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Wed 6 Nov 2019 01:59 PM

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Middle East-backed Delhivery, Ola Electric in India's new unicorn list

Abu Dhabi Capital Group-backed Grofers is a potential Indian unicorn, according to the latest report by Nasscom

Middle East-backed Delhivery, Ola Electric in India's new unicorn list

Delhivery is among India’s largest e-commerce-centric third party logistics providers.

Delhivery and Ola Eectric, backed by Softbank and its Vision Fund, are among the 7 new Indian start-ups which have catapulted to unicorn status (valued at $1 billion) this year, while Abu Dhabi Capital Group-backed Grofers is a potential Indian unicorn, according to the latest report by Nasscom, India’s software industry body.

Delhivery is among India’s largest e-commerce-centric third party logistics providers, while the Gurgaon-based Grofers is a leading Indian online grocery service platform.

Icertis, provider of cloud-based enterprise contract management, Dream11, a gaming start-up, Druva, a cloud data protection and management start-up and Rivigo, a logistics firm, are the other Indian start-ups which have assumed unicorn status in the first 8 months of this year, the Nasscom report, titled ‘Indian Tech Start-up Ecosystem – Leading Tech in the 20s’, has said.

According to the report, the number of India’s potential unicorns has more than tripled to 52 this year, from 15 in 2018, making the country the world’s largest pipeline of unicorns in the making.

With the latest additions, India is now home to 24 unicorns, the third highest number of unicorns in a single country in the world.

​Besides Grofers, online car marketplace CarDekho, fintech start-up LendingKart, software and robotics platform GreyOrange, card processing company Pine Labs and online truck aggregator Blackbuck are among the other potential unicorns listed in the Nasscom report.

Middle East investors

Industry analysts said this could probably be the first instance when three of the Indian start-ups with strong backing from Middle East-based investors figuring in the unicorn or potential unicorn list.

“Unlike the earlier trend of their preference for investing in the US and Europe, Middle East investors are now increasingly looking at investing in Indian start-ups,” M R Rajaram, a leading financial sector consultant, told Arabian Business.

“Big gains made from exits from some of their earlier investments such as Flipkart and FreeCharge may have also added to their preference for investing in the Indian tech start-ups,” he added.

Besides Softbank’s Vision Fund, which has several high net worth individual and family office investors, especially from Saudi Arabia and UAE. Jabbar Internet Group, Vy Capital, Venture Souk, Abu Dhabi Capital Group and NB ventures are among the leading Middle East-based investor groups that have invested in Indian companies.

While Vy Capital is an investor in Zomato, another Indian unicorn, and UrbanClap and Venture Souk in Zoomcar, a Bengaluru-based self-drive car rental company.

Founders of Jabbar Internet Group has recently invested in India’s cab hailing company Ola.