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Journalism of Courage
India’s top 10 most valuable unicorns in 2025: The global unicorn ecosystem has reached a record 1,523 privately held startups valued at over $1 billion each, up by 70 from last year, according to the Hurun Global Unicorn Index 2025.
India has solidified its position as the world’s third-largest startup ecosystem, boasting 73 unicorns in 2025, up from just one in 2011.
The country added 11 new unicorns this year, including renowned ones like Rapido, DarwinBox, Moneyview, and more, per the Hurun India Unicorn Report 2025.
These high-growth startups are major employers, collectively providing jobs to over 206,000 people. Lenskart, OfBusiness, and PhysicsWallah were the top employers among unicorns in 2025.
The ecosystem is becoming more diverse, with notable female founders like Ruchi Kalra (OfBusiness), Vineeta Singh (Sugar Cosmetics), and Garima Sawhney (Pristyn Care).
Zepto’s Kaivalya Vohra and Aadit Palicha, both 22, stand out as the youngest unicorn founders.
Geographically, Bengaluru leads as India’s unicorn capital with 26 unicorns valued at $70 billion, followed by Delhi-NCR with 12 unicorns worth $36.3 billion, and Mumbai with 11 valued at $22.8 billion.
FinTech and E-Commerce continue to drive India’s startup landscape, with Zerodha ($8.2B), Razorpay ($7.5B), and Lenskart ($7.5B) topping the list of India’s 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 |
