ASK Private Wealth and Hurun India today released the ASK Private Wealth Hurun India Future Unicorn Report 2025
by Prashant Kapadia/NHN
Mumbai, India | 11 September 2025: ASK Private Wealth and Hurun India are delighted to release the fifth edition of the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025, a ranking of India’s start-ups founded in the 2000s, worth at least USD 200 Mn (INR 1,710 crore), not yet listed on a public exchange. The report features Unicorns (start-ups valued at USD 1 Bn or more), along with Gazelles (start- ups valued between USD 500 Mn and USD 1 Bn, most likely to ‘go Unicorn’ within three years) and Cheetahs (start-ups valued between USD 200 Mn and USD 500 Mn, with the potential to ‘go Unicorn’ within five years). The cut-off date was 01 July 2025.
ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 is a snapshot of India’s start-up ecosystem. This is an index of the most valuable private equity or venture capital-funded startups in India, ranked according to their latest funding round valuation.
Hurun Research found 150 Indian future Unicorns and 73 Unicorns.
Speaking at the launch, Rajesh Saluja, Co-Founder, CEO & MD, ASK Private Wealth, said, “As we mark five years of the ASK Private Wealth Hurun India Unicorn and Future Unicorn Index, it is inspiring to see how India’s start-up ecosystem has matured into a powerful engine of innovation and economic value creation. The increasing depth across FinTech, AI, SaaS, and Consumer sectors not only underscores the ingenuity of Indian entrepreneurs but also positions India at the forefront of shaping the next wave of global disruptors .”
“What is particularly encouraging is the growing focus on profitability, sustainable models, and capital efficiency—hallmarks of businesses that endure and scale globally. These ventures are no longer just participating in India’s growth story; they are creating benchmarks that resonate across international markets, drawing global talent and capital to our shores.”
“At ASK Private Wealth, we take pride in recognising and supporting these visionaries through this index. Our role goes beyond wealth management; we partner with founders to unlock their time, enable value creation, and help them think generationally about wealth and impact. As India’s entrepreneurial ecosystem steps into a new phase of maturity, we believe its influence will extend far beyond domestic boundaries, cementing India’s place as a global hub for innovation and enterprise,” he added.
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said, “We have been publishing the ASK Private Wealth Hurun India Future Unicorn Index for the past four years, and this year we are delighted to extend our partnership to showcase India’s entire unicorn universe as well. Tracking unicorns is equally important, as they represent India’s most valuable and disruptive companies that are already shaping industries, creating large-scale employment, and attracting global capital. Together with future unicorns, they provide a complete picture of India’s innovation pipeline and the long-term potential of the country’s entrepreneurial ecosystem. We are pleased to present the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025, Powered by the ASK Private Wealth Hurun Cheetah–Gazelle–Unicorn Index (CGU Index).”
“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. Other prominent additions include Navi Technologies, Vivriti Capital, Rapido, Netradyne, Jumbotail, DarwinBox, Moneyview, Veritas Finance, Juspay and Drools. With these new entrants, India’s unicorn tally now stands at 73 in 2025, spanning diverse sectors from technology and mobility to finance and sustainability.”
“India’s start-up ecosystem has undergone a remarkable transformation between 2021 and 2025. The number of Cheetahs & Gazelles has expanded from 82 to 150, while cumulative valuations grew 79% to USD 62 billion. Despite global funding winters and valuation corrections, India has continued to nurture one of the world’s most vibrant and resilient pipelines of Unicorns, Gazelles, and Cheetahs.”
“The Investor Surge! Investor participation has broadened significantly, rising from 182 in 2021 to 1,014 in 2025. Peak XV Partners leads the field with 42 Unicorns, Gazelles, and Cheetahs bets, while Stride Ventures has gone from zero in 2021 to 20 in 2025. Early-stage specialists such as Blume Ventures have also scaled sharply, signalling the maturing of India’s capital ecosystem.”
“Global Footprints, Indian Roots! The number of India-origin Cheetahs & Gazelles with overseas headquarters has grown from 6 in 2021 to 25 in 2025, a 317% rise. Companies such as GreyOrange, Whatfix, and Twin Health are now basing themselves globally while retaining their Indian roots. This highlights how Indian entrepreneurs are building global champions while staying connected to India’s talent base.”
“Cumulative revenues of Cheetahs & Gazelles have grown more than six times, from INR 9,955 crore in 2021 to INR 68,277 crore in 2025. Employment has nearly doubled, with 1.67 lakh people now working in these companies. ESOP allocations have also risen, with Jar setting aside 19.9% and Udaan 16%, reinforcing the culture of inclusive wealth creation.”
“The Unicorn Predictor! The ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 has proven to be a strong predictor of Unicorns. In 2021, 23 companies including Zepto, Mamaearth, and CarDekho became Unicorns the very next year. Later, names such as boAt, InCred Finance, Jumbotail, JusPay, and Veritas Finance also made the leap. This high conversion rate affirms the Index’s credibility as India’s most reliable Cheetah–Gazelle–Unicorn barometer.”
“The rise of new-age sectors is striking, with AI, SpaceTech, and New Energy expanding from 9 companies in 2022 to 19 in 2025. New Energy startups alone has grown its valuation by 1,389% in just three years, while SpaceTech has built a USD 1.8 billion presence. These frontier industries are shaping the future of India’s innovation economy.”
“Family offices are emerging as influential players in start-up funding. In 2021, just seven family offices were active investors in Cheetahs & Gazelles, while by 2025 that number had risen to 55. Their entry brings patient, long-term capital and strategic expertise, offering much-needed stability during volatile funding cycles.”
“The average age of Cheetahs and Gazelles founders has increased from 38 in 2021 to 42 in 2025, reflecting a shift toward experienced leadership. With 343 founders driving these ventures today, up from 205 in 2021, the emphasis is clearly moving toward sustainable growth rather than hyper-scaling at all costs.”
“Bengaluru Still Leads! Bengaluru continues to anchor India’s start-up geography with 26 Unicorns cumulatively valued at USD 70 Bn and 41 Cheetahs and Gazelles cumulatively worth USD 16 Bn. Delhi NCR and Mumbai also remain powerful hubs, hosting 12 Unicorns and 31 Future Unicorns, and 11 Unicorns and 28 Future Unicorns respectively. India’s start-up map is diversifying even as Bengaluru leads the charge.” “India’s Unicorns and Future Unicorns are not only scaling in valuation but also emerging as some of the country’s largest employers. VVDN Technologies leads the Future Unicorns with 10,000 employees. Among Unicorns, Lenskart tops the list with 17,607 employees, followed closely by OfBusiness with 17,000 and PhysicsWallah with 14,000 in just five years. These numbers highlight how India’s start-up ecosystem is generating large-scale employment across technology, finance, healthcare, and consumer services, underscoring its critical role in nation-building.”
“IITs and IIMs remain the strongest breeding grounds for India’s start-up founders. IIT Delhi leads with 42 undergraduate founders, while IIM Ahmedabad tops the postgraduate list with 27. Alumni such as Shashvat Nakrani, Vineeta Singh, and Ruchi Kalra show how these institutions continue to power India’s Unicorn story.”
“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.”
“Hurun India is delighted to partner with ASK Private Clients for the fifth edition of the ASK Private Clients Hurun India Unicorn and Future Unicorn Report 2025. This collaboration reflects our shared commitment to tracking India’s most innovative entrepreneurs and high-growth companies, offering valuable insights into emerging sectors, funding trends, and the future of India’s start-up ecosystem.”, concluded Anas Rahman Junaid.