India’s startup ecosystem has witnessed remarkable growth over the past decade, becoming the world’s third-largest unicorn hub. This comprehensive guide provides a complete list of unicorn startups in India, along with valuable insights into their funding, valuation, and sectoral distribution.
Indian Unicorn Ecosystem: Key Statistics 2025
India’s unicorn ecosystem has grown exponentially, particularly since 2020:
- Total Indian Unicorns: 119
- Combined Valuation: Over $354 billion
- Total Funding Raised: More than $100 billion
- Peak Year: 2021 (41 new unicorns)
Indian Unicorn Ecosystem Statistics
India’s Third Largest Startup Ecosystem in the World
119
Total Indian Unicorns
$354B+
Combined Valuation
$100B+
Total Funding Raised
41
Unicorns Created in 2021 (Peak Year)
Data as of January 2025 | Source: Inc42 Indian Unicorn Tracker
Growth Journey of Indian Unicorns
India’s first unicorn, InMobi, emerged in 2011. Since then, the growth trajectory has been remarkable:
Indian Unicorns by Year (2016-2025)
- 2016 & Before: 12 unicorns
- 2017: 1 unicorn
- 2018: 8 unicorns
- 2019: 7 unicorns
- 2020: 11 unicorns
- 2021: 41 unicorns (watershed year)
- 2022: 20 unicorns
- 2023: 2 unicorns (funding winter)
- 2024: 6 unicorns
- 2025 (January): 1 unicorn (Netradyne)
Cumulative Growth of Indian Unicorns (2016-2025)
This growth pattern shows a boom cycle in 2021-2022, followed by a natural correction during the funding winter of 2023, and signs of recovery in 2024.
Sectoral Distribution of Indian Unicorns
Indian unicorns span various sectors, with some emerging as clear leaders:
Top Sectors for Indian Unicorns
- Fintech: 23 unicorns (including Paytm, Razorpay, and PhonePe)
- E-commerce: 18 unicorns (including Flipkart, Meesho, and Udaan)
- SaaS/Enterprise Tech: 15 unicorns (including Freshworks, Postman, and LeadSquared)
- Logistics: 9 unicorns (including Delhivery, BlackBuck, and Xpressbees)
- Edtech: 7 unicorns (including BYJU’S, Unacademy, and PhysicsWallah)
- Healthtech: 6 unicorns (including Pharmeasy, 1mg, and Pristyn Care)
- Others: 41 unicorns across various sectors including gaming, hospitality, and mobility
This diverse sectoral representation highlights India’s innovation across multiple domains.
India’s Position in the Global Unicorn Landscape
India has firmly established itself as a global unicorn powerhouse:
India’s Position Among Global Unicorn Hubs
- United States: 750 unicorns
- China: 280 unicorns
- India: 119 unicorns
- United Kingdom: 80 unicorns
- Germany: 45 unicorns
- France: 40 unicorns
Despite ranking third globally, India’s growth rate has been particularly impressive, with the ecosystem expanding from fewer than 40 unicorns in 2020 to nearly 120 by early 2025.
