The Cheetah Index Report: How India’s Startup Landscape Has Transformed In Just Five Years

India's crop of potential unicorns is expanding and getting more diverse, with the number of startups in the 2026 ASK Private Wealth Hurun India ''Cheetah'' Index more than doubling in five years to 110, with AI, electric mobility, cleantech and aerospace firms now increasingly vying for a spot in the coveted list, alongside fintech and SaaS.

A ''Cheetah'', in this index, refers to an unlisted startup founded in the year 2000 or later, valued between USD 200 million and USD 500 million, and considered likely to reach Unicorn status within five years.

The 2026 ASK Private Wealth Hurun India ''Cheetah'' Index represents a combined valuation of over Rs 3 lakh crore, with an average valuation of about Rs 2,820 crore, and its 110 Cheetahs employ over 1.10 lakh people.

Hurun Research Institute categorises startups into three segments by valuation - the Cheetah, Gazelle (high-potential companies expected to attain Unicorn status within 3 years qualify for this segment) and the Unicorn cohort (private startups that have touched a market valuation of USD 1 billion) - this latest index covers the ''Cheetahs''.

According to a release, 110 Cheetahs feature in the 2026 ASK Private Wealth Hurun India Cheetah Index, up from 54 at the index's inception in 2021, an increase of 104 per cent over five years, or about 15 per cent compounded annually.

As many as 43 Cheetahs debuted on the list in 2026, more than a third of the cohort.

New entrants span clean mobility (Blue Energy Motors, MATTER, PMI Electro Mobility, River Mobility), Aerospace and Defence (Sagar Defence Engineering, Dhruva Space, Digantara), Artificial Intelligence (Simplismart, Rocket, QpiAI, Flam, Freehand) and services (Snabbit, Pronto, AllHome).

Aerospace and Defence grew from a single Cheetah in 2023 to 5 in 2026, Electric Vehicle from 4 to 8, and CleanTech from 3 to 5, it said.

Over the year, 43 Cheetahs joined the list, ten moved up to Gazelle, three leapt straight to Unicorn, and six were listed on the public markets. FinTech formed the largest sector with 17 Cheetahs, followed by SaaS (16) and E-Commerce (12). Bengaluru is home to 36 Cheetahs, ahead of NCR (25) and Mumbai (16), it said.

Rajesh Saluja, Co-founder, CEO and MD, ASK Private Wealth, noted that India''s entrepreneurial landscape is entering an important phase of evolution.

"The 2026 ASK Private Wealth Hurun India Cheetah Index shows that the next generation of high-growth businesses is emerging well beyond traditional technology sectors, with electric mobility, CleanTech, Aerospace and Defence and Artificial Intelligence gaining increasing prominence," Saluja said, adding this diversification reflects both the depth of India''s entrepreneurial talent and the growing ambition to build businesses that can compete on a global stage.

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The index revealed that Accel and Peak XV Partners backed the most ''Cheetahs'' at 18 each, followed by Blume Ventures (10) and Elevation Capital (9).

"Premji Invest is the only family office among the top 10 institutional investors, backing seven Cheetahs – the first time a family office features in the top 10," it said

Anand Chandrasekaran is the most active angel investor in the cohort (11 such startups), followed by Kunal Shah (8) and Ramakant Sharma (7). According to the latest index, Deepinder Goyal, co-founder of Zomato, has re-entered the Cheetah list through the healthcare venture Temple, while PharmEasy co-founders Siddharth Shah, Dhaval Shah, Dharmil Sheth and Hardik Dedhia enter through the Mumbai-based Proptech venture AllHome.

Ten Cheetahs were promoted to ''Gazelle'' (Seekho, Agnikul, DeHaat, GIVA, Practo, Atomberg Technology, KukuFM, Miko, Khatabook and Mosaic Wellness), while three Cheetahs moved directly to Unicorn status (Skyroot Aerospace, Square Yards and Astrotalk).

Six potential unicorns (Aye Finance, Wakefit, SEDEMAC, Kissht, Capillary Technologies and Purple Style Labs) are listed on the public markets in 2026, it mentioned.

FinTech accounts for the largest cohort of ''Cheetah'' with 17 startups, followed by SaaS (16) and E-Commerce (12). Electric Vehicle, HealthTech and Artificial Intelligence are the joint fourth-largest sectors with eight Cheetahs each, ahead of Food and Beverages and Consumer Goods with seven each.

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"The Cheetah cohort has nearly doubled since 2021, while its cumulative revenue has grown at a strong pace, with several businesses progressing to ''Gazelle'' and ''Unicorn'' status or entering the public markets. This points to an ecosystem moving beyond startup creation toward sustained value and wealth creation," the release said.

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, observed that this has not been an easy year to build in, given the backdrop of war in West Asia.

"India''s founders have kept building through it, and the ASK Private Wealth Hurun India Future Unicorn Index is the evidence. Five years ago, we argued that India needed more companies in space technology, energy transition and artificial intelligence rather than more variations on consumer internet. This year''s Cheetah cohort is that argument being answered," Junaid said.  

Disclaimer: This story has been directly published from the agency feed (PTI). No changes have been made except the headline.