India Unicorn Report

1. The Unicorn Analysis.
June 2022
More cover options are added at the end.

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Table of contents
 India Start-up Funding Overview
 Investors Lens
o Investment & Deal Size
o Investor Sector View
o Overlapping of Unicorns with Top 5 Investors
 Unicorn DeepDive
o Industry-specific Investment Trend
o Unicorn Classification by Industry & IT Spending Opportunity
o Unicorn Growth Metrics
o Unicorn Regional View by Hubs & IT Spend
o MNA by Unicorns in India
o Time Taken to Become Unicorn
o Why Unicorns are successful
 Unicorns IT Spending Synopsis
o Unicorn IT Spending
o Technology Spend for B2B & B2C Unicorns
 Industry-wise ICT Spending
 Spending on digital technologies
 Adoption trend for digital technologies
o SaaS Based & DeepTech Unicorn overview
 Next 100 Unicorns!!!

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Unicorn in numbers
One-line key takeaways
Source:
Profitability and spend
Geographic
27 Unicorns - retail/ e-commerce
30% unicorns operating on b2b model
21Unicorns in IT
60%+ unicorns have SAAS-based offerings
50%+ of the only 21 profitable unicorns are in the
B2B space
40% unicorns are B2B and comprise 0.5% of Total
IT Spend or 26% of IT Spending of 100 unicorns
USD 7.9Bn Total Funding
USD 23Bn+ Total Valuation
36% of the valuation is constituted by
the B2B Soonicorns
Funding
Sector/industry
…

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Soonicorn in numbers
<Add one-line key takeaway from the slide>
Source:
Profitability and spend
Geographic
31% in BFSI
2Neo-banks (Fi, Jupiter)
14% unicorns operating on b2b model
11% Unicorns in IT
25% have SaaS based offerings
…
USD 90Bn+ Total Funding of which 23% belongs
to B2B
USD 350 Bn+ Total Valuation of which 34%
belongs to B2B
6 Months to be Quickest Unicorn (Mensa)
Funding
Sector/industry
40% in Bengaluru
28% B2B of which 75% are in IT
26% in Mumbai
44% B2B of which 50% are in B2B Retail
23% in Delhi NCR

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Regional aspect

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Regional View – Unicorns & Soonicorns
<Add one-line key takeaway from the slide>
Soonicorn Density Scale High Medium Low
Delhi NCR
32 08
Ahmedabad
00 01
Mumbai
17 09
34%
22%
Pune
06 01
Bengaluru
38 14
23%
Chennai
05 01
Hyderabad
02 01
Unicorns Soonicorns
Emerging hubs for Unicorns & Soonicorns
B2B IT Spending
• Delhi NCR and Bengaluru are established
B2B hubs
• Bengaluru & Mumbai are DeepTech hubs
for unicorns
• Emerging hubs (Hyderabad, Pune,
Chennai, and Ahmedabad) constitutes
11% of the Soonicorns valuation
Hubs for Unicorns & Soonicorns

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Industry aspect

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Unicorns - Industry-specific Investment Trends
<Add one-line key takeaway from the slide>
Total Funding so far
100 Unicorns
In US$ Bn
30.9
Retail
12.9
BFSI
6.9
IT
104.6
69.9 68.5
31.9 28.0 23.7
9.6 7.5 6.1 5.0 1.0 3.2 2.5 1.0
6
10
8 8
6
10
7
4
5
2
11
6
4
7
0
3
6
9
12
0
20
40
60
80
100
120
Retail
Information
Technology
BFSI
Education
Logistic
Media
&
Entertainment
Hosptality
Transportation
Healthcare
Automotive
Consumer
Services
Utilities
Manufacturing
Real
Estate
27 21 22 06 06 08 01 01 03 01 02 01 00 01
No. of Unicorns (As of May 2022) Average Year to Unicorn
Total Valuation
in US$ Bn

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Diversified Growing Unicorn Ecosystem
<Add one-line key takeaway from the slide>
Overall
Sector
Revenue
CAGR
%
(4
Years)
Unicorn Share % (by Revenue)
Bubble: Unicorn Vertical
Bubble Size: # of Unicorns
27
22
22
7
6
3
1 2
8
1
1
1
1
1
Automotive
Retail
BFSI
Information
Technology
Logistics
Media & Entertainment
Education
Healthcare
Consumer
Services
Utilities
Real Estate
Transportation
Hospitality
Manufacturing
• …
• …

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Unicorns – Industry-wise Classification
<Add one-line key takeaway from the slide>
Information Technology (IT) BFSI Utilities Retail/ E-commerce
EdTech
Media & Entertainment
$ 0.36
Bn
$ 0.64
Bn
Logistics
$ 0.35
Bn
Note - Manufacturing market opportunity includes automotive as well
Healthcare
$ 0.5
Bn
Automotive Manufacturing
$ 7.6
Bn
Consumer Services
$ 0.71
Bn
Transportation
$ 0.35
Bn
Real Estate Hospitality
Alternate slide
Market Opportunity (to develop a clear
view of the opportunity and the upside)

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Time Taken by Startups in Becoming Unicorns
+5 years
3-5 years
<3 years
9% took 20% took 71% took

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Funding in Unicorns
Total Investment & # of Deals YoY by unicorns
71% YoY Growth
830 783
1336
2019 2020 2021
• …
• …
• …
$4.2Bn
$2.8Bn
$3.0Bn

