Blog

Indian startup ecosystem saw a record number of companies listing on Dalal Street in 2024 and seven new startups turning unicorns—startups valued at $1 billion—during the period, Orios Venture Partners noted in their latest report.

In the document, titled “Indian Tech Unicorns & Exits Report 2024,” the VC firm highlighted that the seven new additions brought the total valuation of Indian unicorns to $385 billion.

Additionally, the year saw significant bottom-line growth in the startup ecosystem, with 29 unicorns reporting profitability. According to the report, 19 unicorns in India are founded by women entrepreneurs.

During the year, India also led the global IPO market with 327 IPOs, with 13 from the technology sector, including Swiggy’s $1.34 billion listing, making it the largest global tech IPO of the year.

Additionally, rival, Zomato was included in the Sensex market, a historic first for a tech company in the index, the report said.

The firm said India ranks as the third-largest nation for VC-backed tech IPOs globally, propelling India’s listed tech giants to a combined market capitalisation nearing $150 billion.

Moreover, 2024 was a significant year for startup investments, marking an end to the funding winter that had long plagued the startup ecosystem. Indian startups raised a total of $11.4 billion across 1,547 deals, with late-stage funding accounting for 62% of the total investment.

“India’s tech ecosystem has matured into a global force, creating value not just at home but around the globe. In 2024, our startups demonstrated their ability to innovate, scale, and compete globally,” said Rehan Yar Khan, Managing Partner at Orios Venture Partners.

Founded in 2013, Orios Venture Partners invests in startups in B2C, B2B, software, and hardware spaces, including in Country Delight, Pharmeasy, Zupee, Ixigo, Mobikwik, Nazara, Battrey Smart, and WeRize.