India Adds 11 New Unicorns in 2025, Ai.tech Becomes Fastest to Hit USD 1.5 Bn: Report Peak XV leads unicorn investments; Zepto's 22-year-olds are the youngest founders.

India added 11 new Unicorns in 2025 – Ai.tech, Navi Technologies, Vivriti Capital, Veritas Finance, Rapido, Netradyne, Jumbotail, DarwinBox, Moneyview, Juspay and Drools.

According to ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025, the country now counts 73 unicorns compared to 62 in 2024. The report classifies unicorns as ones founded in or after the year 2000 with a valuation of USD 1 billion or more.

Ai.tech, founded in January 2022 by serial entrepreneur Divyank Turakhia, emerged as the fastest-growing unicorn of 2025, valued at USD 1.5 billion within just three years of its inception.

FinTech Leads the Unicorn Wave

The fintech sector continued to dominate the Indian startup ecosystem in 2025, producing some of the most valuable new unicorns. Navi Technologies, co-founded by Flipkart's Sachin Bansal, reached a valuation of USD 1.7 billion, while lending platform Moneyview touched USD 1.2 billion. Vivriti Capital, Veritas Finance and Juspay also joined the list, each surpassing USD 1 billion in value.

Ecommerce platform Jumbotail and SaaS provider DarwinBox also crossed the billion-dollar milestone, while pet food brand Drools showcased the rising potential of consumer goods ventures.

Impact of Gaming Regulation

The Promotion and Regulation of Online Gaming Bill 2025 introduced sweeping changes, including new licensing requirements, higher tax obligations and strict advertising rules. Real Money Gaming giants Dream11, Mobile Premier League, Gameskraft, Games24x7, Zupee and WinZO were forced to exit the unicorn or future unicorn lists as their valuations fell.

Anas Rahman Junaid, Founder and Chief Researcher at Hurun India, remarked, "Regulation Reset: The Online Gaming Bill 2025 has significantly impacted valuations of RMG giants such as Dream11, MPL, Gameskraft, Games24x7, Zupee and WinZO. Stricter licensing, tax obligations and compliance costs have dented short-term growth prospects. Yet, in the long run, these measures will enhance trust and transparency in the sector. Adaptability will decide which companies sustain leadership under this new regulatory regime."

Fastest-Growing Start-Ups

One of the standout trends of 2025 was the pace at which start-ups achieved unicorn status. Ai.tech's rise within three years set a new benchmark. Earlier years had seen quick growth from players like Zepto, Udaan, CRED and PhysicsWallah, but Ai.tech reaffirmed India's ability to create billion-dollar companies at speed.

Glance, valued at USD 1.8 billion in just one year, previously held the title of the fastest unicorn. Other recent examples include Zepto at USD 5.9 billion within two years and PhysicsWallah at USD 3.7 billion in the same period. This momentum reflects the ability of Indian start-ups to scale rapidly across diverse industries, from consumer technology to education and finance.

Unicorns That Went Public

2025 also saw some of India's most prominent unicorns entering the public markets. Logistics firm BlackBuck made its exchange debut, while food delivery giant Swiggy completed one of the most anticipated IPOs of the year. Ola Electric, representing the growing electric vehicle sector, also listed successfully. From the InsurTech space, Digit Insurance joined the ranks, while e-commerce platform FirstCry marked another high-profile listing. These public debuts highlight the growing maturity of India's unicorn ecosystem.

India's IPO Pipeline Gains Momentum

India's start-up ecosystem is also preparing for an active period of fundraising through public markets. Several unicorns and future unicorns have filed draft red herring prospectuses for upcoming listings. Groww leads the pipeline with plans to raise INR 8,500 crore, followed by InCred Finance, PhysicsWallah and Fractal Analytics.

