Every time when we talk about the funding and valuations, fintech and e-commerce, quick commerce segments are the most common, which are likely to top the list. Almost every single company in these sectors raises money and interestingly dominates the funding list and valuation charts. But this time when we dig deeper to understand what has happened so far in 2025, it actually gives you a different scenario. The scenario is way different from what we have seen earlier. Now the list has been updated and changed. The numbers have changed, and new names have dominated the list. This report, which we are diving into, will tell us about the funding and also about the most valuable startups. The report that we are diving into is the ASK Private wealth Hurun India Unicorn and Future Unicorn Report 2025.
This report has presented many insights; let’s look at each of them and understand. This year, 11 new startups have joined India’s unicorn list, taking the total to 73, according to the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025. Leading the newcomers is AI startup studio Ai.tech, valued at $1.5 billion. Other new startups on the list are Navi Technologies, Rapido, Netradyne, Jumbotail, DarwinBox, Vivriti Capital, Veritas Finance, Moneyview, Juspay, and Drools. This time it was not just the fintech companies, but also companies from various domains that joined the list.
When we look at India’s top unicorns in 2025, it’s clear that the startup ecosystem is still dominated by fintech and tech-driven startups, but the mix is getting more interesting. Zerodha leads the list at a whopping $8.2 billion, showing how a bootstrapped fintech startup can become a giant without chasing hype. After Zerodha, the list continues with Lenskart and Razorpay, both valued at $7.5 billion. This also shows that e-commerce and fintech continue to attract serious investor attention. Then comes Groww at $7 billion and Zepto at $5.9 billion. Other names like OfBusiness, PRISM (OYO), InMobi, Icertis, and Meesho all sit between $3.9 billion and $5 billion, highlighting the diversity of sectors now turning into unicorns, from SaaS and enterprise services to hospitality and adtech. What we need to understand is earlier the list was dominated by very well-known companies, but even these top companies have some new faces.
The list continues with the other names, such as PhysicsWallah, ChargeBee, CRED, Upstox, Innovaccer, BrowserStack, Postman, CARS24, Zetwerk, and Rapido, with valuations ranging from $3 billion to $3.7 billion. If you dig deeper, you can witness some changes in the startup dynamics. After the funding winter there is a change in the way investors back the startups. That is why we are seeing names from SaaS, auto-tech, and shared economy startups. This clearly reflects that now the startup economy is maturing and diversifying. In short, 2025 is shaping up to be a year where quality, sustainability, and sector diversity matter more than hype. The unicorn list tells a story of smart growth, strategic funding, and startups that are built to last.
Now this is just a part of the report. But when we dig deeper, we will also find some insights about the investors in the Indian startup ecosystem. India’s startup ecosystem has transformed dramatically between 2021 and 2025. The number of high-growth startups, which we call the Cheetahs and Gazelles, has jumped from 82 to 150, and their combined valuations have soared by 79% to $62 billion. One most notable point is this all happened even with global funding challenges and valuation corrections; India continues to produce some of the most resilient and vibrant startups in the world.
When we look at the investor participation, it has grown just as impressively. In 2021, there were 182 active investors, but by 2025, this number had shot up to 1,014. Peak XV Ventures has led the chart with almost 42 bets on unicorns, gazelles, and cheetahs. While Stride Ventures, which had no investments in 2021, now has 20. Early-stage specialists like Blume Ventures are also scaling fast, showing that India’s capital ecosystem is maturing and deepening. One interesting trend in India’s startup funding story is the rise of family offices as major investors. Back in 2021, only 7 family offices were backing high-growth startups (Cheetahs and Gazelles). But by 2025, that number had jumped to 55. This is important because family offices don’t chase short-term returns, so it gives some flexibility for the startups. This kind of diversification from investors, startups, and funding clearly paints a picture of how beautifully the Indian startup ecosystem is evolving.
And last, we need to look at the location. Even in 2025, Bengaluru remains the leader of India’s startup ecosystem. Bengaluru is home to 26 unicorns, together valued at around $70 billion, plus 41 cheetahs and gazelles worth another $16 billion. Delhi NCR and Mumbai aren’t far behind. Delhi has 12 unicorns and 31 future unicorns, while Mumbai hosts 11 unicorns and 28 future unicorns. New hubs are emerging, and the ecosystem is spreading out, giving rise to more balanced growth across the country.
To sum up all the data and the numbers, one thing is clear. In the coming days and years, you need to build a startup that actually has a product-market fit and a proper plan for revenues, scaling, and a path towards profitability. When the plan is clear, investors will back you at any given point in time.
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