11 Startups Enter Unicorn Club in 2025; Bengaluru Leads: Hurun Report

India’s startup ecosystem continues to grow, with 11 new companies joining the unicorn club in 2025. This takes the country’s total number of unicorns, privately held startups valued at $1 billion or more, to 73, according to the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025.

The newly minted unicorns include Ai.tech, Navi Technologies, Rapido, Netradyne, Jumbotail, and Darwinbox. Their entry underscores the continuing momentum in sectors such as technology, logistics, and mobility.

Hurun Report highlights:

The Hurun report highlights strong activity from venture capital firms and institutional investors in India’s startup ecosystem. Among them, Peak XV Partners emerged as the single largest backer, with 42 investments across different startups during the year. This signals not just the depth of investor confidence but also the diversity of opportunities within India’s maturing innovation ecosystem.

At the top of the valuation charts, Zerodha leads with an estimated value of $8.2 billion. Following closely are Razorpay and Lenskart, both valued at $7.5 billion, and Groww at $7 billion. Together, these companies form a significant portion of the country’s unicorn wealth.

Beyond valuations, the report also tracks employment impact. Collectively, unicorns in India now employ more than 206,000 people. Within this, Lenskart, OfBusiness, and PhysicsWallah stand out for having the largest workforce size, highlighting their scale of operations and reach.

Diversity Among Founders

The Hurun India Unicorn and Future Unicorn Report also draws attention to the growing diversity within India’s entrepreneurial community. Notable women founders include Ruchi Kalra of OfBusiness, Vineeta Singh of SUGAR Cosmetics, and Garima Sawhney of Pristyn Care. Their leadership demonstrates a gradual shift toward more inclusive participation in India’s high-growth startup ecosystem.

At the same time, the report names the youngest unicorn founders in the country—Kaivalya Vohra and Aadit Palicha, both just 22 years old, who co-founded Zepto. Their inclusion highlights how India’s unicorn landscape spans a wide range of founder demographics, from young entrepreneurs to seasoned operators.

Bengaluru Retains Unicorn Hub Status

Regionally, Bengaluru remains the largest unicorn hub in India, with 26 companies collectively valued at $70 billion. The city continues to dominate due to its deep talent pool, established startup culture, and concentration of venture funding.

Delhi-NCR and Mumbai follow as the next largest centers, consolidating India’s three major metropolitan regions as the backbone of the unicorn ecosystem.

Fintech Sector in the Lead

Fintech continues to dominate India’s unicorn landscape, both in terms of valuations and the number of companies. With firms like Razorpay, Zerodha, and Groww leading the valuation charts, the sector demonstrates its strong position as a driver of digital adoption and financial innovation.

The Hurun Report 2025 underscores how India’s unicorn story is evolving, shaped by new entrants, expanding valuations, and increasing diversity among founders. The growing importance of Bengaluru as a hub, coupled with the concentration of funding in fintech and digital-first businesses, reflects both opportunities and challenges for the ecosystem.

With 11 startups added to the unicorn list this year, the report captures the continuing momentum of India’s innovation economy, even as companies balance valuation growth, regulatory challenges, and the responsibility of scaling employment and services sustainably.