India Minicorn Tracker: Mapping The Next Wave Of High-Growth Startups |
A decade ago, India’s startup landscape barely registered on the global radar. Today, it stands as the world’s third-largest startup ecosystem, home to 70K tech startups, 125 unicorns and 115 soonicorns that have redefined scale in emerging markets.
As unicorns mature and soonicorns inch closer to the billion-dollar mark, a new breed of startups is quietly rising — the minicorns. Valued between $100 Mn and $200 Mn, they form the crucial bridge between early growth and market leadership, offering a window into India’s next wave of scalable, capital-efficient innovation.
After the Unicorn and Soonicorn Trackers, we present the Minicorn Tracker — mapping the next generation of disruptors shaping India’s startup landscape.
According to Inc42’s analysis, India is home to 67 minicorns, which together command a $9.3 Bn valuation and have raised nearly $3 Bn in funding since inception.
Notably, only 0.1% of all Indian startups ever cross the $100 Mn valuation mark, and among funded startups, just 1% reach this milestone. Of these, five new-age tech companies are already publicly listed. While Arisinfra, Veefin, and TAC Infosec are listed on the SME platforms, Unicommerce and Matrimony are listed on the mainboard.
Power-packed with everything from founding years and sectors to funding and investors, this tracker is your complete guide to India’s minicorn landscape.
Name Founded In Type Headquarters Sector Valuation Total Funding Stage
Notable Investors
AppsForBharat 2020 Private Bengaluru Consumer Services $175 Mn $61 Mn Late Stage
Peak XV Partners, Elevation Capital, Z47, Mirae Asset, BEENEXT
Arisinfra Solutions 2021 Public Delhi NCR Real Estate Tech $145 Mn Not Available Publicly Listed Not Available Atomicwork 2022 Private Palo Alto/ Bengaluru Artificial Intelligence (AI) $100-$150 Mn $39 Mn Growth Stage
Peak XV Partners, Khosla Ventures, Battery Ventures, Z47, Blume Ventures
Blue Tokai 2013 Private Delhi NCR Ecommerce $150-$160 Mn $130 Mn Late Stage
Verlinvest, A91 Partners, Anicut Capital, 12 Flags, Deepika Padukone
Bombay Shaving Company 2015 Private Delhi NCR Ecommerce $100 Mn $49 Mn Late Stage
Fireside Ventures, Alteria Capital, Sixth Sense Ventures, Colgate Palmolive, Gulf Islamic Investments
Chakr Innovation 2016 Private Delhi NCR Clean Tech $109 Mn $28 Mn Late Stage
IAN Group, Iron Pillar, Inflexor Ventures, SBICAP Ventures
CollegeDekho 2015 Private Delhi NCR Edtech $140 Mn $92 Mn Growth Stage
Winter Capital Partners, ETS Strategic Capital, Calega, QIC, Man Capital
Composio 2023 Private San Francisco/Bengaluru Artificial Intelligence (AI) $100-$150 Mn $31 Mn Growth Stage
Elevation Capital, Lightspeed Venture Partners, Together Fund, Operator Partners
Detect Technologies 2016 Private Chennai Enterprise Tech $124 Mn $43 Mn Growth Stage
Accel, Elevation Capital, Stride Ventures, Prosus Ventures
Dhruva Space 2012 Private Hyderabad Advanced Technology & Hardware $102 Mn $13 Mn Growth Stage
IvyCap Ventures, Silverneedle Ventures, Creative Destruction Lab, Blue Ashva Capital, IAN Angel Fund
Easebuzz 2015 Private Pune Fintech $180-$190 Mn $34 Mn Growth Stage
Bessemer Venture Partners, 8i Ventures, Varanium Capital Advisors, Guild Capital, JioGenNext
Easy Home Finance Limited 2017 Private Mumbai Fintech $112 Mn $50 Mn Growth Stage
Xponentia Capital Partners, SMBC Asia Rising Fund, Claypond Capital, FinSight Ventures, Integra Software Services
Enterpret 2020 Private San Francisco/ Bengaluru Artificial Intelligence (AI) $100-$110 Mn........