Top Indian Unicorns by Valuation
Here are the highest valued Indian unicorn startups:
Top 20 Indian Unicorns by Valuation
Data as of January 2025 | Source: Inc42 Indian Unicorn Tracker
Indian Unicorns by Year
Unicorns in 2025 (So Far)
- Netradyne – AI-powered fleet safety – $1.34 billion
Notable Unicorns of 2024
- Krutrim – India’s first AI unicorn – $1 billion
- Ather Energy – Electric vehicles – $1.3 billion
- Rapido – Mobility – $1 billion
- RateGain – Travel Tech SaaS – $953.3 million
- Perfios – Fintech SaaS – $1+ billion
- Moneyview – Fintech – $1.2 billion
Unicorns of 2023
- Zepto – Quick Commerce – $1.4 billion
- InCred – Fintech – $1.04 billion
Funding Trends in the Indian Unicorn Ecosystem
The Indian unicorn ecosystem has experienced distinct funding cycles:
- Peak funding (2021-22): Abundant capital with 61 new unicorns
- Funding winter (2023): Significant slowdown with only 2 new unicorns
- Recovery (2024): $8.7 billion raised in first 9 months, 20% higher than 2023
Geographic Distribution of Indian Unicorns
Indian unicorns are concentrated in a few key startup hubs:
Geographic Distribution of Indian Unicorns
Bengaluru: ~48 unicorns (40%)
Delhi-NCR: ~36 unicorns (30%)
Mumbai: ~18 unicorns (15%)
Other Cities: ~17 unicorns (15%)
Data as of January 2025 | Source: Inc42 Indian Unicorn Tracker
- Bengaluru: Home to over 40% of Indian unicorns, including Flipkart, Swiggy
- Delhi-NCR: Houses approximately 30% of unicorns, including Paytm, Zomato, PhysicsWallah
- Mumbai: Around 15% of unicorns, including Zepto, upGrad, PharmEasy
- Others: Pune, Chennai, Hyderabad, and other cities account for the remaining 15%
Emerging Trends in the Indian Unicorn Ecosystem
Several trends are shaping the future of India’s unicorn landscape:
- Domicile shifts: Companies like Flipkart, Meesho, and PhonePe shifting back to India from Singapore/US for IPOs
- IPO momentum: Increased number of unicorns going public (Zomato, Nykaa, Delhivery, Policybazaar)
- AI emergence: Krutrim becoming India’s first AI unicorn signals growing focus on artificial intelligence
- Quick commerce boom: Zepto, Blinkit leading rapid growth in this segment
- Electric mobility: Ather Energy’s unicorn status highlights growth in clean tech
Complete List of Unicorn Startups in India (2025)
| S.No. | Company Name | Headquarters | Sector | Valuation (USD) | Unicorn Year | Founders |
|---|---|---|---|---|---|---|
| 1 | Flipkart | Bengaluru | E-commerce | $37.6 billion | 2012 | Binny Bansal, Sachin Bansal |
| 2 | PhonePe | Bengaluru | Fintech | $12 billion | 2018 | Sameer Nigam, Rahul Chari, Burzin Engineer |
| 3 | Swiggy | Bengaluru | Food Delivery | $10.7 billion | 2018 | Sriharsha Majety, Nandan Reddy, Rahul Jaimini |
| 4 | Razorpay | Bengaluru | Fintech | $7.5 billion | 2020 | Harshil Mathur, Shashank Kumar |
| 5 | BYJU'S | Bengaluru | Edtech | $5.9 billion | 2018 | Byju Raveendran |
| 6 | OYO | Gurugram | Hospitality | $4.6 billion | 2018 | Ritesh Agarwal |
| 7 | CRED | Bengaluru | Fintech | $4 billion | 2021 | Kunal Shah |
| 8 | Meesho | Bengaluru | E-commerce | $4 billion | 2021 | Vidit Aatrey, Sanjeev Barnwal |
