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New Delhi, Sep 8: India’s startup ecosystem continues to expand, with the number of high-potential startups in the Cheetah category rising to 110 in 2026 from 103 a year earlier, according to the latest ASK Private Wealth Hurun India Cheetah Index.

The 110 companies together have an estimated valuation of around Rs 3 lakh crore, highlighting the growing strength of India’s emerging startup businesses and their potential to become larger companies in the coming years.

The Cheetah category includes privately held startups founded in 2000 or later and valued between $200 million and $500 million. These businesses are considered potential candidates to enter the unicorn category over the next few years.

The latest index identified 43 new Cheetahs during the year. At the same time, 10 companies moved into the Gazelle category, three progressed directly to unicorn status and six companies entered the public markets.

Financial technology remained the largest sector, accounting for 17 Cheetahs, followed by software-as-a-service with 16 and e-commerce with 12. The startup pipeline is also becoming more diverse, with sectors such as electric mobility, clean technology, aerospace and defence, and artificial intelligence gaining greater prominence.

The changing sector mix indicates that India’s startup growth is increasingly extending beyond traditional internet and consumer technology businesses. More capital-intensive and engineering-focused companies are now becoming an important part of the country’s emerging business landscape.

The Cheetah cohort has nearly doubled since 2021. Over this period, several startups have moved up to the Gazelle and unicorn categories, while others have progressed towards public-market listings.

The latest numbers underline the depth of India’s startup pipeline and show that a growing group of privately held companies is building the scale and business potential needed to become the next generation of major Indian enterprises.