India’s top 10 most valuable unicorns in 2025: The latest Hurun Global Unicorn Index 2025 has identified a record 1,523 privately held startups being valued over 1 billion dollars each, an increase of 70 over the previous year, in the global unicorn ecosystem.
India has established itself as the third biggest startup ecosystem in the globe with 73 unicorns in 2025 compared with only one in 2011.
According to the Hurun India Unicorn Report 2025, the country has 11 new unicorns this year, such as famous companies as Rapido, DarwinBox, Moneyview, and others.
These are startups with high growth and the companies are the large employers and they collectively offered employment to more than 206,000 individuals. The leading unicorns in terms of employment in 2025 were Lenskart, OfBusiness, and PhysicsWallah.
More women have been starting their own businesses and significant female founders include Ruchi Kalra (OfBusiness), Vineeta Singh (Sugar Cosmetics) and Garima Sawhney (Pristyn Care).
The youngest founders of a unicorn are Zepto co-founders Kaivalya Vohra and Aadit Palicha, these two are 22.
Geographically, Bengaluru tops the list of unicorn capitals in India as it has 26 unicorns worth $70 billion, and then there is Delhi-NCR with 12 unicorns worth 36.3 billion, and Mumbai with 11 unicorns worth 22.8 billion.
FinTech and E-Commerce are still going to be on the rise in the Indian startup market, and Zerodha ($8.2B), Razorpay ($7.5B) as well as Lenskart ($7.5B) are leading the list of the most value unicorns in India in 2025.
India’s top 10 most valuable unicorns in 2025
| Rank | Company | Valuation (USD, Billion) | Headquarters | Sector | Founders |
| 1 | Zerodha | $8.2B | Bengaluru | FinTech | Nithin Kamath, Nikhil Kamath |
| 2 | Razorpay | $7.5B | Bengaluru | FinTech | Harshil Mathur, Shashank Kumar |
| 2 | Lenskart | $7.5B | Gurugram | E-Commerce | Peyush Bansal, Amit Chaudhary, Neha Bansal, Sumeet Kapahi, Ramneek Khurana |
| 4 | Groww | $7.0B | Bengaluru | FinTech | Harsh Jain, Ishan Bansal, Lalit Keshre, Neeraj Singh |
| 5 | Zepto | $5.9B | Bengaluru | E-Commerce | Aadit Palicha, Kaivalya Vohra |
| 6 | InMobi | $5.0B | Bengaluru | AdTech | Abhay Singhal, Mohit Saxena, Naveen Tewari, Piyush Shah |
| 6 | OfBusiness | $5.0B | Gurugram | Enterprise Services | Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, Nitin Jain |
| 6 | Icertis | $5.0B | Bellevue (USA) | SaaS | Monish Darda, Samir Bodas |
| 6 | PRISM (OYO) | $5.0B | Gurugram | Hospitality | Ritesh Agarwal |
| 10 | Meesho | $3.9B | Bengaluru | E-Commerce | Sanjeev Barnwal, Vidit Aatrey |
Source: Hurun Research Institute; ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025
Zerodha leads the list with the most valuation of $8.2 billion, then comes Razorpay and Lenskart both valuing 7.5 billion. Bengaluru is still the principal unicorn center with 26 startups at a valuation of over $70 billion, then Shanghai, Delhi-NCR, and Mumbai.
The startup ecosystem has recorded a massive investment picture in India in 2016, with Peak XV Partners joining in as the biggest investor, having made 42 bets in startups.
The report revealed the increasing number of women startups with Ruchi Kalra (OfBusiness), Vineeta Singh (SUGAR Cosmetics), and Garima Sawhney (Pristyn Care) founders.
The youngest founders of unicorn in India are 22 year old Kaivalya Vohra and Aadit Palicha of Zepto.
Dream11, Games24x7, Gameskraft, and Mobile Premier League, four real-money gaming startups, lost their unicorn status following the introduction of the Online Gaming Act, 2025 by the government. It aims at closing down online money gaming.
The valuation was also affected on other gaming firms such as Zupee and Winzo Games.
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