152 Potential Unicorns Identified Across 31 Indian Cities, Mostly Offering Software and Services: Report 

As many as 25 upcoming unicorns have dropped from the Hurun India Future Unicorn Index 2024. Similarly, 12 companies were downgraded to Cheetah from Gazelle, but ten transitioned to Gazelle from Cheetah. Cheetah in the start-up sector refers to a company that has a five-year forecast of becoming a unicorn. Additionally, a gazelle is a rapidly expanding business that grows by at least 20 per cent annually for a minimum of four years. The Ask Private Wealth Hurun India Future Unicorn Index 2024 is a ranking of start-ups in India that were founded in the 2000s and have a value of at least $200 million. Further, the start-ups included are most likely to become unicorns within three years and are not yet listed on the public exchanges. The report highlights that the country is home to 67 unicorns, 46 gazelles, and 106 cheetahs, as against 68 unicorns, 51 gazelles, and 96 cheetahs in the 2023 index. Similarly, Peak XV Partners, with investments in 47 probable unicorns, continues to be the most active investor, followed by Accel, which has stakes in 25 future unicorns. Read: DPIIT Likely to Enhance Start-Up Funding in 100-Day Action Plan: Report The report adds that three companies turned into unicorns this year, including grocery delivery start-up Zepto, fintech start-up InCred Finance, and logistics start-up Porter. On the other hand, HR platform Darwinbox has been demoted to a Gazelle from a Unicorn. 

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