Which city do most Indian unicorns call home?

Bengaluru, which hosts the third-highest number of tech startups in the world, retains its tag as India’s startup capital, according to the ASK Private Wealth Hurun India Future Unicorn Index 2023.

The capital of Karnataka, which has a well-developed ecosystem, deep technology talent, and respect for entrepreneurship, hosts 53 unicorns, the index showed. Unicorns are privately held startup companies worth $1 billion or more.

Bengaluru is followed by Delhi-NCR and Mumbai in the index.

Startups based in Delhi-NCR, featured in the current Hurun Index, boast a cumulative valuation of $11.3 billion, showcasing the city’s vibrant entrepreneurial ecosystem.

Mumbai, on the other hand, houses 19 startups in the index, with a cumulative valuation of $8 billion, solidifying its position as a significant hub for startup innovation and growth.

Together, these cities contribute to the diverse and thriving start-up ecosystem in India.

The top three cities account for about 70% of future unicorns. The five top startup cities in India at a glance:

1. Bengaluru

Number of unicorns: 53 (+6)

Main companies: Ather Energy, Leap Scholar

Cumulative valuation: $20.3 billion

2. Delhi-NCR

Number of unicorns:29 (+4)

Main companies: Smartworks, Square Yards

Cumulative valuation $11.3 billion

3. Mumbai

Number of unicorns:19 (+3)

Main companies: Zepto, InCred, Servify

Cumulative valuation $7.9 billion

4. Chennai

Number of unicorns: 6 (+1)

Main companies: Vivriti Capital, M2P Fintech

Cumulative valuation: $26.6 billion

5. Pune

Number of unicorns: 3 (0)

Main companies: Fibe, AgroStar, Lentra

Cumulative valuation: $11 billion