3one4 Capital urges India to measure startup innovation, not unicorn valuations
INDA•3one4 Capital urged India to replace unicorn valuations with a startup index measuring innovation and inclusive growth, alongside an index tracking government funding delivery. The Research, Development and Innovation Scheme allocated INR 200 billion for the current financial year, but only two government fund managers were operating by early 2026.
1. Proposed startup measures
3one4 Capital called for a national startup index to measure innovation and inclusive growth instead of relying on unicorn valuations, supported by a government funding-delivery index. It said government commitments to long-term innovation capital approach INR 5 trillion, while disbursement has lagged policy ambitions.
2. Track funding and outcomes
The Research, Development and Innovation Scheme allocated INR 200 billion for the current financial year, but only two government fund managers were operating by early 2026. A proposed National Transmission Index would track monthly disbursements against allocations, outcomes against targets and government procurement from startups. The proposal also calls for procurement preferences for globally competitive indigenous innovation and for performance rankings to inform future grants and orders.
