India's Unicorn Surge: 11 New Startups Join Elite Club in 2025, Check Out The Most Valuable Unicorns

These are the most valuable unicorns

September 19, 2025

India's startup ecosystem is thriving, with the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 highlighting remarkable growth. The report identifies 73 unicorns—privately held companies valued at $1 billion or more—up from previous years, thanks to 11 new entrants. This surge underscores India's position as a global innovation hub, driven by sectors like fintech, AI, e-commerce, and emerging fields such as green energy and biotech.

The new unicorns reflect diverse industries and entrepreneurial vigor. Leading the pack is Ai.tech, an AI-focused startup studio founded by Divyank Turakhia, valued at $1.5 billion after just three years. Other additions include Navi Technologies (digital lending), Rapido (ride-hailing), Netradyne (AI-driven fleet safety), Jumbotail (B2B grocery marketplace), DarwinBox (HR software), Vivriti Capital and Veritas Finance (NBFCs), Moneyview (personal finance), Juspay (payments), and Drools (pet care). These companies are not only generating revenue but also creating substantial employment, with unicorns alone employing over 206,000 people and future unicorns adding to a total of 374,000 jobs.

Bengaluru remains the undisputed unicorn capital, hosting 26 companies valued at $70 billion, bolstered by government investments in AI and space tech. Delhi-NCR follows with 12 unicorns worth $36.3 billion, and Mumbai has 11 at $22.8 billion. Fintech dominates with 19 unicorns totaling $50.1 billion, but e-commerce ($33.1 billion) and SaaS ($26.9 billion) are close behind.

Investor confidence is strong despite global economic challenges. Peak XV Partners tops the list with 42 investments, followed by Tiger Global, Accel, Nexus Venture Partners, and Elevation Capital. The government's 2024 angel tax abolition has eased funding, with startups raising $330 million by January 2025. However, regulatory shifts impacted the gaming sector, causing four real-money gaming firms like Dream11 and Games24x7 to lose unicorn status under the Online Gaming Act, 2025.

The report also spotlights young talent, with 22-year-olds Kaivalya Vohra and Aadit Palicha of Zepto as India's youngest unicorn founders. Women leaders like Ruchi Kalra (OfBusiness) and Vineeta Singh (SUGAR Cosmetics) are breaking barriers. Overall, the ecosystem includes 150 future unicorns (gazelles and cheetahs), with cumulative valuations up 79% to $62 billion, signaling sustained momentum.