A group of 51 Indian startups now carry valuations exceeding $500 million, an increase from 47 in the previous year, according to the 2026 ASK Private Wealth Hurun India Gazelle Index. These companies, known as gazelles, represent a collective value of $34.1 billion and employ a combined workforce of more than 60,000 people.
Sector Growth and AI Trends
Despite the overall growth in startup valuations, the number of artificial intelligence-focused entities remains limited. The report identifies only three AI-focused startups in the index: Ema AI, Observe.AI, and UnifyApps. This figure is significantly lower than the 54 AI startups reported in the United States and 23 in China. Analysts have previously cited the scarcity of AI-themed companies as a factor in foreign investor caution regarding Indian public equity markets.
While AI representation is low, the broader startup ecosystem is diversifying. Financial services and healthcare sectors dominated the cohort of seven startups that reached unicorn status—valuations of $1 billion or more—in 2026. For instance, Twin Health saw its valuation climb to $2 billion from $700 million.
“It reflects an entrepreneurial base that is diversifying across sectors and geographies and building scalable businesses with the potential to compete globally,” said Rajesh Saluja, CEO and Managing Director of ASK Private Wealth.
Market Distribution and Leadership
FinTech remains the largest sector within the index, accounting for 13 startups, followed by SaaS and e-commerce. Geographically, Bengaluru leads with 17 startups, followed by the National Capital Region with 11 and Mumbai with eight. Some firms have opted for international headquarters, with seven located in the U.S., two in Singapore, and one in the U.K.
Educational background remains a strong theme among founders, with the Indian Institute of Technology (IIT) Kharagpur producing the highest number of undergraduate founders. Additionally, the report highlighted the presence of women founders across six of the startups.