The ‘Unicorn Report 2025’ by ASK Private Wealth and Hurun India offers a detailed look into the rapidly evolving Indian startup ecosystem, highlighting the companies that have achieved unicorn status (valuation of $1 billion or more) and those poised to join their ranks. The report identifies 73 unicorns in India and 150 future unicorns, showcasing the country's entrepreneurial spirit and growth across various sectors.

Key Highlights from the Report

• New Unicorns: Eleven new startups have entered the unicorn club in 2025, bringing the total to 73. These include Ai.tech, Navi Technologies, Rapido, Netradyne, Jumbotail, and Darwinbox.
• Fastest Unicorn: Ai.tech, founded by Divyank Turakhia, stands out as the fastest company to achieve unicorn status in India. The company reached a valuation of $1.5 billion in under three years, without any external funding.
• Top Unicorns: The most valuable unicorns in India include Zerodha ($8.2 billion), Razorpay and Lenskart ($7.5 billion each), and Groww ($7 billion).
• Future Unicorns: The report also identifies "Gazelles" (companies valued between $500 million and $1 billion) and "Cheetahs" (companies valued between $200 million and $500 million) as potential unicorns within the next three to five years.
• Geographical Distribution: Bengaluru remains the top unicorn hub in India, with 26 unicorns valued at $70 billion. Delhi-NCR follows with 12 unicorns, and Mumbai has 11.
• Fintech Dominance: Fintech continues to be the leading sector in the Indian unicorn landscape, both in terms of the number of unicorns and their valuations.
• Investor Activity: Peak XV Partners is the largest backer of Indian startups, with investments in 42 companies.

RMG Sector setbacks

The report notes a challenging period for real-money gaming (RMG) companies due to the Online Gaming Bill 2025. Companies like Dream11 and Gameskraft have been affected by the new regulations, leading to a re-evaluation of their businesses. Due to the stricter rules on licensing, taxes and advertising, real money gaming giants have exited the list.

Impact and Significance

Unicorn companies play a vital role in shaping the startup ecosystem and the economy. They contribute to economic growth, drive innovation, create employment opportunities, attract investments, and enhance India's global influence. These companies collectively employ over 206,000 people, with Lenskart, OfBusiness, and PhysicsWallah leading in workforce size.

Diversity and Inclusion

The report highlights the growing diversity among startups, with women founders such as Ruchi Kalra (OfBusiness), Vineeta Singh (SUGAR Cosmetics), and Garima Sawhney (Pristyn Care). The youngest unicorn founders include 22-year-olds Kaivalya Vohra and Aadit Palicha of Zepto.

The ASK Private Wealth Hurun India Unicorn Report 2025 provides valuable insights into the current state and future potential of India's startup ecosystem. The rise of new unicorns, the dominance of fintech, and the impact of regulatory changes on specific sectors like RMG highlight the dynamic nature of the Indian startup landscape.