India’s startup ecosystem shows remarkable resilience in 2025. The ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 reveals that 11 startups crossed the billion-dollar mark this year, raising the total count of Indian unicorns to 73. Entrepreneurs, investors, and policymakers view this as a signal of the country’s growing strength as a global innovation hub.
1. The Hurun 2025 Report
Hurun releases its unicorn and future unicorn report every year to track high-value startups founded in or after 2000. The report groups companies into three categories.
- Unicorns: Startups valued at more than USD 1 billion.
- Gazelles: Companies worth between USD 500 million and USD 1 billion that can become unicorns within three years.
- Cheetahs: Startups worth between USD 200 million and USD 500 million that can reach unicorn status within five years.
The report takes 1 July 2025 as the cut-off date.
2. The 11 New Unicorns of 2025
The Indian startup ecosystem celebrated 11 new unicorns this year:
- Ai.tech
- Navi Technologies
- Rapido
- Netradyne
- Jumbotail
- DarwinBox
- Vivriti Capital
- Veritas Finance
- Moneyview
- Juspay
- Drools
Ai.tech
Founded in January 2022 by serial entrepreneur Divyank Turakhia, Ai.tech became the fastest unicorn of 2025. The company hit a valuation of USD 1.5 billion in just three years, proving the strength of India’s artificial intelligence sector.
Navi Technologies
Flipkart co-founder Sachin Bansal built Navi Technologies with the aim of transforming digital lending and insurance. Navi now commands a valuation of USD 1.7 billion, cementing its position in India’s fintech landscape.
Rapido
Bike-taxi startup Rapido achieved unicorn status after strong adoption in tier-2 and tier-3 cities. The company continues to expand its services in shared mobility.
Netradyne
Netradyne, a deep-tech company specializing in AI for transportation and safety, entered the unicorn club as demand for AI-enabled logistics and fleet solutions accelerated.
Jumbotail
B2B commerce platform Jumbotail, which focuses on wholesale food and grocery distribution, joined the billion-dollar club this year.
DarwinBox
DarwinBox, an enterprise SaaS startup providing human capital management solutions, crossed the threshold with global expansion and strong corporate adoption.
Vivriti Capital and Veritas Finance
Both companies strengthen India’s alternative financing and lending ecosystem. Vivriti Capital and Veritas Finance earned unicorn status with their focus on small businesses and under-served borrowers.
Moneyview and Juspay
Fintech platforms Moneyview and Juspay achieved valuations of more than USD 1 billion, highlighting the continued dominance of fintech in India’s startup scene.
Drools
Pet food brand Drools surprised many observers by becoming a unicorn in 2025. This shows that investors now recognize the potential of consumer goods categories beyond tech and finance.
3. Sectoral Spread
The 2025 unicorn list highlights the depth of India’s innovation economy.
- FinTech dominates with Navi Technologies, Vivriti Capital, Veritas Finance, Moneyview, and Juspay.
- AI and SaaS expand with Ai.tech and DarwinBox.
- Mobility strengthens with Rapido.
- Agritech and B2B commerce grow with Jumbotail.
- Consumer brands rise with Drools.
Investors no longer concentrate only on delivery or e-commerce. They spread capital across finance, AI, SaaS, consumer goods, and logistics, reflecting a mature and balanced startup ecosystem.
4. India’s Unicorn Landscape in 2025
India now counts 73 unicorns, up from 62 in 2024. The geographical distribution underlines the country’s major startup hubs.
- Bengaluru leads with 26 unicorns, together valued at about USD 70 billion.
- Delhi-NCR holds 12 unicorns, worth USD 36.3 billion.
- Mumbai follows with 11 unicorns, valued at USD 22.8 billion.
Among the top valuations:
- Zerodha at USD 8.2 billion
- Razorpay at USD 7.5 billion
- Lenskart at USD 7.5 billion
- Groww at USD 7 billion
- Zepto at USD 5.9 billion
Bengaluru clearly dominates the list, both in terms of the number of unicorns and their combined valuation.
5. The Pipeline of Future Unicorns
The Hurun report also identifies startups most likely to join the unicorn club soon.
- Gazelles: Valued between USD 500 million and USD 1 billion, with the potential to become unicorns within three years.
- Cheetahs: Valued between USD 200 million and USD 500 million, with the potential to become unicorns within five years.
In 2025, India’s ecosystem includes 150 future unicorns with a combined valuation of USD 62 billion, almost 80 percent higher than in 2021. These startups employ about 167,000 people, nearly double the jobs reported four years ago.
The strong pipeline demonstrates that India’s entrepreneurial ecosystem will keep producing unicorns at a steady pace.
6. Investor Participation
Investor activity surged significantly. In 2021, only 182 investors participated in funding future unicorns. By 2025, this number grew to 1,014.
- Peak XV Partners leads with investments in 42 companies across unicorns, gazelles, and cheetahs.
- Stride Ventures increased its presence rapidly, from zero bets in 2021 to 20 in 2025.
- Early-stage specialists such as Blume Ventures continue to back promising startups.
The diversity of investors shows that India’s startup funding is no longer concentrated among a handful of global funds. Instead, a broader mix of domestic and international players ensures healthier competition.
7. Regulatory Impacts: The Case of Real Money Gaming
While fintech, AI, and consumer startups grew stronger, the real money gaming (RMG) sector faced major setbacks.
The Promotion and Regulation of Online Gaming Bill, 2025 changed the rules for RMG companies. The bill introduced higher taxes, banned certain types of online games, and tightened advertising regulations.
As a result, several big players lost their unicorn status. Dream11, Games24x7, Gameskraft, and MPL no longer qualify as unicorns. Zupee and WinZO Games also slipped from the gazelle and cheetah categories.
This shows how quickly regulation can alter valuations in high-risk consumer sectors. Startups must adapt strategies and prepare for compliance challenges if they want to retain investor confidence.
8. Lessons from 2025’s Unicorn Boom
The 2025 unicorn list offers valuable insights into India’s entrepreneurial landscape.
- Resilience: Despite global slowdowns, India added 11 unicorns in a single year.
- Sectoral breadth: Unicorns now come from fintech, AI, SaaS, agritech, and consumer goods.
- Speed: Ai.tech proved that companies can scale to a billion-dollar valuation in three years with strong execution.
- Capital depth: Over a thousand active investors support startups today, compared to fewer than 200 just four years ago.
- Policy sensitivity: The RMG sector’s decline shows that startups cannot ignore the role of regulation.
Conclusion
India’s startup ecosystem in 2025 looks more mature, diverse, and resilient than ever before. Eleven new unicorns reflect the country’s ability to innovate across sectors and regions. Bengaluru continues to dominate, but other cities like Delhi and Mumbai also contribute strongly.
The presence of 150 future unicorns demonstrates that India’s pipeline remains robust. Investors show strong confidence, and entrepreneurs continue to create value at scale.
However, the regulatory shock in the gaming sector reminds everyone that the road to unicorn status requires not only capital and innovation but also adaptability to changing laws.
India now stands at a point where unicorns represent more than just valuations. They represent job creation, innovation, and the ability to compete globally. As 2026 approaches, the focus will likely shift from sheer numbers to building sustainable, profitable, and globally competitive businesses.
Also Read – Unicorn No More: The Biggest Startup Downfalls of 2025