Mumbai, November 3, 2026: ASK Private Wealth and Hurun India have released the 2026 ASK Private Wealth Hurun India Gazelle Index, identifying 51 high-growth Indian startups considered most likely to achieve Unicorn status within the next three years.
A Gazelle is defined as an unlisted startup founded in or after 2000, valued between USD 500 million and USD 1 billion, and considered likely to achieve Unicorn status in the near future.
The 2026 edition highlights the strength of India’s startup ecosystem, with the 51 Gazelles collectively valued at approximately ₹3.3 lakh crore (USD 34.1 billion) and generating ₹33,233 crore in cumulative revenue during FY2025, representing average annual revenue growth of 50%.
Key Highlights of the 2026 Gazelle Index
- 51 Gazelles featured, up from 47 in 2025 and 32 at the index’s inception in 2021
- Combined valuation of approximately ₹3.3 lakh crore
- Average valuation of approximately ₹6,400 crore
- Combined FY2025 revenue of ₹33,233 crore
- Average year-on-year revenue growth of 50%
- More than 60,000 employees across the Gazelle cohort
- Seven Gazelles became Unicorns in 2026
- Total Gazelles graduating to Unicorn status since 2021 reaches 34
- India ranks third globally in Gazelle companies, behind only the United States and China
India’s Startup Pipeline Continues to Strengthen
The index demonstrates the increasing maturity of India’s startup landscape, with companies progressing through the innovation lifecycle from Cheetah to Gazelle and ultimately Unicorn status.
Over the last year:
- 15 companies entered the Gazelle cohort
- Nine companies graduated from Cheetah status
- Six companies entered directly as Gazelles
- Seven companies crossed the USD 1 billion valuation mark
- Two companies successfully listed on public markets
The result was a net increase from 47 to 51 Gazelles in 2026.
Rajesh Saluja, Co-Founder, CEO & MD, ASK Private Wealth, said: “The 2026 ASK Private Wealth Hurun India Gazelle Index shows that India’s next wave of value creation is already taking shape. With 51 Gazelles, up from 47 last year, and a combined valuation of about ₹3.3 lakh crore, these are companies on the cusp of becoming tomorrow’s Unicorns.”
He added: “The breadth of this cohort is equally encouraging. FinTech leads with 13 Gazelles, followed by SaaS and E-Commerce, while Bengaluru, NCR and Mumbai anchor the ecosystem. It reflects an entrepreneurial base that is diversifying across sectors and geographies and building scalable businesses with the potential to compete globally.”
The Unicorn Factory
The report highlights that seven Gazelles crossed the USD 1 billion valuation threshold in 2026, earning Unicorn status.
The new Unicorns include:
- Twin Health
- KreditBee
- Cloudnine Hospitals
- Dhan
- La Renon
- Neo Wealth Management
- InVideo AI
Since the launch of the Gazelle Index in 2021, a total of 34 Gazelles have progressed to Unicorn status.
Among the seven new Unicorns, healthcare and financial services accounted for six companies, underscoring the strength of these sectors in India’s startup ecosystem.
FinTech Leads Sector Representation
FinTech remains the largest Gazelle sector with 13 companies, followed by:
- SaaS – 5 Gazelles
- E-Commerce – 5 Gazelles
- EdTech – 4 Gazelles
- AgriTech – 4 Gazelles
- HealthTech – 3 Gazelles
- CleanTech – 3 Gazelles
- Artificial Intelligence – 3 Gazelles
The report also notes growing momentum in frontier sectors such as:
- Artificial Intelligence
- Clean Technology
- Aerospace & Defence
Together, these categories account for 8 of the 51 Gazelles.
AI Startups Reach Gazelle Status at Record Speed
Two AI startups, Ema AI and UnifyApps, both founded in 2023, entered the Gazelle cohort directly within three years of their launch.
The AI segment now includes:
- Ema AI
- Observe.AI
- UnifyApps
The report cites this as evidence of rapidly accelerating value creation within India-linked artificial intelligence businesses.
Bengaluru Leads India’s Gazelle Cities
Bengaluru remains India’s leading Gazelle hub with 17 companies, followed by:
- NCR – 11 Gazelles
- Mumbai – 8 Gazelles
- Chennai – 2 Gazelles
- Pune – 1 Gazelle
- Jaipur – 1 Gazelle
- Surat – 1 Gazelle
Together, Bengaluru, NCR and Mumbai account for 71% of the Gazelle cohort.
Revenue Growth and Scale
The Gazelles reporting FY2025 revenue generated a combined ₹33,233 crore, compared with ₹18,963 crore in FY2022, representing approximately 21% compounded annual growth.
Among the highest-revenue Gazelles:
- Captain Fresh – ₹3,466 crore
- DeHaat – ₹3,041 crore
- Rayzon Solar – ₹2,833 crore
Eleven Gazelles reported annual revenue exceeding ₹1,000 crore.
Fastest Growing Gazelles
The highest year-on-year revenue growth rates were reported by:
- Kratos Gamer Network (KGeN) – 2,112%
- Seekho – 1,021%
- Simple Energy – 357%
These figures underline the scalability of emerging digital, education, and clean mobility businesses.
Strong Investor Participation
The most active institutional investors in the Gazelle ecosystem include:
- Peak XV Partners – 13 Gazelles
- Tiger Global – 9 Gazelles
- Elevation Capital – 8 Gazelles
- Accel – 7 Gazelles
- Z47 – 7 Gazelles
Among angel investors:
- Kunal Shah leads with investments in 5 Gazelles
- Anand Chandrasekaran, Amrish Rau, Jitendra Gupta, Kunal Bahl, and Rohit Bansal have each backed 3 Gazelles
IITs Continue to Produce Startup Leaders
Among founder backgrounds:
Top Undergraduate Institutions
- IIT Kharagpur – 13 founders
- IIT Bombay – 6 founders
- IIT Kanpur – 6 founders
- IIT Delhi – 5 founders
Top Postgraduate Institutions
- IIT Bombay – 7 founders
- IIM Ahmedabad – 5 founders
- IIT Kharagpur – 4 founders
The findings reinforce the continued influence of India’s leading educational institutions in nurturing entrepreneurial talent.
Women Founders in the Gazelle Cohort
Women founders are represented across six Gazelles:
- Prukalpa Sankar (Atlan)
- Shruti Aggarwal (StashFin)
- Sunita Sahney (Finova Capital)
- Amrita Sirohia (INDMoney)
- Pallavi Shrivastava (Progcap)
- Nikita Prasad (GIVA)
The report notes increasing female representation, particularly within fintech and technology-led businesses.
About the ASK Private Wealth Hurun India Gazelle Index
The ASK Private Wealth Hurun India Gazelle Index forms part of the broader Cheetah-Gazelle-Unicorn (CGU) Index, which tracks India’s most promising future Unicorns.
The framework classifies startups as:
- Cheetahs: Early-stage high-growth ventures expected to become Gazelles
- Gazelles: Startups valued between USD 500 million and USD 1 billion with strong Unicorn potential
- Unicorns: Companies valued above USD 1 billion
The index serves as a benchmark for investors, entrepreneurs, policymakers, and family offices seeking to identify India’s next generation of category-defining companies.