3 Indian startups on CB Insights list of 50 future unicorns

Founded in 2018, by Kunal Shah, CRED is a credit card payments startup. The company has raised $147 million in funding till date from investors like Sequoia Capital, Ribbit Capital, RTP Global, Morningside VC. It is backed by angel investors like Max Levchin, Jitendra Gupta, Koh Boon Hwee, Mukesh Bansal, Amrish Rau, Gokul Rajaram, Sriram Krishnan and Sriharsha Majety.

VEDANTU

Founded by Anand Prakash, Pulkit Jain, Saurabh Saxena, Vamsi Krishna in 2011, Vendatu is an online tutoring platform with over 500+ teachers and 1 lakh paid users. The ed-tech startup also hit the milestone of 1 million users attending live classes in the last two months.

Vedantu has raised $85 million from Tiger Global Management, Accel Partners, Omidyar Network, WestBridge Capital, etc.

MOGLIX

The B2B ecommerce startup, which is backed by Ratan Tata features on the list of 50 future unicorns as well. Moglix was founded in 2015 by Rahul Garg, and specialises in procurement of industrial products such as MRO, safety, electrical & lighting, cleaning & laundry supplies, office supplies, tools and many more industry essentials. The startup has raised $100 million in funding.

According to the report, 30 percent of the next crop of billion dollar value startups are working in the enterprise or data tools sector. 20 percent of the soonicorns operate in fintech startup space. The research firm applied an algorithm called, 'Mosaic' to the 2015 and 2019 list to find that 52 percent and 34 percent of the potential startups eventually earned the unicorn status, respectively.

At least 70 percent or 35 firms on the list of 50 belong to the US with India bagging three entries. In 2019, CB Insights’ identified ClearTax, DailyHunt, Practo Technologies, Razorpay from India as soon to be unicorns.

According to Nasscom, India is the third largest startup ecosystem in the world with 43,000 startups and home to at least 24 unicorns in 2019.