Top 10 Unicorn Startups in India: Updated List & Insights

India’s startup ecosystem is booming, with 123 unicorns existing as of December 2025. The top unicorn startups in India are now shaping the future of innovation and economic growth. India is quickly becoming one of the leading nations for unicorn startups, home to game-changing companies across sectors like fintech, e-commerce, and SaaS.

A unicorn startup is a company that has achieved the prestigious milestone of being valued at over $1 billion (₹100 crores). It’s a dream come true for founders and entrepreneurs, representing the pinnacle of success in the startup world. Reaching this rare status is no easy feat, as it requires not only a groundbreaking idea but also exceptional execution and the ability to scale rapidly. 

India’s unicorn startups are setting new benchmarks, with some even crossing valuations of $8.2 billion. This growth signals an exciting future for entrepreneurship in the country, where innovation and ambition are creating transformative businesses. This growth is setting the stage for the future of entrepreneurship and entrepreneurs in the country.

As the number of unicorn startups in India continues to rise, it becomes essential to take a closer look at what sets these industry leaders apart. These companies are not only driving economic growth but also transforming industries. For founders, investors, and policymakers, these unicorn startups offer valuable business lessons for growth, job creation, scalability, and innovation. 

Top 10 Unicorns Startups in India: Valuation and Milestones

India’s startup ecosystem has seen remarkable growth, with several companies leading the way in sectors like fintech, e-commerce, and SaaS. Below, we’ll explore the top 10 unicorn startups in India, their valuations, and key milestones.

1. Zerodha

Valuation: $8.2B | Unicorn Year: 2020 | Headquarters: Bengaluru

Zerodha is India’s largest retail stock brokerage firm and a unicorn startup that has redefined online trading. Founded by Nithin Kamath and Nikhil Kamath, Zerodha’s success lies in its low-cost model and customer-first approach. The company is entirely bootstrapped and has grown purely on profits.

What They Do: Zerodha provides online brokerage services, focusing on low-cost trading for individual investors. The company aims to democratize access to financial markets in India.

Key Milestones

• Founded in 2010.
• Became a unicorn startup in 2020 without any external funding.
• Grown to serve over 16 million customers, with a significant market share in India’s stock market.

Growth Drivers

• The bootstrapped model focused on profits instead of external funding.
• Disruptive pricing strategy, with no account maintenance fees and low brokerage costs.

2. Razorpay

Valuation: $7.5B | Unicorn Year: 2020 | Headquarters: Bengaluru

Razorpay is a leading payment solutions company that enables businesses to accept, process, and disburse payments. Founded by Harshil Mathur and Shashank Kumar, Razorpay revolutionized the way businesses handle payments in India and has become a key player in the FinTech space.

What They Do: Razorpay offers integrated payment systems for businesses, providing APIs and tools for online payments, banking, and financial services.

Key Milestones

• Founded in 2014.
• Became a unicorn startup in 2020 after securing $100M Series D funding.
• Raised $375M in Series F in 2021 to boost expansion.

Growth Drivers

• Strong leadership and product innovation in the payment gateway space.
• Scalable solutions for businesses across sectors, including small and medium-sized enterprises. 

3. Lenskart

Valuation: $7.5B | Unicorn Year: 2019 | Headquarters: Gurugram

Lenskart is a fast-growing e-commerce platform in India, specializing in eyewear. Peyush Bansal, Amit Choudhary, Neha Bansal, Sumeet Kapahi, and Ramneek Khurana founded the company. Lenskart’s online model, coupled with its offline presence, helped it achieve a unicorn startup status in 2019. 

Peyush Bansal, Amit Chaudhary, Neha Bansal, Sumeet Kapahi, Ramneek Khurana

What They Do: Lenskart offers a wide range of affordable eyewear, including prescription glasses, sunglasses, and contact lenses. The company blends e-commerce and brick-and-mortar retail to cater to a diverse customer base.

Key Milestones

• Founded in 2010.
• Became a unicorn startup in 2019 after securing $231M in Series G funding.
• Expanded to over 1,000 stores in India and internationally. Lenskart also achieved over 15 million app downloads. 

Growth Drivers

• Expansion of both online and offline presence.
• Strong customer engagement and virtual try-on technology.

4. Groww

Valuation: $7 B | Unicorn Year: 2021 | Headquarters: Bengaluru

Harsh Jain, Ishan Bansal, Lalit Keshre, and Neeraj Singh founded Groww, one of India’s top investment platforms. Groww focuses on mutual funds, stocks, and Exchange-Traded Funds (ETFs). It has successfully simplified investing, especially for first-time investors, making it one of the fastest-growing unicorn startups in India. 

What They Do: Groww allows individuals to invest in mutual funds, stocks, and other financial instruments through a simple, user-friendly platform.

Key Milestones

• Founded in 2016.
• Became a unicorn startup in 2021, after securing $83M in Series D funding.
• Attracted $200M in Series F funding in June 2025, bringing its valuation to $7B.

Growth Drivers

• Strong focus on user education and digital tools for investment.
• Significant market demand for accessible investment platforms.

5. Zepto

Valuation: $5.9B | Unicorn Year: 2023 | Headquarters: Bengaluru

Zepto is India’s fastest-growing ultra-fast grocery delivery service, founded by Aadit Palicha and Kaivalya Vohra. Zepto became the first unicorn startup of 2023, gaining significant traction with its delivery model promising groceries within minutes.

What They Do: Zepto operates a delivery model focusing on delivering groceries in under 10 minutes. It is a key player in the quick commerce space.

