With the third-largest startup ecosystem in the world, it’s no surprise that 3 Indian startups have been listed in the 50 global future unicorns list by CB Insights. Currently, home to 30 unicorns, India added 9 unicorns just last year with many in line to follow suit.
Global data intelligence firm CB Insights created a list of 50 future unicorns which has businesses that they think will reach a valuation of $1 billion or more in the next few years. CB Insights used the Mosaic algorithm, which uses metrics such as a company’s financial health, its traction, and the strength of its market, to determine which companies should feature on the global future unicorns list.
The three startups that made it to the list are:
CRED
Ranked at number 16, fintech startup CRED was launched by Kunal Shah in November 2018. The credit card payments startup is a members-only club that provides rewards to individuals such as exclusive offers and premium experiences if they make their credit card payments on time. Users can manage multiple credit cards and receive an analysis of their overall credit score as well. CRED launched a new feature called RentPay which allows users to pay their rent with their credit card. Other product launches include CRED stash, a low-interest, flexible instant credit line.
Vedantu
Vedantu, one of India’s leading online tutorial startups was also featured on the list. They have 500 teachers who have taught for over 40,000 students for more than one million hours across 1000 cities from over 30 countries. The founders, Vamsi Krishna, Anand Prakash, and Pulkit Jain, ventured into edutech with Lakshya, in 2006 which was acquired by MT Educare in 2012.
Moglix
Moglix is an e-commerce startup intensively inclined towards B2B procurement of industrial supplies, in particular, MRO, Safety, Electricals, Lighting, Cleaning & Housekeeping, Office Stationery & Supplies, Power Tools and many more industry essentials. Headquartered in Singapore, Moglix was launched in 2014 and was officially founded in August 2015 by Rahul Garg. In October 2015, the startup received about $1.5 million pre-Series A funding from Accel and Jungle Ventures. In February 2016, Ratan Tata invested an undisclosed amount in the company.
