India's Startup Pipeline Expands to 110 Cheetahs in 2026: ASK-Hurun Report

India's Cheetah startup cohort rose to 110 in 2026 from 103 a year ago, with their combined valuation estimated at around Rs 3 lakh crore, according to the 2026 ASK Private Wealth Hurun India Cheetah Index. Cheetahs are defined as unlisted startups founded in 2000 or later and valued between $200 million and $500 million, considered potential unicorns within the next five years. The index identified 43 new Cheetahs during the year. Ten companies moved up to the Gazelle category, three moved directly to Unicorn status, and six listed on public markets. Sector-wise, fintech emerged as the largest category with 17 Cheetahs, followed by SaaS with 16 and e-commerce with 12. Artificial intelligence accounted for eight companies, while electric vehicles and aerospace & defence had eight and five Cheetahs respectively. The Cheetah cohort has nearly doubled since 2021, with companies tracked since then recording 52 promotions to Gazelle and 15 to Unicorn status. ASK Private Wealth Co-Founder, CEO and MD Rajesh Saluja said the latest cohort reflected growing diversification beyond traditional technology sectors, with electric mobility, CleanTech, Aerospace & Defence and AI gaining prominence. Hurun India Founder and Chief Researcher Anas Rahman Junaid said the shift towards capital-intensive and engineering-led businesses marked a change in the composition of India's emerging high-growth companies. The index is part of the broader ASK Private Wealth Hurun India Cheetah-Gazelle-Unicorn Index, with the three cohorts published as separate reports for the first time this year.