| 9 | Zepto | Mumbai | Quick Commerce | $3.5 billion | 2023 | Aadit Palicha, Kaivalya Vohra |
| 10 | Dream11 | Mumbai | Gaming | $3.5 billion | 2019 | Harsh Jain, Bhavit Sheth |
| 11 | Chargebee | Chennai | SaaS | $3.5 billion | 2021 | Krish Subramanian, Rajaraman S, Thiyagu T, Saravanan KP |
| 12 | Zetwerk | Bengaluru | Manufacturing | $3.1 billion | 2021 | Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary |
| 13 | Polygon | Bengaluru | Blockchain | $3 billion | 2022 | Jaynti Kanani, Sandeep Nailwal, Anurag Arjun |
| 14 | Ola Electric | Bengaluru | Mobility/EV | $3 billion | 2019 | Bhavish Aggarwal |
| 15 | Postman | Bengaluru & San Francisco | SaaS | $2.8 billion | 2020 | Abhinav Asthana, Ankit Sobti, Abhijit Kane |
| 16 | InfoEdge | Noida | Internet | $2.8 billion | 2012 | Sanjeev Bikhchandani |
| 17 | Icertis | Pune & Seattle | SaaS | $2.5 billion | 2019 | Samir Bodas, Monish Darda |
| 18 | Browserstack | Mumbai | SaaS | $2.5 billion | 2021 | Ritesh Arora, Nakul Aggarwal |
| 19 | Lenskart | Delhi | D2C Eyewear | $2.5 billion | 2019 | Peyush Bansal, Amit Chaudhary |
| 20 | ShareChat | Bengaluru | Social Media | $2.4 billion | 2021 | Ankush Sachdeva, Bhanu Singh, Farid Ahsan |
| 21 | Unacademy | Bengaluru | Edtech | $2.2 billion | 2020 | Gaurav Munjal, Roman Saini, Hemesh Singh |
| 22 | Paytm Mall | Noida | E-commerce | $2.1 billion | 2019 | Vijay Shekhar Sharma |
| 23 | Pharmeasy | Mumbai | Healthtech | $1.8 billion | 2021 | Dharmil Sheth, Dhaval Shah, Mikhil Innani |
| 24 | OfBusiness | Gurugram | B2B E-commerce | $1.5 billion | 2021 | Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta |
| 25 | Cars24 | Gurugram | Automotive | $1.5 billion | 2020 | Vikram Chopra, Gajendra Jangid, Ruchit Agarwal, Mehul Agrawal |
| 26 | Netradyne | Bengaluru | AI/Logistics | $1.34 billion | 2025 | Avneesh Agrawal, David Julian |
| 27 | Ather Energy | Bengaluru | Electric Vehicles | $1.3 billion | 2024 | Tarun Mehta, Swapnil Jain |
| 28 | FirstCry | Pune | E-commerce | $1.2 billion | 2020 | Supam Maheshwari, Amitava Saha |
| 29 | Moneyview | Bengaluru | Fintech | $1.2 billion | 2024 | Puneet Agarwal, Sanjay Aggarwal |
| 30 | Livspace | Bengaluru | Interior Design | $1.2 billion | 2022 | Anuj Srivastava, Ramakant Sharma |
| 31 | MamaEarth | Gurugram | D2C Beauty | $1.15 billion | 2021 | Ghazal Alagh, Varun Alagh |
| 32 | PhysicsWallah | Noida | Edtech | $1.1 billion | 2022 | Alakh Pandey, Prateek Maheshwari |
| 33 | Purplle | Mumbai | D2C Beauty | $1.1 billion | 2022 | Manish Taneja, Rahul Dash |
| 34 | Rapido | Bengaluru | Mobility | $1 billion | 2024 | Rishikesh SR, Pavan Guntupalli, Aravind Sanka |
| 35 | Krutrim | Bengaluru | AI | $1 billion | 2024 | Bhavish Aggarwal |
| 36 | 5ire | Delhi | Blockchain | $1.5 billion | 2022 | Pratik Gauri, Prateek Dwivedi, Vilma Mattila |
| 37 | BlackBuck | Bengaluru | Logistics | $1 billion | 2021 | Rajesh Yabaji, Chanakya Hridaya, Rama Subramaniam |
| 38 | Blinkit | Gurugram | Quick Commerce | $1 billion | 2021 | Albinder Dhindsa, Saurabh Kumar |
