Eleven new startups have made it to India's unicorn list this year, taking the total to 73, according to the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025.
Unicorns are companies valued at over $1 billion. The term shows how rare and successful such companies are.
Leading this year's new entrants is Ai.tech, an AI-focused startup studio founded by Divyank Turakhia, valued at $1.5 billion. Other newcomers include Navi Technologies, Rapido, Netradyne, Jumbotail, DarwinBox, Vivriti Capital, Veritas Finance, Moneyview, Juspay, and Drools.
Bengaluru is the top hub with 26 unicorns valued at $70 billion. Delhi-NCR follows with 12 unicorns worth $36.3 billion. Mumbai has 11 unicorns valued at $22.8 billion.
Top 20 Unicorns in India (2025)
- Zerodha - Bengaluru | FinTech | $8.2B | Founded 2010
- Lenskart - Gurugram | E-Commerce | $7.5B | Founded 2010
- Razorpay - Bengaluru | FinTech | $7.5B | Founded 2014
- Groww - Bengaluru | FinTech | $7B | Founded 2016
- Zepto - Bengaluru | E-Commerce | $5.9B | Founded 2021
- OfBusiness - Gurugram | Enterprise Services | $5B | Founded 2015
- PRISM (OYO) - Gurugram | Hospitality | $5B | Founded 2013
- InMobi - Bengaluru | AdTech | $5B | Founded 2007
- Icertis - Bellevue | SaaS | $5B | Founded 2009
- Meesho - Bengaluru | E-Commerce | $3.9B | Founded 2015
- PhysicsWallah - Noida | EdTech | $3.7B | Founded 2020
- ChargeBee - Bethesda | SaaS | $3.5B | Founded 2011
- CRED - Bengaluru | FinTech | $3.5B | Founded 2018
- Upstox - Mumbai | FinTech | $3.5B | Founded 2010
- Innovaccer - San Francisco | SaaS | $3.5B | Founded 2014
- BrowserStack - Mumbai | SaaS | $3.4B | Founded 2011
- Postman - San Francisco | SaaS | $3.4B | Founded 2014
- CARS24 - Gurugram | AutoTech | $3.3B | Founded 2015
- Zetwerk - Bengaluru | Enterprise Services | $3.1B | Founded 2018
- Rapido - Bengaluru | Shared Economy | $3B | Founded 2015
Hurun Report 2025
Zerodha tops the valuation list at $8.2 billion, followed by Razorpay and Lenskart at $7.5 billion each. Bengaluru remains the leading unicorn hub with 26 startups valued at $70 billion, followed by Delhi-NCR and Mumbai.
India's startup ecosystem has seen strong investment activity this year, with Peak XV Partners emerging as the largest backer, making 42 bets across startups.
The report showed the growing diversity among startups, with women founders Ruchi Kalra (OfBusiness), Vineeta Singh (SUGAR Cosmetics), and Garima Sawhney (Pristyn Care).
India's youngest unicorn founders are 22-year-olds Kaivalya Vohra and Aadit Palicha of Zepto.
Four real-money gaming startups, Dream11, Games24x7, Gameskraft, and Mobile Premier League, lost unicorn status after the government introduced the Online Gaming Act, 2025. It seeks to shut down online money gaming.
Other gaming companies like Zupee and Winzo Games also saw a valuation impact.
Startups valued over $200 million employ 3.74 lakh people, with unicorns contributing 2.06 lakh employees.
