Of all the startups, CoinSwitch Kuber is the only crypto startup that is expected to go Unicorn in the next two years. The company is on the 29th rank in the list of Gazelles in India. If you are wondering what Gazelle company is, the Hurun India report defines it as; a startup founded after the year 2000 and has the potential to go Unicorn in two years.
According to the Hurun India Future Unicorn List 2021, there are 18 startups on the list, wherein FinTech companies are a majority on the list, followed by E-commerce, and SaaS companies. Hurun India also mentioned that preparing this list was a difficult task as the Indian startup ecosystem has seen hyperactivity. For example, five startups that were Cheetahs (most likely to go Unicorn within four years) jumped straight to Unicorn valuations.
2021 started with a few startup IPOs like Nazara Tech, Zomato and others, which encouraged more Indian High Networth Individuals to invest in these startups. Moreover, there are about 600 mn internet users in the country and this would grow to 900 mn users by 2025. As a result, tech startups and fintech companies working in mobile payments, insurance and other areas are gaining traction and capitalizing on the growing internet usage.
Some of the best enterprise SaaS companies that are born in India but are “flipped” to the USA is a lost opportunity to the Indian startup ecosystem. And one of the ways to retain them in the country would be to incentivize these startups.