8 Latest Companies To Join Unicorn Startups Club (April 2021) -

8 Latest Companies To Join Unicorn Startups Club (April 2021)


oi-Sneha Kulkarni


Have you ever wondered why some businesses are given this Unicorn? What are the requirements for obtaining this title? In the venture capital industry, a unicorn is a startup that has a valuation of $1 billion or more. Aileen Lee, the founder of Cowboy Ventures, coined the term when she referred to the 39 startups with a valuation of over $1 billion as unicorns. The startups with a valuation of more than $10 billion are referred to as Decacorns (a super unicorn). Dropbox, SpaceX, and WeWork are just a few of the Decacorn companies.

In the first four months of 2021, the Indian startup ecosystem has already added eight new companies to the coveted $1 billion valuation club.

8 Latest Companies To Join Unicorn Startups Club (April 2021)

According to research firms and industry experts, India will have a significant increase in the number of unicorns by 2021. Currently, India has close to 40 unicorns; according to a NASSCOM report, there will be 50 unicorns by the end of 2021, but at our current rate, we may soon surpass that number.

Company Sector
Digit Insurance Insurtech
InnovAccer Healthtech
Five Star Business Finance NBFC
Meesho social commerce
Infra.Market B2B eCommerce
CRED Fintech
Pharmeasy Healthtech
Groww Fintech

Meesho and CRED became unicorns in three days, while PharmEasy and Groww made the news today.

Digit Insurance

After raising INR 135 Cr ($18 Mn) from existing investors at a valuation of $1.9 Bn, Bengaluru-based insurtech startup Digit Insurance became the first Indian startup to enter the unicorn club in 2021. Following a 31.9% increase in the last nine months, it has raised the funding as growth capital to meet the solvency margin requirement.


Innovaccer, based in Noida and San Francisco, has become the first Indian unicorn after raising $105 million in a Series D round led by Tiger Global Management. After the current round, the health-tech startup is valued at $1.3 billion. By the end of 2021, Innovaccer expects to have achieved a compound annual growth rate (CAGR) of 100%, thanks to growth in the healthcare service providers, payers, and life sciences sectors.

Five Star Business Finance

Investors in non-bank moneylender Five Star Business Finance are in talks to buy the company for $1.2-1.3 billion (Rs 9,000 crore), valuing it at $1.2-1.3 billion (Rs 9,000 crore) and making it India’s new unicorn. Matrix Partners, Norwest Venture Partners, and private value goliath TPG are among the financial backers of Five Star, which provides tied down advances to independent companies.


SoftBank Group Corp.’s Vision Fund 2 led a $300 million round of funding for Bangalore-based social commerce startup Meesho Inc., valuing the company at $2.1 billion. Meesho, an online sales platform for micro, small, and medium businesses in India, plans to use the funds to expand its talent pool in all areas, including technology, product, and business.


After raising $100 million (approximately 724 crores) in a Series C round led by existing investor Tiger Global, Infra.Market, a B2B startup catering to the construction and infrastructure sector, has joined the coveted unicorn club. Infra.Market assists small businesses, such as paint and cement manufacturers, in improving the quality of their products and complying with various regulations.


Cred, which was founded less than three years ago, is a company that works with financial institutions and consumer brands to reward customers for paying their credit card bills on time. Cred, a financial technology company, has completed a $2.2 billion fundraising round, making it yet another unicorn to emerge from India’s burgeoning startup scene. Existing investors are DST Global, Tiger Global, and Greenoaks Capital.


API Holdings, the parent company of PharmEasy, has raised $350 million in new funding from Prosus Ventures and TPG Growth. Temasek, CDPQ, LGT Lightrock, Eight Roads, and Think Investments were among the existing investors who took part in the round. The round would also include secondary transactions, according to an ET report.


Groww, an investment app, has become the latest Indian fintech unicorn, having raised $83 million in a Series D round led by Tiger Global. Groww, which has been around for less than five years, claims to have more than 15 million registered users for its service, which allows Indians to invest in stocks, mutual funds, ETFs, IPOs, and gold for free through its website, Android, and iOS apps.

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