India’s Cheetah startup cohort rose to 110 in 2026 from 103 a year ago, with a combined estimated valuation of Rs 3 lakh crore, the ASK-Hurun index said.
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 on Tuesday. As per the index data, Cheetahs are unlisted startups founded in 2000 or later and valued between $200 million and $500 million which considers potential unicorns within the next five years.
In addition, it identified 43 new Cheetahs during the year and ten companies moved up to the Gazelle category, three moved directly to Unicorn status, while six listed on public markets. Sector-wise, finTech emerged as the largest sector with 17 Cheetahs, followed by SaaS with 16 and e-commerce with 12. Meanwhile, artificial intelligence (AI) accounted for eight companies, while electric vehicle and aerospace & defence had eight and five Cheetahs, respectively. City-wise, Bengaluru remained the leading hub with 36 Cheetahs, followed by the Delhi-NCR with 25 and Mumbai with 16.
Together, the three regions accounted for 77 of the 110 companies. Moreover, Pune had eight Cheetahs after adding four during the year, while Ahmedabad had three and Jaipur two. 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 ASK Private Wealth Hurun India Cheetah-Gazelle-Unicorn Index, with the three cohorts being published as separate reports for the first time. In addition, the Cheetah cohort has nearly doubled since 2021 and that companies tracked since then have recorded 52 promotions to Gazelle and 15 to Unicorn status, while six Cheetahs from the previous year entered public markets in 2026.
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