Bengaluru has emerged as India’s leading city in the 2026 ASK Private Wealth Hurun India Cheetah Index, with 36 of the 110 startups listed in the index based in the city, Karnataka’s IT-BT Minister Priyank Kharge said in a post on X on September 15.
The index tracks privately held, unlisted startups valued between $200 million and $500 million that are considered capable of becoming unicorns within the next five years, according to the information shared by the minister. The number of startups in the category has increased from 54 in 2021 to 110 in 2026.
The National Capital Region followed Bengaluru with 25 startups, while Mumbai ranked third with 16. The figures place Bengaluru at the centre of India’s pipeline of high-growth companies before they reach the $1 billion valuation threshold associated with unicorn status.
Kharge said the result reflected the diversity and growth of Bengaluru’s startup ecosystem. The city-based companies listed in the index operate across fintech, software services, artificial intelligence, space and defence technology, electric mobility, health technology and consumer products, according to his statement.
The startups named by the minister included QpiAI, Digantara, Pixxel, River Mobility and Ultrahuman. Their presence across different technology segments indicates that Bengaluru’s startup economy extends beyond its established software and information technology base into sectors involving space systems, advanced manufacturing, mobility and health-related products.
The concentration of 36 qualifying startups in one city also highlights the importance of Bengaluru’s existing technology infrastructure, investor networks, skilled workforce and institutional ecosystem to companies seeking to scale. The index, however, measures the number and valuation profile of privately held companies; the supplied report does not provide a city-wise comparison of funding, employment, revenue, survival rates or the distribution of these companies across Bengaluru’s urban regions.
Kharge congratulated the founders and startups included in the list, describing them as companies building the next generation of large Indian enterprises. His statement also linked Karnataka’s startup position to wider discussions on technology, skills development and global capability centres.
The minister said Karnataka and Canada were discussing ways to strengthen economic, technology and industrial cooperation. The discussions included creating more opportunities for businesses and young professionals in technology, startups, skills and global capability centres. The potential for closer commercial and industrial ties is expected to receive further attention ahead of a Team Canada trade mission scheduled to visit India in October.