Consumer-facing platforms Meesho and Lenskart are also preparing for listings, while clean energy ventures such as Continuum Green Energy and Rayzon Solar reflect the growing importance of sustainability-focused businesses. Logistics players like Shiprocket and Shadowfax, along with consumer brands BoAt, Urban Company and Curefoods, further highlight the diversity of the IPO pipeline. Collectively, these listings signal investor confidence and demonstrate the transition of start-ups into large-scale public enterprises.

Sectoral Growth and Shifts

FinTech remains India's most dominant unicorn sector, with 19 start-ups valued collectively at USD 50.1 billion. E-commerce follows with 12 companies worth USD 33.1 billion, and SaaS has 11 ventures valued at USD 26.9 billion. EdTech, led by PhysicsWallah and Eruditus, contributes USD 10.1 billion, while Artificial Intelligence unicorns collectively stand at USD 6.4 billion.

The future pipeline shows similar trends. FinTech once again leads with 29 future unicorns worth USD 12.9 billion. SaaS follows with 22 companies valued at USD 7.4 billion, while E-commerce has 14 ventures worth USD 5.1 billion. Consumer goods, Artificial Intelligence, HealthTech, CleanTech and Aerospace are also emerging strongly, showcasing India's expanding start-up base beyond traditional sectors.

Unicorn Hubs of India

Bengaluru continues to lead India's unicorn geography with 26 unicorns collectively worth USD 70 billion, including Zerodha, Razorpay and Groww. Delhi NCR follows with 12 unicorns valued at USD 36.3 billion, led by Lenskart and OfBusiness. Mumbai stands third with 11 unicorns worth USD 22.8 billion, including Upstox and Infra.Market.

Smaller hubs are also making their mark. Pune and Chennai each host three unicorns, while Indian-founded companies such as Innovaccer and Postman have reached unicorn status from global bases like San Francisco.

Top Funded Unicorns

Among India's most heavily funded ventures, Ola Cabs leads with USD 3.8 billion raised, followed closely by PRISM (OYO) with USD 3.7 billion. Quick commerce player Zepto has raised USD 2.5 billion, eyewear retailer Lenskart USD 1.8 billion and e-commerce platform Meesho USD 1.6 billion. Udaan in B2B commerce, Cars24 in auto-tech, ShareChat in social media and CRED in FinTech also feature prominently.

Rising Founders and Investors

Zepto's Kaivalya Vohra and Aadit Palicha, both 22, are the youngest unicorn founders in the country. BharatPe's Shashvat Nakrani, Credgenics' Anand Agrawal and KukuFM's Vikas Goyal illustrate how entrepreneurs in their twenties and early thirties are driving billion-dollar companies.

Women founders are also playing a transformative role. Leaders such as Ruchi Kalra of OfBusiness and Oxyzo, Vineeta Singh of SUGAR Cosmetics and Garima Sawhney of Pristyn Care are shaping unicorns and future unicorns across finance, beauty and healthcare. In the Cheetah and Gazelle categories, entrepreneurs such as Shruti Aggarwal of StashFin and Rashi Agarwal of Zypp Electric are rapidly scaling ventures with global potential.

Investor participation has also surged, growing from 182 in 2021 to more than 1,000 in 2025. Peak XV Partners tops the charts with 68 investments across unicorns, gazelles and cheetahs, followed by Tiger Global, Accel, Elevation Capital and Lightspeed. Angel investors like Kunal Shah, Anand Chandrasekaran and Binny Bansal are also among the most influential backers of India's next wave of start-ups.

Outlook

The combination of rapid unicorn creation, regulatory challenges, strong IPO momentum and sectoral diversity underscores the evolving maturity of India's start-up ecosystem. As Anas Rahman Junaid of Hurun India observed, "New Stars on the Block! Over the past year, almost 11 new unicorns have entered the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025. Notably, Ai.tech emerged as the fastest unicorn, achieving the milestone in just three years. With these new entrants, India's unicorn tally now stands at 73, spanning diverse sectors from technology and mobility to finance and sustainability."

With innovation spreading across industries and cities, and investors showing sustained confidence, India is poised to remain one of the world's leading hubs for start-up growth in the years ahead.