These âsoonicorns,â or startups on the verge of becoming unicorns, raised funds in 2021 at a valuation of over $ 500 million, but less than $ 1 billion. Among the top five on the list are logistics startups ShipRocket and Porter.
Shiprocket raised $ 185 million in funding co-led by Zomato, Temasek and Lightrock for a valuation of approximately $ 950 million, while Porter raised $ 100 million led by Tiger Global Management and Vitruvian Partners for a valuation of $ 525 million.
They could join other logistics unicorns Zinka and Delhivery.
Other online gaming companies include online gaming company Games24x7 and three fintech startups OneScore, Jupiter, and ClearTax. The list covers eight major industries, with fintech startups leading the pack, followed by retail and tech companies.
First OneScore mobile credit card; Jupiter neo-banking platform; start filing ClearTax tax return; the kirana-tech start-up KhataBook; the Rupeek gold lending start-up; and the neobank Open was on the list of the Soonicorns of fintech.
OneScore raised $ 76 million in its Series C funding round from Ocean View Investment, Matrix Partners, Sequoia Capital, QED Innovation Labs and Hummingbird Ventures for a post-money valuation of over $ 720 million. Neobank Jupiter raised $ 86 million in a round co-led by Tiger Global and Sequoia for a valuation of $ 711 million, and Open raised $ 62 million from Temasek and Google, as well as Tiger Global, to a valuation of $ 500 million.
ClearTax has raised $ 75 million in its Series C funding round led by Kora Capital for a valuation of $ 700 million.
Digital ledger Khatabook raised $ 100 million in its Series C round led by Tribe Capital and Moore Strategic Ventures, and online gold lending market Rupeek raised $ 32.5 million in a round led by GGV Capital for a valuation of over $ 500 million.
They are expected to join other fintech startups UpStox, Slice, Acko, MobiKwik, BharatPe, GoDigit, CoinDCX, Groww, and ChargeBEE who transformed unicorns in 2021.
In the retail industry, online interior design facilitator LivSpace, the B2B marketplace for packaging supplies Bizongo, 10-minute grocery delivery startup Zepto, and product seller of Purpple beauty could raise funds at a valuation of over $ 1 billion.
While Livspace was valued at over $ 620 million in 2021, Bizongo raised $ 110 million for a valuation of $ 600 million in a round led by Tiger Global, and Zepto achieved a valuation of $ 570 million. dollars in a $ 100 million round led by Y Combinator. Additionally, Purpple received $ 65 million in its Series D funding round led by Kedaara Capital for a valuation of $ 566 million.
If successful, these startups will join other retail startups such as MamaEarth, Spinny, NoBroker, Mensa, CureFit, Good Glamm, CarDekho, Licious, Urban Co. who joined the unicorn club in 2021.
While 2021 saw edtech startups Vedantu, Eruditus, and UpGrad join the coveted club, the three additions for 2022 will likely be LEAD School, Teachmint, and BrightCHAMPS.
LEAD School, a B2B business software provider, has raised $ 30 million under the leadership of GSV Ventures. Teachmint has received over $ 70 million under the leadership of Rocketship.vc and Vulcan Capital. BrightCHAMPS, for its part, raised $ 63 million from Premji Invest, GSV Ventures and others. The three electronics technology companies were valued at more than $ 500 million.
The list includes a few agro-tech, online gaming, logistics and media companies.
Gurugram-based online marketplace for agricultural products and services DeHaat and B2B marketplace for agricultural products Ninjakart raised $ 115 million and $ 145 million, respectively, at a valuation of over $ 500 million each. Games24x7 and Zupee are the online gaming startups expected to join their Dream11 and Mobile Premier League peers in the unicorn club this year.
The other three companies are software as a service (SaaS) startup Whatfix, which raised $ 90 million led by SoftBank, the InShorts news aggregator, which received $ 60 million led by Vy Capital, and the Gaana music application.
Certainly, the Indian startup ecosystem gave birth to 44 unicorns in 2021, compared to only 11 in 2020. India is home to more than 70 unicorns and is third behind the United States and China.
According to some estimates, India already has more than 100 unicorns. These startups were collectively valued at more than $ 240 billion through March 2021, according to Swiss brokerage firm Credit Suisse, and came not only from the tech sector, but pharmaceuticals and consumer goods as well, said. on March 23, 2021, Credit Suisse India equity strategist Neelkanth Mishra. He then pointed out that two-thirds of these 100 unicorns were born after 2005, most of the unicorns coming from the fintech sector.
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