Written by Nina Scholz• April 15, 2024• 6:39 am• Startups

IIT Graduates: Pioneers of India’s Future Unicorns

India’s startup landscape has gained global recognition, with its higher education institutions playing a pivotal role in shaping the entrepreneurial ecosystem. Currently, the country boasts 83 unicorns, 51 gazelles (companies poised to become unicorns within three years), and 96 cheetahs (expected to achieve unicorn status within five years), according to the ASK Private Wealth Hurun India Future Unicorn Index 2023. Unicorns are defined as startups with valuations exceeding $1 billion.

A significant portion of the future unicorn founders listed in this index are alumni of the Indian Institutes of Technology (IITs), with 92 co-founders hailing from these prestigious institutions.

Interestingly, IITs have emerged as frontrunners in Indian higher education, with seven of these elite institutes securing spots on the QS World University Rankings 2023. The Indian Institute of Technology (IIT) Bombay leads the pack as the highest-ranked Indian university, positioned at 149. Additionally, IIT Delhi, IIT Kharagpur, IIT Kanpur, IIT Madras, IIT Guwahati, and IIT Roorkee are also featured on the list.

According to the Hurun report, undergraduate programs at IIT Kharagpur and IIT Delhi have produced the highest number of co-founders of future unicorns, with 24 and 23 alumni respectively.

Other IITs contributing significantly to the startup ecosystem include IIT Bombay (14 founders), IIT Kanpur (12), IIT Madras (12), and IIT Roorkee (7).

In the postgraduate category, the Indian Institute of Management (IIM) Ahmedabad emerges as the top choice, with 14 co-founders completing their courses at this esteemed institution. IIT Kharagpur follows closely behind, securing the second position with 11 co-founders of future unicorns holding postgraduate degrees from the institute.

Among foreign universities, the University of Pennsylvania stands out with eight co-founders, followed by Stanford University and INSEAD with three each, underscoring their significant contributions to the startup ecosystem.

Notable startups such as Leap Scholar in the edtech sector, Vivriti Capital in fintech, Stanza Living in co-living, and DeHaat in agritech count among their founders/co-founders graduates of IIT Kharagpur.