| 39 | DailyHunt | Bengaluru | Content | $1 billion | 2020 | Virendra Gupta, Umang Bedi |
| 40 | DealShare | Bengaluru | E-commerce | $1.7 billion | 2022 | Vineet Rao, Sourjyendu Medda, Sankar Bora, Rajat Shikhar |
| 41 | Droom | Gurugram | Automotive | $1.2 billion | 2021 | Sandeep Aggarwal |
| 42 | Druva | Pune | SaaS | $2 billion | 2019 | Jaspreet Singh, Milind Borate, Ramani Kothandaraman |
| 43 | ElasticRun | Pune | Logistics | $1.5 billion | 2022 | Sandeep Deshmukh, Saurabh Nigam, Shitiz Bansal |
| 44 | Freshworks | Chennai | SaaS | $3.5 billion | 2018 | Girish Mathrubootham, Shan Krishnasamy |
| 45 | Games24x7 | Mumbai | Gaming | $2.5 billion | 2022 | Bhavin Pandya, Trivikraman Thampy |
| 46 | Groww | Bengaluru | Fintech | $3 billion | 2021 | Lalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal |
| 47 | Gupshup | Bengaluru | Enterprisetech | $1.4 billion | 2021 | Beerud Sheth |
| 48 | InCred | Mumbai | Fintech | $1.04 billion | 2023 | Bhupinder Singh |
| 49 | INDmoney | Gurugram | Fintech | $1.2 billion | 2021 | Ashish Kashyap |
| 50 | Infra.Market | Mumbai | Construction | $2.5 billion | 2021 | Souvik Sengupta, Aaditya Sharda |
| 51 | InMobi | Bengaluru | Adtech | $1 billion | 2011 | Naveen Tewari, Mohit Saxena, Amit Gupta, Abhay Singhal |
| 52 | Innovaccer | Noida | Healthtech | $3.2 billion | 2021 | Abhinav Shashank, Kanav Hasija, Sandeep Gupta |
| 53 | Licious | Bengaluru | D2C Food | $1.5 billion | 2021 | Abhay Hanjura, Vivek Gupta |
| 54 | LeadSquared | Bengaluru | SaaS | $1 billion | 2022 | Nilesh Patel, Prashant Singh, Sudhakar Gorti |
| 55 | LEAD | Mumbai | Edtech | $1.1 billion | 2022 | Sumeet Mehta, Smita Deorah |
| 56 | Mensa Brands | Bengaluru | E-commerce | $1.2 billion | 2021 | Ananth Narayanan |
| 57 | Mindtickle | Pune | SaaS | $1.2 billion | 2021 | Krishna Depura, Nishant Mungali, Deepak Diwakar |
| 58 | Moglix | Noida | B2B E-commerce | $2.6 billion | 2021 | Rahul Garg |
| 59 | MobiKwik | Gurugram | Fintech | $1 billion | 2021 | Bipin Preet Singh, Upasana Taku |
| 60 | MPL | Bengaluru | Gaming | $2.3 billion | 2021 | Sai Srinivas Kiran G, Shubh Malhotra |
| 61 | Mu Sigma | Bengaluru | Analytics | $1.5 billion | 2013 | Dhiraj Rajaram |
| 62 | Nykaa | Mumbai | D2C Beauty | $1.2 billion | 2020 | Falguni Nayar |
| 63 | Ola | Bengaluru | Mobility | $5 billion | 2015 | Bhavish Aggarwal, Ankit Bhati |
| 64 | OneCard | Pune | Fintech | $1.25 billion | 2022 | Anurag Sinha, Rupesh Kumar, Vibhav Hathi |
| 65 | OPEN | Bengaluru | Fintech | $1 billion | 2022 | Anish Achuthan, Ajeesh Achuthan, Mabel Chacko, Deena Jacob |
| 66 | Oxyzo | Gurugram | Fintech | $1 billion | 2022 | Asish Mohapatra, Ruchi Kalra |
| 67 | Paytm | Noida | Fintech | $6 billion | 2015 | Vijay Shekhar Sharma |
| 68 | Perfios | Bengaluru | Fintech SaaS | $1.1 billion | 2024 | V.R. Govindarajan, Debasish Chakraborty |
| 69 | Pine Labs | Noida | Fintech | $3.5 billion | 2020 | Lokvir Kapoor, Tarun Upaday, Rajul Garg |
| 70 | Policybazaar | Gurugram | Insurtech | $3.5 billion | 2018 | Yashish Dahiya, Alok Bansal, Avaneesh Nirjar |
| 71 | Pristyn Care | Gurugram | Healthtech | $1.4 billion | 2021 | Harsimarbir Singh, Vaibhav Kapoor, Garima Sawhney |
