- CRED, Vedantu & Moglix are three Indian startups that have made it into the list of 50 future global unicorns: CB Insights
India is home to the world’s third-largest startup ecosystem and houses 30 unicorns. India has added nine new unicorns to its list in 2019 alone and there are many more that fall under the list of unicorns that will soon be on.
According to the latest report from CB Insights, a global data intelligence firm, there are three Indian startups that have made it into the list of 50 future global unicorns. A Unicorn is a startup valued at more than $1 billion.
CRED
Total funding: $145 million
The startup Reputation of Kunal Shah has made it onto the list. The credit card payment startup, launched in November 2018, has been in the news for its fast-growing popularity among users.
This year earlier with the onset of the coronavirus pandemic. CRED launched new features such as CRED RentPay, which allows members to pay monthly rent with their credit cards and CRED Stash, which claims to be “the fastest, most seamless and fully digital way to obtain credit in India.”
In 2019 alone, it raised funds twice – $125 million series A round, and $120 million series B funding from Sequoia, Ribbit Capital and others. As of August 2019, its last reported value is $450 million.
Moglix
Total funding: $101 million
The Ratan Tata-backed e-commerce platform B2B is also claimed as one of India’s next unicorns. The startup is specialized in the procurement, among others, of industrial products such as MRO (manufacture, repair, and operating supplies), fasteners, electrical, hardware, pneumatics, and safety items.
The company was founded by Rahul Garg in 2015 and has also raised funds from IFC, Accel Partners, Jungle Ventures, Venture Highway, SeedPlus and Rocketship.vc. Garg is the ex-head of Google Asia ‘s advertising exchange.
Its final known July 2019 valuation is $300 million.
Vedantu
Total funding:$106 million
The edtech company is one of the companies which has enjoyed the online learning boom due to the coronavirus pandemic. Vedantu had added 6.5 lakh subscribers during the lockout. “The collections and revenues of Vedantu (in March) grew by 80 percent over the previous month, reaching the highest growth over the last 2.5 years collective,” the company had said.
The company raised capital for a Series C round in two tranches in April 2020 – $12.6 million and $7 million. The last valuation it reported is $280 million.
The founders of Vedantu, Vamsi Krishna, Anand Prakash, and Pulkit Jain had their first attempt in 2006 with startups with Lakshya, an edtech firm. MT Educare (Mahesh Tutorials) later acquired this in 2012. In 2011, Vedantu was created with the aim of providing an online tutoring platform.
