India’s start-up ecosystem has solidified its position as a global powerhouse in 2024, with the country leading the global IPO (initial public offer) market by hosting 327 IPOs, including 13 from the tech sector, pointed out an Orios Venture Partners report.
The ‘India Tech Unicorns & Exits Report 2024’ report shared that Swiggy’s $1.34 billion IPO became the largest global tech IPO of the year. Zomato’s inclusion in the Sensex marked a historic first for a tech company in the index. India now ranks as the third-largest nation for venture capital-backed tech IPOs globally. This has propelled India’s listed tech companies to a combined market capitalisation nearing $150 billion.
The report highlights that one-fifth of Indian unicorns are headquartered overseas in countries like the US, Singapore and Dubai, underscoring Indian start-ups’ intentions to tap into international markets and attract global investors.
2024 for e-comm
In 2024, India added seven new unicorns, bringing the total valuation of Indian unicorns to an extraordinary $385 billion. The country’s tech ecosystem also showcased maturity, with 29 unicorns reporting profitability. 80 per cent of unicorn founders have engineering backgrounds, including 140 IIT graduates.
2024 also saw $11.4 billion raised across 1,547 deals. Late-stage funding dominated, accounting for 62 per cent of the total investment. The e-commerce sector led in both funding and unicorn creation.
Bengaluru hosted the highest number of funding rounds, contributing to six of the seven newly-minted unicorns.
Rehan Yar Khan, Managing Partner at Orios Venture Partners, said, “India’s tech ecosystem has matured into a global force, creating value not just at home but around the globe. In 2024, our start-ups demonstrated their ability to innovate, scale, and compete globally.” The Hindu BusinessLine