India’s emerging technology ecosystem is seeing growing representation across artificial intelligence (AI), software-as-a-service (SaaS), clean technology and aerospace and defence, as 51 start-ups feature in the 2026 ASK Private Wealth Hurun India Gazelle Index. The companies have a combined valuation of approximately ₹3.3 lakh crore (US$34.1 billion) and employ more than 60,000 people.
The index, released by ASK Private Wealth and Hurun India, tracks unlisted start-ups founded in or after 2000, valued between US$500 million and US$1 billion, and considered likely to achieve unicorn status within three years. India ranks third globally in the number of Gazelles, behind the US and China.
Technology-led businesses feature prominently in the cohort. AI, CleanTech, and Aerospace and Defence together account for eight of the 51 companies. AI and CleanTech have three Gazelles each, while Aerospace and Defence has two. The broader sector distribution is led by FinTech with 13 companies, followed by SaaS and e-commerce with five each.
One of the key findings is the pace at which newer AI companies are reaching significant valuations. Ema AI and UnifyApps, both founded in 2023, have entered the Gazelle cohort within three years of their founding. They are among six companies to enter the list directly, without first featuring in Hurun’s Cheetah category.
Ema AI, founded by Surojit Chatterjee, and UnifyApps, founded by Ragy Thomas and a team of co-founders, represent the growing enterprise AI segment. The report also includes Observe.AI, founded in 2017, in its AI cohort.
The CleanTech category features Carbon Clean Solutions, Lohum and Rayzon Solar, while Agnikul and Raphe mPhibr represent the aerospace and defence segment. Their inclusion reflects the expansion of India’s high-growth start-up landscape beyond consumer-facing digital businesses into areas involving industrial technology, energy and advanced engineering.
Seven Gazelles become unicorns
Seven companies crossed the US$1 billion valuation mark in 2026, moving from Gazelle to unicorn status. Financial services and healthcare accounted for six of these companies, while AI was represented by InVideo AI.
Twin Health recorded the largest valuation increase, rising from US$700 million to US$2 billion. The company uses AI to create digital representations of patients’ metabolism and support the management of chronic conditions. InVideo AI, which develops AI-powered video creation and editing tools, is headquartered in San Francisco and has an Indian presence in Mumbai.
The other companies crossing the unicorn threshold include fintech firms KreditBee and Dhan, Neo Wealth Management, Cloudnine Hospitals and pharmaceutical company La Renon. In total, 34 Gazelles have achieved unicorn status since the index began tracking the cohort in 2021.
The index also recorded 15 new entrants in 2026, including nine companies promoted from Cheetah status. These include Agnikul, Atomberg Technologies, DeHaat, GIVA, KukuFM, Miko, Mosaic Wellness, Practo and Seekho.
Revenue and technology-led business growth
The 41 Gazelles reporting FY2025 revenue generated a combined ₹33,233 crore, with average year-on-year growth of 50%. Cumulative revenue has increased from ₹18,963 crore in FY2022, representing a compound annual growth rate of approximately 21%.
Among the fastest-growing companies, Kratos Gamer Network recorded revenue growth of 2,112%, followed by learning platform Seekho at 1,021% and electric vehicle manufacturer Simple Energy at 357%.
Eleven companies reported FY2025 revenue exceeding ₹1,000 crore. Captain Fresh led with ₹3,466 crore, followed by DeHaat at ₹3,041 crore and Rayzon Solar at ₹2,833 crore.
The report also highlights the international footprint of technology businesses in the cohort. Ten Gazelles have headquarters outside India, including seven in the US, two in Singapore and one in the UK. SaaS and AI account for seven of these companies. A further 21 Gazelles operate outside India, with SaaS company MoEngage having the widest international presence across 12 countries.
Bengaluru anchors the technology start-up ecosystem
Bengaluru leads the geographical distribution with 17 Gazelles, followed by the National Capital Region with 11 and Mumbai with eight. Together, these three centres account for 71% of the cohort.
The investor landscape is led by Peak XV Partners, which backs 13 Gazelles, followed by Tiger Global with nine and Elevation Capital with eight. Accel and Z47 back seven companies each.
Commenting on the findings, Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said the latest cohort demonstrates the growing scale of Indian businesses, including those operating in emerging technology segments.
He highlighted the entry of AI companies such as Ema AI and UnifyApps within three years of founding, alongside CleanTech and Aerospace and Defence companies such as Lohum, Rayzon Solar and Agnikul, as indicators of the range of technology-led businesses emerging in India.
The 2026 edition is the first in which Hurun Research has published its Cheetah, Gazelle and Unicorn cohorts as separate reports, providing a segmented view of start-ups at different stages of the valuation pipeline.