- India has overtaken the United Kingdom (UK) to secure the third position in the 2026 ASK Private Wealth Hurun India Gazelle Index, with 51 companies making the list, four more than the previous year.
- Seven startups—Twin Health, KreditBee, Cloudnine Hospitals, Dhan, La Renon, Neo Wealth Management, and InVideo AI—crossed $1 billion to become unicorns in 2026.
- Eight startups in AI, CleanTech, and aerospace are featured on the Gazelle Index 2026, including Ema AI, Observe.AI, Carbon Clean Solutions, and Agnikul Cosmos.
- The 2026 ASK Private Wealth Hurun India Gazelle Index ranks India's Gazelles—privately held companies founded in or after 2000, valued between ₹500 million and $1 billion, and considered likely to achieve unicorn status (valuation of over $1 billion) within three years.
India's rise in the 2026 Hurun Gazelle Index, now third globally with 51 firms, marks a significant milestone in its entrepreneurial journey. The index, which tracks privately held companies valued between $500 million and $1 billion, saw a 59% increase in Gazelles since its inception in 2021.124
Among the notable entrants are eight startups in AI, CleanTech, and aerospace. These include Ema AI, which develops AI-powered digital employees, and Agnikul Cosmos, a space tech startup focused on launch vehicles for small satellites. The index highlights India's growing innovation landscape, with fintech leading the sectors represented, accounting for 13 of the 51 Gazelles.3
The total valuation of these companies is approximately ₹3.3 trillion (₹3.3 lakh crore), with an average valuation of ₹6,400 crore. They collectively raised ₹87,780 crore in funding and reported a 21% CAGR in revenue between FY22 and FY25. Notably, Twin Health recorded the largest valuation jump, soaring from $700 million to $2 billion.
The report indicates that 15 companies are new entrants, while seven graduated to unicorn status. Bengaluru, NCR, and Mumbai dominate the index, accounting for 71% of the Gazelles. This growth reflects a robust interest from family offices in private investments, particularly in sectors like defence, clean technology, and AI infrastructure.
“The seven unicorns include Twin Health, whose valuation jumped from $700 million to $2 billion, and Dhan, the youngest at five years old. India's Gazelles have a combined valuation of ₹3.3 trillion, with fintech leading the sector at 13 of 51 companies.”
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