250 Indian Unicorns by 2030? 2024 IPOs Fuel 2025 Startup Growth

As we enter 2025, India’s startup ecosystem stands at a pivotal moment, having showcased some of the most remarkable IPO performances of 2024. From cybersecurity trailblazers to e-commerce game-changers and fintech innovators, these IPOs not only captured market attention but also highlighted the growth and maturity of India's entrepreneurial landscape. As investor optimism continues to soar, let’s take a closer look at the IPO champions of 2024 and the exciting future that lies ahead for India’s startups.

Top IPO Performers of 2024

• TAC Security | India’s Cybersecurity Giant Soars | TAC Security made an unforgettable debut, soaring 174% on its first day of trading. Starting at ₹106, the stock rocketed to ₹290, underscoring the rising importance of cybersecurity in an increasingly connected world. With digital security becoming a priority, TAC’s success reflects both investor confidence and the growing demand for innovative solutions to protect businesses and individuals from cyber threats.
• Unicommerce | E-Commerce Enabler Wins Big | Unicommerce, a leading player in e-commerce enablement, delivered an impressive 113% return. With its issue price at ₹108, the stock climbed to ₹230 on listing. This rise highlights the burgeoning e-commerce infrastructure in India, essential for supporting the country’s fast-growing online retail market.
• MobiKwik | Fintech Innovator Makes Waves | MobiKwik, a fintech giant, rewarded its investors with a 58% gain, with the stock rising from ₹279 to ₹440. The continued growth of digital payments, fueled by India’s push for financial inclusion, makes MobiKwik a key player in the future of the country’s fintech ecosystem.
• TBO.com | Travel Tech Disruptor Shines | In the travel tech space, TBO.com impressed with a 50% surge in its stock price, from ₹920 to ₹1,380. This performance signals strong investor confidence in the recovery of both the domestic and global travel sectors, boosted by digital innovations that are reshaping how people travel.

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Other Notable IPOs of 2024

• FirstCry: 34% gain (₹465 to ₹625)
• Menhood: 28% gain (₹75 to ₹96)
• Awfis: 13% gain (₹383 to ₹432)

While IPOs like Ola Electric and Blackbuck showed more modest returns, their long-term potential remains significant, positioning them as key players in the years to come.

India’s Startup Ecosystem Continues to Thrive in 2024

2024 not only brought notable IPO successes but also marked a period of significant growth in India’s broader startup ecosystem. Here’s a closer look at the key trends that defined the year:

• $12B+ Raised in 2024, Signaling Recovery and Growth: Indian startups secured over $12 billion across 993 deals, indicating a strong market recovery. The fintech, e-commerce, and enterprise tech sectors led the way, while cleantech and deeptech startups gained increasing investor interest, signaling the diversification of India’s innovation landscape.
• Women-Led Startups Surge: 93% Increase in Funding: Women-led startups saw an impressive 93% increase in funding in 2024. This growth is a testament to the expanding inclusivity in India’s startup ecosystem, with gender diversity now playing a more prominent role in shaping the entrepreneurial landscape.
• Six New Unicorns Raise India’s Total to 118: In 2024, India welcomed six new unicorns, including Ather Energy and Perfios, bringing the total number of unicorns to 118. This milestone underscores India’s emergence as the third-largest startup ecosystem in the world, with the country on track to reach 250 unicorns by 2030.

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India’s Startup Landscape in 2025

Looking ahead, India’s startup ecosystem is primed for even greater growth. With an emphasis on innovation, sustainability, and inclusivity, India is positioning itself as a global leader in entrepreneurship.

• Faster Unicorn Formation | A New Era | Startups founded post-2015 are achieving unicorn status at a rate eight years faster than older startups, showcasing the accelerated pace at which India’s entrepreneurial landscape is evolving.
• Sustainability and Innovation | The New Focus | Increased funding in cleantech and deeptech reflects the growing focus on sustainable and innovative solutions. As India’s digital economy expands, these sectors are expected to play a pivotal role in driving global change and shaping the future.
• Digital Economy Growth | A $1.2B User Base by 2030 | India’s internet user base is expected to exceed 1.2 billion by 2030, a monumental shift that will further fuel the digital transformation of industries, solidifying India’s position as a leader in global innovation.
• Employee Empowerment | $170M+ in ESOP Buybacks | In 2024, ESOP buybacks doubled, enabling employees to earn over $170 million, fostering wealth creation, and improving talent retention in the startup ecosystem.

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A Bright Future for India’s Startups and Investors Alike

The year 2024 marked a defining moment for India’s startup ecosystem, with strong IPO performances, increased funding, and a diverse range of sectors capturing the attention of global investors. As India builds on its entrepreneurial strengths, the future looks exceptionally bright. With increasing investor confidence, a focus on sustainability, and a growing digital economy, India is set to remain a global leader in innovation and startup growth for years to come.

India’s startup ecosystem is not only surviving but thriving, setting the stage for a new era of growth, inclusivity, and global impact.