5 E-commerce Companies that Entered the Unicorn Club in 2021

The newly created unicorns have come from diverse industries such as automobile, online pharmacy and social e-commerce
5 E-commerce Companies that Entered the Unicorn Club in 2021

The Indian startup ecosystem is rapidly accelerating. Of late, a large chunk of startups has successfully become unicorns burgeoning the country’s startup industry. In aggregate, 33 startups have attained a valuation of over $1 billion in the last 10 months.

As per PwC’s latest report ‘Start-up Perspectives - India Start-Up Deals Tracker Q3 CY21’, India holds the second biggest unicorn club following the US. Other economies such as the UK, Hong Kong, and Canada are far behind India in the race. 

These newly created unicorns have come from diverse industries such as health tech, fintech, and online pharmacy. In the funding spree, several e-commerce marketplaces have managed to grab investors’ eyes and garnered money. Here are some online marketplaces that bagged capital this year: 


The homegrown social e-commerce company, which was founded by Sanjeev Barnwal and Vidit Aatrey, is based in Bangalore. Its online platform facilitates small and medium-sized businesses (SMBs) and individuals in establishing their online stores and selling products via social channels like Instagram, Facebook, and WhatsApp. 

The company has collected $415 million to date. Investors that infused money in its funding round are Facebook, SoftBank, Dealshare, Venture Highway, Shunwei Capital, and CityMall, among others. 


The online pharmacy, which was established in 2015, was started by Dr. Dhaval Shah and Dharmil Sheth. It offers various services such as collecting samples for diagnosis, delivering medicines, and teleconsultation. Besides this, it renders a SaaS solution for pharmacies to employ in procurement along with logistics assistance and delivery.  

It has secured $323 million in the Series E round after getting a valuation of $1.5 billion. With this financing round, it has become the first online pharmacy unicorn in India. Investors that put money in its funding round are Neuberger Berman, Sanne Group, ApaH Capital, Janus Henderson, and Steadview Capital, among others. 

As per the media reports, the e-pharmacy company is presently filing its draft red herring prospectus (DRHP) ahead of IPO. Its parent company, API Holdings Ltd has also bagged nearly $130 million via secondary share sales soaring its valuation to $5.6 billion. 


Indian online grocery company, which is based out of Gurugram, is administered by Saurabh Kumar and Albinder Dhindsa. It offers a wide range of groceries and essential items such as pet care, home decor items, and baby care. Of late, IPO-listed food tech company, Zomato bought a 9.16 percent stake in Grofers for INR 518.2 crore, thus, facilitating the e-grocery platform to become a unicorn.

At present, the company is aiming for expansion, and pivoting into an e-commerce firm delivering everything in 10 minutes after getting an order. 


The automobile e-commerce platform, Droom has lately become a unicorn following a funding round of $200 million. With this financing round, its valuation increased to $1.2 billion. The company is planning to enter the Indian or American bourse.  

It is based in Gurugram and was founded by Sandeep Aggarwal. Its online platform helps users buy and sell new, as well as second-hand automobiles, in India and other markets. It does not have any offline stores and offers a complete online experience to the users. 


Indian automotive marketplace, CarDekho is based in Delhi NCR. It has recently bagged $200 million in an equity Series E funding round and another $50 million in debt. It is going to employ funds for augmenting its car transactions and financial services businesses. 

Leapfrog Investments led its round along with Sequoia Capital India, Harbor Spring Capital, Canyon Partners, Mirae Asset, and Sunley House. With the latest funding round, the company’s valuation soared to $1.2 billion. It has garnered $440 million in equity funding to date. It was founded by Anurag Jain and Amit Jain.  

These e-commerce companies in India have got into the limelight by entering into the unicorn club. They have paved a way for others in the e-commerce sector and showed how promising the industry can be in the offing. 


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