India’s Startup Ecosystem Grows, Reaching 110 Cheetahs in 2026
India’s Cheetah startup cohort grew to 110 companies in 2026 from 103 a year earlier, with their combined valuation estimated at around Rs 3 lakh crore, according to a report released on Tuesday.
The 2026 ASK Private Wealth Hurun India Cheetah Index defines Cheetahs as unlisted startups founded in 2000 or later and valued between $200 million and $500 million. The index considers these companies potential unicorns over the next five years.
The index identified 43 new Cheetahs during the year. Meanwhile, 10 companies advanced to the Gazelle category, three moved directly to Unicorn status, and six listed on public markets.
FinTech emerged as the largest sector, accounting for 17 Cheetahs, followed by SaaS with 16 and e-commerce with 12.
Artificial intelligence (AI) accounted for eight companies, while electric vehicles and aerospace & defence accounted for eight and five Cheetahs, respectively.
Bengaluru remained the leading hub with 36 Cheetahs, followed by Delhi-NCR with 25 and Mumbai with 16. Together, the three regions accounted for 77 of the 110 companies.
Pune had eight Cheetahs after adding four during the year, while Ahmedabad had three and Jaipur had two.
ASK Private Wealth Co-Founder, CEO and MD Rajesh Saluja said the latest cohort reflected growing diversification beyond traditional technology sectors. He highlighted electric mobility, CleanTech, Aerospace & Defence, and AI as increasingly prominent areas.
Hurun India Founder and Chief Researcher Anas Rahman Junaid said the growing presence of capital-intensive and engineering-led businesses marked a shift in the composition of India’s emerging high-growth companies.
The index forms part of the ASK Private Wealth Hurun India Cheetah-Gazelle-Unicorn Index. For the first time, the organisation has published the three cohorts as separate reports.
The Cheetah cohort has nearly doubled since 2021. Companies tracked since then have secured 52 promotions to Gazelle status and 15 promotions to Unicorn status. In addition, six Cheetahs from the previous year entered public markets in 2026.