| 72 | RateGain | Noida | Travel Tech | $953 million | 2024 | Bhanu Chopra |
| 73 | Rebel Foods | Mumbai | Foodtech | $1.4 billion | 2021 | Jaydeep Barman, Kallol Banerjee |
| 74 | ReNew Power | Gurugram | Renewable Energy | $8 billion | 2017 | Sumant Sinha |
| 75 | Rivigo | Gurugram | Logistics | $1.05 billion | 2019 | Deepak Garg, Gazal Kalra |
| 76 | ShipRocket | Delhi | Logistics | $1 billion | 2022 | Saahil Goel, Vishesh Khurana, Gautam Kapoor, Akshay Gulati |
| 77 | slice | Bengaluru | Fintech | $1.5 billion | 2021 | Rajan Bajaj |
| 78 | Spinny | Gurugram | Automotive | $1.8 billion | 2021 | Niraj Singh, Mohit Gupta, Ramanshu Mahaur |
| 79 | Udaan | Bengaluru | B2B E-commerce | $3.1 billion | 2018 | Sujeet Kumar, Amod Malviya, Vaibhav Gupta |
| 80 | upGrad | Mumbai | Edtech | $2.25 billion | 2021 | Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli |
| 81 | UrbanCompany | Gurugram | Home Services | $2.1 billion | 2021 | Abhiraj Bhal, Raghav Chandra, Varun Khaitan |
| 82 | Vedantu | Bengaluru | Edtech | $1 billion | 2021 | Vamsi Krishna, Anand Prakash, Pulkit Jain |
| 83 | Xpressbees | Pune | Logistics | $1.2 billion | 2022 | Amitava Saha |
| 84 | Zeta | Bengaluru | Fintech | $1.45 billion | 2021 | Bhavin Turakhia, Ramki Gaddipati |
| 85 | Zoho | Chennai | SaaS | $5 billion | 2017 | Sridhar Vembu, Tony Thomas |
| 86 | Zomato | Gurugram | Foodtech | $6.3 billion | 2015 | Deepinder Goyal, Pankaj Chaddah |
| 87 | 1mg | Gurugram | Healthtech | $1 billion | 2022 | Prashant Tandon, Gaurav Agarwal, Vikas Chauhan |
| 88 | Amagi | Bengaluru | Media Tech | $1.4 billion | 2022 | Baskar Subramanian, Srinivasan KA, Srividhya Srinivasan |
| 89 | BharatPe | Delhi | Fintech | $2.85 billion | 2021 | Ashneer Grover, Shashvat Nakrani |
| 90 | BillDesk | Mumbai | Fintech | $2 billion | 2018 | M.N. Srinivasu, Ajay Kaushal, Karthik Ganapathy |
| 91 | Coinswitch Kuber | Bengaluru | Crypto | $1.9 billion | 2021 | Ashish Singhal, Govind Soni, Vimal Sagar |
| 92 | CoinDCX | Mumbai | Crypto | $2.15 billion | 2021 | Sumit Gupta, Neeraj Khandelwal |
| 93 | CureFit | Bengaluru | Healthtech | $1.5 billion | 2021 | Mukesh Bansal, Ankit Nagori |
| 94 | Darwinbox | Hyderabad | HRtech | $1 billion | 2022 | Rohit Chennamaneni, Jayant Paleti, Chaitanya Peddi |
| 95 | Digit Insurance | Bengaluru | Insurtech | $4 billion | 2021 | Kamesh Goyal |
| 96 | EaseMyTrip | Delhi | Travel | $1 billion | 2021 | Nishant Pitti, Rikant Pitti, Prashant Pitti |
| 97 | Eruditus | Mumbai | Edtech | $3.2 billion | 2021 | Ashwin Damera, Chaitanya Kalipatnapu |
| 98 | Fractal Analytics | Mumbai | Analytics | $1 billion | 2022 | Srikanth Velamakanni, Pranay Agrawal |
| 99 | GlobalBees | Delhi | E-commerce | $1.1 billion | 2021 | Nitin Agarwal |
| 100 | Good Glamm Group | Mumbai | D2C Beauty | $1.2 billion | 2021 | Darpan Sanghvi |
| 101 | Hasura | Bengaluru | SaaS | $1 billion | 2022 | Tanmai Gopal, Rajoshi Ghosh |
| 102 | Hike | Delhi | Social Media | $1.4 billion | 2016 | Kavin Bharti Mittal |
| 103 | Apna | Bengaluru | Jobs | $1.1 billion | 2021 | Nirmit Parikh |
