The dread of the ongoing funding winter has been such that the world’s third-largest startup ecosystem could mint only two unicorns — Zepto and InCred — last year. Well, with only two startups — Krutrim and Perfios entering the country’s cavalry of unicorns, taking the total number of unicorns in India to 115, the year so far has been no consolation either.

However, what is interesting is that an equivalent number of Indian startups have formed a beeline to wear the crown of the country’s next unicorns.

According to Inc42’s “Unicorns Of Tomorrow – Decoding India’s Soonicorn Landscape Report, 2024”, as many as 112 Indian startups are on their way to mark their entry into the coveted unicorn club.

With valuations in the range of $200 Mn to under $1 Bn, these companies together boast a combined valuation of over $40 Bn and have netted more than $15 Bn since 2014.

Unfortunately, a deeper dive into the fundamentals of these to-be unicorns reveals that only 8% of the total number of soonicorns identified by Inc42 are profitable, with only 41 startups making their FY23 financial results public.

Some of the profitable soonicorns include names like BookMyShow, CarTrade, Finova Capital, KreditBee, LendingKart, Loco, Navi, Nazara, True Balance, and IdeaForge.

Interestingly, over 60% of total soonicorns founders, identified by........

© Inc42