The 5th ‘Unicorn and Future Unicorn Report 2025’, collaboratively released by ASK Private Wealth and Hurun India, offers an insightful deep dive into India’s burgeoning startup ecosystem. This comprehensive report specifically ranks unlisted Indian startups founded in the 2000s, valuing them at a minimum of ₹1,710 crore based on their latest funding rounds. In 2025, Hurun Research identified a robust 73 unicorns in India, each valued at least $1 billion, alongside an additional 150 “future unicorns” poised to reach this prestigious valuation within the next three to five years.

A significant highlight of the report is the remarkable speed at which some Indian startups are achieving unicorn status. The consumer tech firm Glance distinguished itself by reaching a valuation of $1.8 billion in an exceptional one year. Following closely, several companies crossed the $1 billion milestone in just two years, including e-commerce giants Zepto ($5.9 billion) and Udaan ($1.8 billion), the edtech platform PhysicsWallah ($3.7 billion), and fintech firm Yubi ($1.5 billion). Furthermore, Ai.tech ($1.5 billion), BharatPe ($2.9 billion), CRED ($3.5 billion), Pristyn Care ($1.4 billion), and Zetwerk ($3.1 billion) each achieved this valuation within three years. The report specifically noted Ai.tech as emerging as the fastest unicorn, reaching the milestone in just three years, a point that, while stated in the report, presents an interesting comparison to Glance's one-year achievement.

In terms of overall valuation, the report identified Zerodha as India’s most valuable unicorn in 2025, with a staggering worth of $8.2 billion. Close behind were Razorpay and Lenskart, both valued at $7.5 billion, securing the second and third positions respectively. Sectoral analysis reveals fintech as the dominant force, with 19 companies collectively valued at $50.1 billion. E-commerce follows, accounting for 12 companies worth $33.1 billion, and the SaaS sector secures the third spot with 11 companies valued at $26.9 billion, underscoring the diverse strengths of the Indian startup landscape.

The report also celebrated the individuals driving these successful ventures. Kaivalya Vohra and Aadit Palicha, the 22-year-old co-founders of Zepto, were recognized as India’s youngest unicorn founders. Among women leaders, Ruchi Kalra (OfBusiness and Oxyzo), Vineeta Singh (SUGAR Cosmetics), and Garima Sawhney (Pristyn Care) were highlighted for their significant contributions. The past year saw the addition of almost 11 new unicorns to the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025, contributing to the current tally of 73.

However, the ecosystem also experienced changes, notably with the exit of several real money gaming startups from the list. Companies such as Dream11, MPL, Gameskraft, Games24x7, Zupee, and WinZO departed following the impact of the Promotion and Regulation of Online Gaming Bill, 2025. Concurrently, investor participation in the Indian startup space has dramatically expanded, soaring from 182 investors in 2021 to an impressive 1,014 in 2025, with Peak XV Partners leading the charge with 42 investments.

The growth in the startup sector has also translated into significant job creation, with employment nearly doubling to 1.67 lakh people across these companies. Geographically, Bengaluru continues to solidify its position as India’s primary startup hub, hosting 26 unicorns with a cumulative valuation of $70 billion. Delhi-NCR and Mumbai also serve as crucial centers, home to 12 and 11 unicorns respectively. Furthermore, premier educational institutions remain pivotal in nurturing entrepreneurial talent, with IIT Delhi leading in undergraduate founders (42) and IIM Ahmedabad topping the postgraduate list (27), reinforcing their role as strong breeding grounds for India's startup founders.