India's Tech IPO Market Booms in 2024 with Swiggy's USD 1.34 Billion Debut and Zomato's Sensex Milestone: Report Among India's 29 profitable unicorns, Zerodha led the pack, emphasising the ecosystem's shift toward sustainability. Inclusivity also shone through, with 19 unicorns led by women founders, showcasing the evolving entrepreneurial landscape.
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India's tech ecosystem experienced a landmark year in 2024, characterised by a surge in IPOs, the birth of new unicorns, and an unprecedented wave of strategic acquisitions, signaling the sector's maturity. According to the "Indian Tech Unicorns & Exits Report 2024" by Orios Venture Partners, the combined valuation of Indian unicorns reached an all-time high of USD 385 billion. This growth was fueled by seven new unicorns and an impressive uptick in market capitalisation.
Record IPOs and Swiggy's Historic Listing
India's IPO market witnessed remarkable activity, with 13 tech IPOs raising billions of dollars and propelling the market cap of listed startups to USD 147 billion. Leading the charge was Swiggy's USD 1.34 billion IPO, the largest global tech IPO of 2024, cementing its position as a market leader. Notably, Zomato made history as the first tech company to enter the Sensex index. This IPO wave solidified India's position as the third-largest global hub for venture capital-backed tech IPOs, reflecting increased confidence in the Indian tech sector and paving the way for more exits in 2025.
Seven New Unicorns and Ecosystem Maturity
The addition of seven unicorns, including Money View, Ather Energy, Rapido, and Krutrim, highlighted the ecosystem's vibrancy. On average, these startups took 11 years to achieve a USD 1 billion valuation, reflecting the sector's growing maturity. Among India's 29 profitable unicorns, Zerodha led the pack, emphasising the ecosystem's shift toward sustainability. Inclusivity also shone through, with 19 unicorns led by women founders, showcasing the evolving entrepreneurial landscape.
Record Acquisitions and Bengaluru's Pivotal Role
A record 370 acquisitions underscored the growing trend of consolidation, as startups sought to diversify portfolios and expand market reach. Bengaluru maintained its status as India's tech capital, hosting the highest number of funding rounds and housing the majority of unicorns, solidifying its pivotal role in driving innovation and investment.
Funding Focus on Late-Stage Startups
Late-stage investments dominated, accounting for 62% of the USD 11.4 billion raised by Indian startups. This trend reflects investor confidence in well-established companies with proven growth trajectories, a sign of the ecosystem's maturation.
E-Commerce, Fintech, and Clean Tech Lead
E-commerce, fintech, and clean tech emerged as the leading sectors, attracting significant funding due to their growth potential. As the ecosystem matures, India's tech sector is poised to scale new global heights, fostering innovation and economic impact in the years ahead.