| 104 | boAt | Delhi | D2C Electronics | $1.2 billion | 2022 | Aman Gupta, Sameer Mehta |
| 105 | CredAvenue | Chennai | Fintech | $1.3 billion | 2022 | Gaurav Kumar |
| 106 | Acko | Mumbai | Insurtech | $1.1 billion | 2021 | Varun Dua, Ruchi Deepak |
| 107 | NoBroker | Bengaluru | PropTech | $1 billion | 2021 | Amit Kumar Agarwal, Akhil Gupta, Saurabh Garg |
| 108 | Uniphore | Chennai | SaaS | $2.5 billion | 2022 | Umesh Sachdev, Ravi Saraogi |
| 109 | Zenoti | Hyderabad | SaaS | $1.5 billion | 2020 | Sudheer Koneru, Dheeraj Koneru |
| 110 | Upstox | Mumbai | Fintech | $3.4 billion | 2021 | Ravi Kumar, Shrini Viswanath, Raghu Kumar |
| 111 | Zerodha | Bengaluru | Fintech | $2 billion | 2020 | Nithin Kamath, Nikhil Kamath |
| 112 | Browserstack | Mumbai | SaaS | $4 billion | 2021 | Ritesh Arora, Nakul Aggarwal |
| 113 | CarTrade | Mumbai | Automotive | $1 billion | 2021 | Vinay Sanghi |
| 114 | CarDekho | Jaipur | Automotive | $1.2 billion | 2021 | Amit Jain, Anurag Jain |
| 115 | Delhivery | Gurugram | Logistics | $3 billion | 2019 | Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharati, Bhavesh Manglani |
| 116 | MakeMyTrip | Gurugram | Travel | $1.8 billion | 2016 | Deep Kalra, Rajesh Magow |
| 117 | Pratilipi | Bengaluru | Content | $1.3 billion | 2022 | Ranjeet Pratap Singh |
| 118 | Snapdeal | Gurugram | E-commerce | $1 billion | 2014 | Kunal Bahl, Rohit Bansal |
| 119 | Quikr | Bengaluru | Classifieds | $1 billion | 2015 | Pranay Chulet |
Note that valuations can fluctuate over time, and some companies that were once unicorns may have seen their valuations change. This list represents the most current information available as of January 2025.
FAQs About Indian Unicorn Startups
How many unicorn startups are there in India as of 2025?
As of January 2025, India has 119 unicorn startups, making it the world’s third-largest unicorn hub after the US and China.
Which is the newest unicorn in India?
Netradyne, a Bengaluru-based AI startup focused on fleet safety and video telematics solutions, is the newest Indian unicorn (January 2025) with a valuation of $1.34 billion.
Which sector has the most unicorns in India?
Fintech leads with 23 unicorns, followed by e-commerce with 18 unicorns, and SaaS/Enterprise tech with 15 unicorns.
What was India’s first unicorn startup?
InMobi, founded in 2007, became India’s first unicorn startup in 2011.
Which year saw the highest number of new unicorns in India?
2021 was the peak year with 41 new unicorns, fueled by abundant capital and accelerated digital adoption post-pandemic.
How many Indian unicorns have gone public?
Approximately 15 Indian unicorns have gone public, including Zomato, Nykaa, Paytm, PolicyBazaar, Delhivery, and MakeMyTrip.
What is the combined valuation of all Indian unicorns?
The combined valuation of all 119 Indian unicorns exceeds $354 billion as of January 2025.
At StartupGuruLab, I share data-driven tactics, proven growth frameworks, and real success stories that transform startups into market leaders.
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