Over the last four years, the Indian entrepreneurship ecosystem has risen from 35K startups in 2016 to more than 55K startups in 2020 with more than $48.7 billion being raised during the revealed rounds of investment. As a result of the exponential growth in consumer demand and the increased use of digital goods and services by individuals and firms, more than 15+ unicorns have arisen in India since 2018. The word Soonicorn applies to start-ups that could become Unicorns whereas a unicorn is a startup carrying a value of up to $ 1 billion.
Now let’s take a look at a list of the Soonicorns of India:
MobiKwik is an Indian organization founded in 2009 offering a digital wallet and a mobile payment system. Online wallets may be used for purchases to add money to their clients. The Bank of India reserve approved MobiKwik's e-wallet to be used by the company in 2013 and began providing customers with small loans for its service in May 2016.
CRED was founded by Kunal Shah in November 2018, after an investment of $1 M in Bangalore, India. CRED is an Indian credit card bill transferring app. CRED has been mentioned among the future unicorns by CB Insights in June 2020.
PayMate provides a cloud-based network for big businesses and SMBs to move from slow, expensive forms, such as cash and checks, to digital payments in real-time. It digitizes the entire payment period to boost overall performance and minimize time, commitment, energy, and costs by more than 50 percent.
BharatPe plans to make the deal via (15-day) deposits due to the dealer commercializing interest. In case of an emergency, dealer partners can, in 15 days from the deal, cancel the settlement by paying a withdrawal charge of 1 percent.
5. Capital Float
Capital Float was formed in 2013 and became the country's largest digital lender. SMEs working in sales, trade, and logistics are given working capital loans. They also fund online and offline customer transactions by way of various A-list alliances.
Acko is an Indian general insurance company that is in the private sector. In line with a digital model, Acko offers a digital forum for all market activities for the company. The business seeks to promote startups as well. Acko expanded the financing of Amazon, Accel Partners, SAIF Partners, and Catamaran Ventures by 274 crores in 2018.
Lendingkart Finance aims to ensure credit availability for SMEs who either have no or currently lack capital access to credit. The organization plans to pay out loans within 72 hours with limited paperwork. It seeks to transform small business loans by making it easier for small and medium-sized enterprises to access lending. Data security is very important for Lendingkart Community. All the details are kept private.
KhataBook is a smartphone application that helps small business owners and Kirana stores handle their books in India by helping them track the money owing by means of a digital directory. Both data collected on the Khata Book App are kept safely in the maintained database. Password-protected access to the database is tightly restricted. In accordance with technical advances, the security procedures are checked and revised periodically.
9. Fino Paytech
Fino Paytech is an innovator, industry pioneer, and entrepreneur for organizations such as banks, government, and insurance companies.
They are a corporate and technical banking network in combination with a wide variety of services. They even facilitate end-to-end consumer procurement and maintenance as an alternative banking platform. Innovation has tackled the problems of the serviceability and scalability of existing banking networks.
10. Vivriti Capital
The goal of Vivriti Capital is to build the largest and most significant financial network service that serves a customer base for institutions, corporations, small businesses, and people lacking efficient access to financial services. Their site CredAvenue is a one-stop solution to prospect, assess, conduct, and track debt. It's an interactive business debt network.
What is a Soonicorn?
Soonicorns are tech companies, fintech, or businesses with the potential to become Unicorns in the future.
What is a startup unicorn?
In the venture capital industry, the term unicorn refers to any startup that reaches the valuation of $1 billion. The term was first coined by Aileen Lee, founder of Cowboy ventures when she referred to the 39 startups that had a valuation of over $1 billion as unicorns.
Is there any Unicorn in India?
India now has 37 unicorns, having added 16 to the list in 2020. It stands third in global country rankings, well behind the US and China, but ahead of the UK and Germany.
What is a tech unicorn?
Unicorn is the term used in the venture capital industry to describe a startup company with a value of over $1 billion. Some popular unicorns include Airbnb, Uber, SpaceX, Robinhood, and SoFi.
In 2021 the startups that are performing well and are the most profitable will turn soonicorns. By the market size of these startups, we can expect new startups emerging as unicorns this year. Startups into Fintech, EdTech, and MedTech domains are in much demand due to the Covid-19. There is high demand for these startups and have the potential to grow in the coming days. We are seeing more startups in the field of FinTech. Fintech is the lead because digital payments have profoundly infiltrated metro and Tier 1 cities and now, other financial digital assets, such as finance, insurance, and neobanking, are more likely to become the addressable basis. In particular, lending firms and payments have been the main contributors to our soon-to-be-finished list.