In a significant development for India's burgeoning startup ecosystem, Accel and Peak XV Partners have jointly claimed the lead position on the 2026 ASK Private Wealth Hurun India Cheetah Index. Both venture capital firms supported 18 'Cheetahs' each among the country's 110 high-growth private companies, underscoring their pivotal role in nurturing future unicorns.
A 'Cheetah' company, as defined by the index, is a privately held enterprise valued between $1 billion and $10 billion, signifying its rapid growth trajectory towards becoming a 'Unicorn' (over $1 billion) but not yet a 'Gazelle' (over $10 billion).
Premji Invest Makes Historic Entry into Top 10
A key highlight of the 2026 rankings is the unprecedented entry of Premji Invest, the family office of Wipro founder Azim Premji, into the top 10 institutional investors. With seven investments in Cheetah companies, Premji Invest secured the seventh rank, marking the first time a family office has achieved this distinction in the index's five-year history.
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, commented on this trend, stating, "Accel and Peak XV Partners tie at the top with 18 Cheetahs each. At number seven, Premji Invest becomes the first family office to enter the top ten investors list." He further emphasized the significance of "Indian success recycled into Indian ambition," highlighting the increasing role of domestic wealth in backing new Indian businesses.
Leading Institutional and Angel Investors
Following Accel and Peak XV, Blume Ventures ranked third with 10 investments, while Elevation Capital secured fourth place with nine. Stride Ventures and Z47 tied for fifth, each backing eight Cheetahs. Other notable institutional investors included 360 ONE Asset and 3one4 Capital with six investments each, and Amazon and Bessemer Venture Partners, both with five.
Among individual investors, Anand Chandrasekaran led the angel investor rankings, contributing to 11 Cheetahs, including SaaS Labs, Safe Security, and ToneTag. Kunal Shah followed with eight investments in companies like Curefoods, Jar, and Park+, while Ramakant Sharma backed seven, including GoKwik, Mokobara, and Snapmint.
Market Exits and Emerging Sectors
The year 2026 also witnessed significant exits from the Cheetah Index, with six former Cheetahs successfully listing on public markets. These included SEDEMAC, valued at Rs 14,470 crore, Kissht at Rs 5,140 crore, Purple Style Labs at Rs 4,600 crore, Wakefit at Rs 4,520 crore, Aye Finance at Rs 4,180 crore, and Capillary Technologies at Rs 4,070 crore. Additionally, Pepperfry exited through an acquisition, while 16 other companies were removed from the index during the year.
Capital concentration was evident among the most-funded Cheetahs. Fourth Partner Energy topped this list, raising a substantial Rs 5,398 crore, nearly triple the amount secured by the second-ranked Curefoods (Rs 1,828 crore). Other highly funded companies included Medibuddy, MedGenome, Cashify, and Snapmint.
The index also highlighted the growth of specific sectors, with Electric Vehicles (EV), Artificial Intelligence (AI), CleanTech, and Aerospace & Defence collectively accounting for 26 of the 110 Cheetah companies tracked.