In 2024, the Indian startup ecosystem witnessed an unprecedented surge in companies listing on Dalal Street, alongside seven new startups achieving unicorn status—defined as startups valued at $1 billion—according to the latest report from Orios Venture Partners. Titled “Indian Tech Unicorns & Exits Report 2024,” the report reveals that these additions elevated the total valuation of Indian unicorns to an impressive $385 billion.
Furthermore, the year marked a considerable increase in the bottom line for the startup landscape, with 29 unicorns declaring profitability. Notably, the report indicates that 19 of these unicorns were founded by women entrepreneurs. India also emerged as a leader in the global IPO market in 2024, recording 327 IPOs, of which 13 belonged to the technology sector. Swiggy’s $1.34 billion IPO became the largest tech IPO worldwide for the year. Additionally, Zomato made history by being included in the Sensex market, a pioneering achievement for a tech company within this index.
The report notes that India holds the position of the third-largest country for VC-backed tech IPOs globally, propelling the combined market capitalisation of India’s listed tech giants to nearly $150 billion. Moreover, 2024 marked a turning point for startup investments, signalling the end of the prolonged funding winter that had adversely affected the ecosystem.
Indian startups successfully raised a total of $11.4 billion through 1,547 deals, with late-stage funding representing 62% of the overall investment. “India’s tech ecosystem has evolved into a formidable global player, generating value not only domestically but also internationally. In 2024, our startups exhibited their capacity to innovate, scale, and compete on a global scale,” stated Rehan Yar Khan, Managing Partner at Orios Venture Partners.
Founded in 2013, Orios Venture Partners focuses on investing in startups across B2C, B2B, software, and hardware industries, with notable investments in Country Delight, Pharmeasy, Zupee, Ixigo, Mobikwik, Nazara, Battery Smart, and WeRize.
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