation hard to pin down. To ensure consistency of the valuations, the Hurun research team has used the most recent valuation based on a sizeable round. Countries and cities are ranked according to the start-up head office.

The Hurun research team used databases that specialize in recording rounds of investments by the professional investment world, cross-checking the data with some of the world’s top investment houses, industry experts, start-up co-founders, and media sources.

Future Unicorns can drop out from the list either by going public (IPO), being acquired by another company, or dropping in valuation below US$200mn.

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About ASK Private Wealth

ASK Private Wealth (ASK Wealth Advisors Pvt Ltd) provides wealth advisory and distribution services to the HNI and UHNI segment in India focusing on advisory led investment solutions as opposed to product specific solutions and on long term wealth creation through disciplined investment techniques rather than short term gain. They seek to partner with clients to help them meet their long-term financial goals around wealth creation, preservation, and transfer to the next generation by investing their surplus wealth into quality financial products that have the ability to generate long-term compounding returns over many years. The firm is a SEBI Registered Investment Advisor and currently represents ~3,000 HNI families. They are recipients of several reputed national and international awards.

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ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has 20 offices and branches across India, Dubai, and Singapore through which it services the needs of clients. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK group manages assets over Rs. 78,900 Cr as on 31^st May 2022.

About Hurun India: “Promoting Entrepreneurship Through Lists and Research”

Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in the pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.

The Five core pillars of Hurun India are:

1. 1. 1. 1. Wealth Creation – We celebrate transparent wealth creation by bringing to light the success stories of some of the most amazing entrepreneurs through Hurun Rich Lists.

            • Hurun India Rich List is a ranking of individuals with a net worth of INR 1,000 Crore+ and has grown to become the most comprehensive rich list from India. Over the last decade, the list grew from 100 individuals from ten cities to 1,007 richest Indians, from 76 cities.

            • Hurun Leading Wealthy Women List is the ranking of the richest self-made women in India.

            • Hurun Real Estate Rich List ranks the most successful Real Estate entrepreneurs in the country.

            • Hurun India Wealth Report is the most detailed Hurun study on the wealth distribution landscape in India.

1. 1. 1. 2. Value Creation – Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500 – a ranking of most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.

1. 1. 1. 3. Sustainability and Philanthropy – Hurun India Philanthropy List, which is on its sixth anniversary, ranks India’s most generous entrepreneurs. Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with the UN’s Sustainable Development Goals.
            

         4. Art – In 2019, the Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. Through the art list, our endeavour is to encourage individuals to collect Indian art.

1. 1. 1. 5. Lifestyle and Luxury –The Hurun Luxury Consumer Survey debuted in 2019 to encourage an understanding about lifestyle and brand preferences of ultra-high net worth individuals, while curating a survey to help them explain their spending habits.

Globally, the Hurun brand registers an estimated eight billion views, 50% YoY growth, on the back of lists and research reports.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2022, a ranking of the 3,381 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the tenth India Rich List which ranks the 1,007 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.

For the full details, please refer to www.hurunindia.net