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•Till 09 June 2022 – 16 Start-up has qualified to become Unicorns
•Q1 (Jan-Mar) – 13 Unicorns
•Q1 (Jan-Mar) – Total Invested Value – $4,318 Mn
•Out of 13 Unicorns formed B2B Unicorn contributes 62% & B2C only 38%
•IT industry contributes more than 60% of the B2B Unicorns followed b Fintech & EduTech at 25% & 13% respectively
•Geographical spilt of 13 Unicorns are:
23% each Mumbai & Bangalore
15% each Chennai & Pune
8% each Gurgaon, Jaipur & Hyderabad
13 Unicorns – Games 24X7, Oxyzo, Amagi, Cred Avenue, Hasura, Uniphore, Xpressbees, elasticrun, LivSpace, Dealshare, Darwinbox, lead, Fractal

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VC Aspect

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Investors Deal Volume by Sector
<Add one-line key takeaway from the slide>
27%
22%
17%
14%
8%
7%
3%3%
Information
Technology
BFSI
Retail
Infrastructure
Manufacturing
Healthcare
Transportation
Others
• ……
• ……

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Active investors
Top 5/50 Investors by no. of Investments in Each Funding Round
83
15
31
13 9
49
24
25
40
24
23
24
17
10
25
35 13
Series A
Series B
Series C
Series D
Series E+

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Overlapping of Unicorns with Top 5 Investors
<Add one-line key takeaway from the slide>
Unicorns 12
Unicorns 13
Unicorns 29
Unicorns 19
Unicorns 35

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Other Known Investors in India Unicorn Market
<Add one-line key takeaway from the slide>
10 10 9
9 8 8
8
66% of the top 12 Unicorn investors are US origin
No. of investments

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Unicorn M&As

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29 33
90
36
2019 2020 2021 2022 Till date
Unicorns M&As
311 startups acquired by Indian unicorns
Number of M&A M&A split by unicorns
Drove majority
of acquisition
5%
5%
5%
5%
5%
4%
4%
4%
4%
4%
3%
2%
52%

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Indian Unicorn M&A - 1
<Add one-line key takeaway from the slide>
Flipkart
Freshworks Mensa
BYJU’s ZOMATO
Cure fit

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Indian Unicorn M&A - 2
<Add one-line key takeaway from the slide>
GlobalBees UpGrad InMobi
Paytm Snapdeal
Unacadem
y

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<Add one-line key takeaway from the slide>
9.5 9.5
8 7.5 7.5
6 5.6
OYO Zomato Dream 11 OLA Razorpay PB Postman
Current Valuation (US$ Bn)
EdTech
Media &
Entertainment
FinTech
HealthTech
Enterprise
Transport
E-Commerce
Indian Unicorns Moving into Decacorn!!!

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<Add one-line key takeaway from the slide>
9.5 9.5
8 7.5 7.5
6 5.6
Current Valuation (US$ Bn)
EdTech
Media &
Entertainment
FinTech
HealthTech
Enterprise
Transport
E-Commerce
Indian Unicorns Moving into Decacorn!!!
Alternate slide

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IT spending aspect

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IT Spending Overview – 100 Unicorns of India
<Add one-line key takeaway from the slide>
Total India
IT Spend
Unicorn’s contribution of
the Total IT Spend in India
Unicorn IT
Spend by
Sector
16.0%
14.9%
14.8%
14.2%
11.9%
28.1%
Media &
Entertainment
E-commerce
Fintech
Consumer Services
Others
IT
$38.4Bn 1.7%

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Unicorns – Industry-wise ICT Spend (% OR INR Billion)
<Add one-line key takeaway from the slide>
2019 or Before 2020 2021 2022
16
B2B SaaS-based
06
DeepTechs
BFSI,
17.5%
IT,
40.0%
Retail,
14.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
B2B
26%
B2C
74%
IT
BFSI
Retail
Digital Technology Adoption Pattern (% of Digital IT Spend)
Low Priority High Priority
Top 2 Priorities across BFSI, IT, and Retail
IT Spend 2021
US$ 0.62 Bn
Analytics Workforce AI Cloud
15.0% 22.4% 22.4% 27.7%
11.5% 19.4% 26.0% 28.9%
10.9% 21.7% 26.2% 27.8%
No. of unicorns

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Why Unicorns Are Successful?
<Add one-line key takeaway from the slide>
Technology Driven
• Business model is driven
by the latest
technological innovations
• Leveraging of evolving
technology for enhancing
product & services
Customer-Focused
• Offers products that
solves user problems
• ~60% of the unicorns are
particularly B2C
companies
Privately Owned
• More than 361 private
companies around the
world are valued at over
$1 billion
• India has 16 of these
companies, that are
taking up 4% of the
overall share
Affordability
• Key ingredient is keeping
their products and
services affordable
Disruptive Innovation
• Disruption driven by
Innovative & Affordable
solutions
• Build MVP to repeatedly
test & adjust

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Why Unicorns Are Successful?
<Add one-line key takeaway from the slide>
Disruptive Innovation
• Disruption driven by Innovative &
Affordable solutions
• Build MVP to repeatedly test & adjust
Privately Owned
• More than 361 private companies around
the world are valued at over $1 billion
• India has 16 of these companies, that are
taking up 4% of the overall share
Customer-Focused
• Offers products that solves user
problems
• ~60% of the unicorns are particularly
B2C companies
Technology Driven
• Business model is driven by the latest
technological innovations
• Leveraging of evolving technology for
enhancing product & services
Affordability
Key ingredient is keeping their
products and services affordable

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Soonicorns

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The Next Possible Unicorns
<Add one-line key takeaway from the slide>
Valuation
(US$
Bn)
Bubble Size represents the number
of soonicorns
4-Year Sector CAGR (%)
IT
Retail
Utilities
Consumer
Services
Education
Healthcare
Logistics
Transportation
Automotive
Media &
Entertainment
BFSI
High-growth sectors, upcoming
soonicorns can look to enter

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33. 100 on 100
Unicorns
INVESTOR PRESENTATION
June 2022