Sugar Cosmetics, Zypp Electric, Toothsi: 20 women-led startups set to become unicorns in up to 5 years

There are 20 startups, founded by women, that are poised to become unicorns in the future. According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, 20 women entrepreneurs have co-founded a total of five ‘gazelles’ and 14 ‘cheetahs’, an indication of the growing influence of women in the ecosystem. 

According to Hurun, ‘gazelle’ is a start-up founded after 2000 and has the potential to become an unicorn in three years. It defines ‘cheetah’ as a start-up founded after 2000 and has the potential to become an unicorn in the next five years. 

Some of the women-led gazelles and cheetahs include Sugar Cosmetics, Finova Capital, Zypp Electric, Chalo, Toothsi, Heads Up For Tails, Rare Rabbit, Bankbazaar.com and more. 

It said that pet supplies and products store Heads Up For Tails is the only company in the index with two women co-founders. Rashi Narang is the founder and Ridhima Coelho is the co-founder of the company. 

Vrushali Prasade, who co-founded Pixis, a codeless AI infrastructure specialising in marketing, is the youngest female co-founder in the index at 29 years. Meanwhile, Manju Dhawan, co-founder of Ecom Express is the oldest female co-founder in the index at 58 years. 

The ASK Private Wealth Hurun India Future Unicorn Index 2024 only featured startups that have a minimum valuation of $200 million or Rs 1,670 crore. 

“The latest ASK Private Wealth Hurun India Future Unicorn Index report emphasizes the importance of a well-funded startup ecosystem in fostering a thriving economy. A transformative shift is in progress in the dynamic landscape of India’s startups. It is the visionary entrepreneurs and forward-thinking investors who are driving this change, paving the way for a new generation of companies. These emerging companies, fuelled by innovation and resilience, are not just promising to shape India’s future but also making a significant contribution to our nation’s economic trajectory, thereby reinforcing their significance,” said Rajesh Saluja, CEO & MD, ASK Private Wealth.

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said, “Amidst a funding winter, inflated pre-2021 valuations, and setbacks from companies like Byju’s, the once golden startup ecosystem now faces a critical turning point. Despite 44 companies dropping out of the index over the past year, this year’s index welcomes 38 new entrants.”