Indian Soonicorn Tracker: List Of India’s Unicorns Of Tomorrow

The days when almost every other fast-growing startup could attract large investor cheques are over. After multiple instances of corporate governance lapses and businesses going off track, investors in the world’s third-largest startup ecosystem are scrutinising startups more closely than ever. 

However, this heightened caution has not diminished investor interest across the board. Sectors such as quick commerce, AI, deeptech, and robotics have come to the forefront. Since several businesses in these sectors are capital-intensive and require longer gestation periods, patient capital has also emerged as a key theme in the ecosystem this year. India’s startup ecosystem, which now commands a combined valuation of more than $700 Bn, is therefore entering a phase in which investor caution is coexisting with the emergence of new billion-dollar companies.

The unicorn pipeline continues to expand. After six startups attained unicorn status in 2025, seven Indian startups have crossed the $1 Bn valuation mark in 2026 so far.

This year, Sarvam and Emergent joined Krutrim in India’s AI unicorn club, while Skyroot Aerospace became the country’s first spacetech unicorn. Astrotalk became India’s 133rd unicorn after an ESOP buyback valued the spiritual tech startup at $1 Bn. 

Meanwhile, more than 150 startups are now at the doorstep of the unicorn club. According to Inc42’s analysis, the Indian startup ecosystem is currently home to 156 soonicorns – startups valued between $200 Mn and under $1 Bn. 

Together, these soonicorns command a combined valuation of about $66 Bn and have raised more than $19 Bn to date. 

The list spans multiple sectors. It includes quick home services startups Pronto and Snabbit, valued at about $200 Mn and $350 Mn, respectively, as well as consumer brands such as Blue Tokai Coffee, Third Wave Coffee, Wow! Momo, and GIVA. 

To keep you up-to-date with India’s evolving startup landscape, Inc42 has launched the Indian Soonicorn Tracker. Covering founding years, sectors, funding, valuations, and investors, the tracker offers a comprehensive view of India’s soonicorn landscape.

Read our methodology here. 

Deep Dive In The Indian Soonicorn Club

Nearly 27% of India’s soonicorns are valued at $500 Mn or more, with 42 startups crossing this threshold. 

MoEngage, Whatfix, and PayMate, valued at around $900 Mn each, are among the startups closest to entering the unicorn club. BookMyShow, valued between $700 Mn and $800 Mn, is also among the higher-valued soonicorns on the list.

About 65 startups are valued between $250 Mn and under $500 Mn, while 41 are under $250 Mn. 

Fintech is the most dominant sector in the soonicorn club, accounting for 38 of the 156 startups on the list. The segment includes several high-value startups, such as Turtlemint, PayMate, Mintifi, M2P Fintech, Cashfree, Finova Capital, Stashfin, and Clear.

Ecommerce is the second-largest sector, with 31 startups in the soonicorn pool. However, valuations in the segment are more concentrated towards the lower and middle end. Companies such as Country Delight, Medikabazaar, Ultrahuman, GIVA, Innovist, and Rare Rabbit span the $200 Mn to $820 Mn valuation range.

Other prominent sectors include enterprise tech, edtech, cleantech, and agritech, reflecting the breadth of India’s soonicorn pipeline beyond fintech and ecommerce. 

Meanwhile, India is now home to four AI soonicorns and six deeptech soonicorns.  

Bengaluru: India’s Biggest Soonicorn Hub

India’s startup capital Bengaluru leads the soonicorn race. The city is home to 56 soonicorns, accounting for more than a third of the country’s total. Captain Fresh, Pocket FM, Innoviti, and iD Fresh Food are among the soonicorns headquartered in the city. 

As with the unicorn club, Delhi NCR and Mumbai trail Bengaluru in terms of their soonicorn count. Delhi NCR is home to 38 soonicorns, while Mumbai has 34. Other major soonicorn hubs include Hyderabad with seven, Pune with five, and Chennai with four. 

Cities such as Coimbatore, Jaipur, and Gandhinagar also house soonicorns. EV startup Ampere is based in Coimbatore, while Finova Capital is headquartered in Jaipur. Fintech soonicorn Infibeam Avenues is based in Gandhinagar.

Indian Soonicorn Tracker will be updated periodically with fresh data, funding rounds, and exits. Stay tuned.

Last Updated | September 8, 2026

Edited by Vinaykumar Rai
Creatives by Abhyam Gusai

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