From Start-ups to Unicorns- Who are the Players in 2022?

Supriti Tripathy

17th Feb'22
From Start-ups to Unicorns- Who are the Players in 2022? | OpenGrowth

Economists are convinced that India provides the perfect ecosystem for startups to thrive and conquer. 2021 witnessed an impressive number of startups becoming unicorns here. Though the pandemic scare slowed down our economic growth in 2020, startups bounced us back into the radar of development. Nine startups went public last year, and about forty-two entered the unicorn club (a startup valued at more than $1 billion is called a unicorn). With technological advancement and innovative ideas, investors are currently looking forward to putting their money into the prospective startups that will spur immense growth.

With an undivided focus on sectors like eCommerce and fintech, investors also have their eyes on emerging sectors like agritech, healthcare, edtech, and gaming. The untapped market tracked by these startup founders is on its way to generating wealth by bringing effective solutions to customers’ problems. Afterall there is a considerable difference in bootstrapping vs. funding. Below is a list of some of the many startups that may turn unicorns in 2022.


10 Startups to Turn Unicorn in 2022


Ecommerce has been remarkably successful in entangling us in its many forms. There has been an aggressive rise in the number of online customers who find solace in testing and buying stuff online. From jewelry to food to electronic items, we do not shy away anymore from shopping virtually. is an eCommerce platform (founded by Manish Taneja), is a competitor of Nykaa, and sells cosmetics and personal care products. With its increasing customers (of about 4million monthly average) and a valuation of $600 million (as of Novermber 2021), it isn’t far to get itself etched into the books of the unicorn club this year.


2. Khatabook

Founded by Vaibhav Kalpa in 2016, Khatabook is an online bookkeeping system that helps small shop owners and mom-and-pop stores manage their accounts. It has a user-friendly interface that makes transactions easy to record and access. In fact, the money collection method is also hassle-free. Since India has an extensive market of small shopkeepers, the app has garnered over 10million users. The current valuation of this fintech startup is $600-million, and it has recently completed its Series C round of funding.




3. Meesho

There have been many reasons for Meesho to be on the news, be it the diverse workgroup of the brand, the work strategy, ethics, or the quick expansion. Co-founded by Aatrey and Sanjeev Barnwal in 2015, Meesho is an online reseller network that engages individuals and SMEs. It has already conquered its space in the eCommerce market and has a spectacular customer base of over a 45million. With over $570 million valuations, it is one of the startups that may turn unicorn in 2022 expectantly.


4. Ninjacart

With a brilliant idea of delivering fresh produce of fruits, vegetables, and meat directly from the farmers to supermarkets (or stores), this agritech startup came into existence in 2015. The creators have managed to extend their network to a vast number of farmers, retailers, and restaurants. Since its inception, they have out-marked themselves every year have generated profits more than twenty times of cost. Reaching over 14000 users monthly, Ninjacart startup that may turn unicorn in 2022 crosses the valuation of $815 million. Such startups also promise a fair percentage for an investor that propels their growth.




5. ShipRocket

The creative founder of this shipping platform is Gautam Kapoor, who holds prudence on B2B sales and logistics technicalities. ShipRocket integrates merchants, sellers, and MSMEs to facilitate logistic services at affordable rates. With services like smart packaging, free website development, and shipping aggregation, Shiprocket is currently at a valuation of $930 million, delivers to 220 countries, and heading soon to the unicorn club.


6. Rapido

The startup that gave competition to the more prominent players of the cab industry by introducing two-wheelers has over 15million users that avail its service. Rapido claims its presence in about 100 cities of the country and has about 1.5 million driver-partners. It stands at a valuation of $250 million, but its growth is significant post-pandemic. With plans to deploy capital and employ more people, Rapido has its strategy prepared for a bright future in India’s mobility market.




7. Dunzo

This Google-backed on-demand delivery startup was founded in 2014, and it caters to all kinds of customers at affordable rates. It has tie-ups with restaurants, malls, and general stores and is present in eight cities currently. It has been funded successfully by Reliance Retail Ventures Limited lately and is at a valuation of $800 million. It is one of the startups that may turn unicorn soon with its unmatched customer experience.


8. Chingari

With the video content taking over the market, Chingari promises a unique platform to its users with advanced tools and augmented reality filters. Focusing on the video quality, the app enables short video formats for easy access and sharing. With over 30 million users, the startup is moving up from the valuation of $110 million to enter into the unicorn club.




9. Exotel

Exotel facilitates a channel and dedicates it to communicating to its customers efficiently. Its cloud-based solutions simplify customer interaction and assist over 4000 businesses in India and Southeast Asia. Currently, it stands at a valuation of $132 million and displays the massive potential of growth.



10. CashE

CashE is a digital lending platform that entrepreneur Raman Kumar founded to achieve financial inclusivity for all. It aims to achieve financial wellness by catering to individuals’ financial needs and providing credit facilities. As of 2019, it was valued at $55 million, and its business model has immense growth potential.





The list goes on, and even though many startups have a long way to go, the business models look pretty convincing. With the startups that may turn unicorns in 2022, investors are already chasing the best and pooling in the money via the startup funding series. So, has the article motivated you to write a business proposal? According to you, which player will take the lead?


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A believer of good things and pursuer of diverse avocation, she is a fiction lover and a simple writer. Supriti has a number of professions to her list and she feels challenges are the only answers to failures.