2024 unicorns: 6 startups that hit $1 billion valuation

In the fast-paced world of startups, achieving a $1 billion valuation is a coveted milestone, signifying not just financial success but also market impact and visionary leadership. These companies, often called "unicorns," represent the epitome of innovation and ambition in the business landscape. In 2024, a select group of startups broke through this barrier, showcasing their ability to disrupt industries, address pressing global challenges, and capture the imagination of investors and customers alike.

From tech pioneers revolutionising how we live and work to sustainable enterprises reshaping industries with eco-friendly practices, the new unicorns of 2024 embody the diversity and dynamism of the entrepreneurial ecosystem. Each of these companies has a unique story to tell—stories of persistence, creativity, and strategic thinking that propelled them to this remarkable achievement.

In this article, we’ll delve into the journeys of six standout startups that earned their unicorn stripes this year. We’ll explore what sets them apart, their key innovations, and how they’ve positioned themselves as leaders in their respective markets. Whether you’re an aspiring entrepreneur, an investor, or simply curious about the trends shaping the future, these stories are sure to inspire and inform.

Indian startups that entered the unicorn club in 2024

The year 2024 has been a remarkable one for the Indian startup ecosystem, with six innovative companies crossing the coveted $1 billion valuation mark. From electric vehicles to AI, fintech, and ride-hailing, these startups represent a diverse range of industries. Let’s dive into their inspiring journeys and milestones.

1. Ather Energy

Ather Energy, a Bengaluru-based electric two-wheeler manufacturer, became a unicorn in August 2024 after raising ₹600 crore ($71 million) from the National Investment and Infrastructure Fund (NIIF). This funding round valued the company at $1.3 billion.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy has been a pioneer in India’s EV space. It not only manufactures electric scooters but also operates its charging infrastructure and engages in power storage and distribution services.

The company has raised $630 million to date and counts InnoVen Capital and Stride Ventures among its investors. Eyeing a public listing at a valuation of $2 billion, Ather filed its draft red herring prospectus (DRHP) with SEBI in September 2024.

However, the road to profitability remains challenging. In FY24, its revenue dipped slightly to ₹1,753.8 crore, while net losses widened by 22% to ₹1,059.7 crore. Despite these hurdles, Ather remains a formidable competitor to Ola Electric, TVS Motor, and Hero MotorCorp.

2. Krutrim

In January 2024, Krutrim, founded by Bhavish Aggarwal, became India’s first AI unicorn. The startup raised $50 million in a funding round led by Z47, achieving a $1 billion valuation within a year of its founding.

Krutrim specialises in developing large language models (LLMs) and is working on creating India’s first homegrown AI chips for general computing and Edge applications. The startup has raised $74 million so far, including $24 million in debt funding.

Competing with global giants like OpenAI and Google, as well as domestic players like SarvamAI, Krutrim is a trailblazer in India’s burgeoning AI ecosystem.

3. Moneyview

Lending tech startup Moneyview entered the unicorn club in September 2024, raising $4.6 million from Accel India and Nexus Ventures at a $1.2 billion valuation.

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview offers personal loans, financial management solutions, and credit tracking services. The startup has raised $188.3 million to date from investors like Tiger Global and Ribbit Capital.

Moneyview reported a 75% increase in operating revenue to ₹1,012.01 crore in FY24, with a modest 5.2% rise in net profit to ₹171.15 crore. Competing with Flexiloans and Fibe, the startup is carving a niche in India’s fintech landscape.

4. Perfios

In March 2024, fintech SaaS company Perfios raised $80 million from Teachers’ Venture Growth (TVG), propelling its valuation beyond $1 billion.

Founded in 2008 by VR Govindarajan and Debasish Chakraborty, Perfios offers data aggregation and analytics solutions for over 1,000 financial institutions across 18 countries.

The startup turned profitable in FY23, reporting a net profit of ₹7.8 crore and tripling its operating revenue to ₹406.8 crore. It is now preparing for a $500 million IPO and exploring opportunities in the U.S. market.

5. Rapido

Ride-hailing startup Rapido joined the unicorn club in July 2024 after raising $120 million from WestBridge Capital, achieving a valuation of over $1 billion.

Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido operates in the bike taxi, auto transportation, and cab segments. The startup has raised $625.75 million to date and significantly reduced its losses, trimming net losses by over 45% in FY24.

Competing with Ola, Uber, and BluSmart, Rapido continues to expand its market share with innovative services like peer-to-peer delivery via Rapido Local.

6. RateGain

The only listed company to enter the unicorn club in 2024, RateGain provides SaaS solutions for the travel and hospitality industries. Founded in 2004 by Bhanu Chopra, RateGain serves over 3,200 customers across 100 countries.

Its profitability and robust growth in tech stocks propelled RateGain’s valuation beyond $1 billion. The company’s operating revenue surged 18% to ₹277.2 crore in Q2 FY25, with a 74% rise in profit after tax to ₹52.2 crore.

The Indian startup ecosystem continues to thrive, with these six companies setting benchmarks in their respective industries. From electric vehicles to AI and fintech, their stories are a testament to innovation, resilience, and ambition. As they chart their next phases of growth, these unicorns are inspiring the next generation of entrepreneurs.