Key Milestones

• Founded in 2021.
• Became a unicorn startup in 2023, raising $200M in Series E.
• Raised $450–500M in 2025 to fuel growth.

Growth Drivers

• The demand for fast grocery deliveries in urban India.
• Strong logistical model with deep market penetration.

6. InMobi

Valuation: $5 B | Unicorn Year: 2011 | Headquarters: Bengaluru

InMobi is India’s first unicorn startup and a leader in mobile advertising. Founded in 2007 by Abhay Singhal, Mohit Saxena, Naveen Tewari, and Piyush Shah, InMobi was one of the earliest success stories in India’s unicorn startup ecosystem.

What They Do: InMobi provides mobile advertising solutions to businesses, helping them target customers through personalized mobile ads.

Key Milestones

• Founded in 2007.
• Became India’s first unicorn startup in 2011.
• Raised $266M from investors like SoftBank Vision Fund.

Growth Drivers

• First-mover advantage in the mobile advertising space.
• Strong network of developers and app publishers.

7. OfBusiness

Valuation: $5.0B | Unicorn Year: 2021 | Headquarters: Gurugram

OfBusiness is an innovative B2B platform providing procurement services for Small and Medium-sized Enterprises (SMEs). Founded by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness has leveraged technology to simplify business-to-business transactions. 

What They Do: OfBusiness helps businesses source raw materials and provides financing for SME needs. It targets industries like manufacturing and construction.

Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain

Key Milestones

• Founded in 2015.
• Became a unicorn startup in 2021, securing $185M in Series G funding.
• Expanding to more industries and service offerings.

Growth Drivers

• Technology-driven procurement and financing solutions for SMEs.
• Strong business network and trusted service delivery.

8. Icertis

Valuation: $5.0B | Unicorn Year: 2019 | Headquarters: Bellevue, USA

Icertis is a global leader in contract lifecycle management (CLM) solutions. Founded by Monish Darda and Samir Bodas, the company has become a key player in SaaS solutions for enterprise contract management.

What They Do: Icertis provides contract lifecycle management software to help enterprises optimize their contract management processes.

Key Milestones

• Founded in 2009.
• Became a unicorn startup in 2019, after raising $115M in Series E funding.
• Expanded its presence to multiple international markets.

Growth Drivers

• Global leadership in contract lifecycle management.
• Enterprise-level clients and large-scale deployments.

9. OYO (PRISM)

Valuation: $5.0B | Unicorn Year: 2015 | Headquarters: Gurugram

OYO is a hospitality unicorn startup that transformed budget accommodations in India. Founded by Ritesh Agarwal, OYO now operates in several international markets and is one of the world’s largest hotel chains.

What They Do: OYO provides affordable, tech-driven hotel stays, offering standardized services across its global network of properties.

Key Milestones

• Founded in 2013.
• Became a unicorn startup in 2015, raising $1.5B in Series F funding.
• Expanded globally to several countries.

Growth Drivers

• Aggressive market expansion and technology-driven hospitality.
• Focus on affordability and standardization in the hospitality sector.

10. Meesho

Valuation: $3.9B | Unicorn Year: 2021 | Headquarters: Bengaluru

Meesho is an e-commerce platform that allows individuals and small businesses to sell products online. Founded by Sanjeev Barnwal and Vidit Aatrey, Meesho became a unicorn startup in 2021 and is leading India’s social commerce wave.

What They Do: Meesho enables resellers to sell products through their social media networks, providing a low-barrier entry for entrepreneurs.

Key Milestones

• Founded in 2015.
• Became a unicorn startup in 2021 after raising $570M in Series F funding.

Growth Drivers

• The growing trend of social commerce and reselling.
• Low-cost model and accessibility for first-time entrepreneurs.

India’s unicorn startups have shown how innovation can unlock billion-dollar opportunities across various sectors. These companies exemplify the true meaning of a unicorn startup, demonstrating how visionary founders and innovative models drive business success.

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What Can Founders Learn from These Unicorns?

Indian unicorns have paved the way for future entrepreneurs. By analyzing their journey, founders can gather valuable insights into building successful businesses. Here’s a checklist with concrete tips for early-stage founders to scale their startup idea.

• Focus on Product-Market Fit: Ensure that your product solves a real problem and has strong demand in the market.
• Master Unit Economics: Know your cost per customer and lifetime value (LTV) to ensure profitability at scale.
• Leverage the Right Distribution Channels: Identify and optimize channels that reach your target audience efficiently.
• Hire Smart, Lead Well: Build a strong team by hiring individuals who align with your company’s vision and foster leadership at every level.
• Start Small, Scale Gradually: Focus on small markets, test your model, and scale only when you find a replicable formula.
• Raise Funds Wisely: Seek funding strategically. Don’t just focus on capital—look for investors who add value beyond money.
• Adapt Quickly to Feedback: Listen to customer feedback and pivot your strategy when necessary to stay competitive.
• Solid Business Plan for Startups: Create a startup business plan with clear goals, financial projections, and growth strategies for your startup’s success.

By focusing on these key areas, founders can increase their chances of reaching unicorn status.

Sector Analysis: Where the Unicorns Are Coming From?

The rise of unicorn startups in India is driven by a diverse set of sectors, each offering unique growth opportunities. The most prominent sectors include: 

• Fintech: This sector has witnessed rapid growth, with companies revolutionizing payments, lending, insurance, and investment solutions.
• E-commerce: The boom in online shopping, especially in niche segments, has led to the emergence of numerous unicorns.
• SaaS (Software as a Service): India’s SaaS startups are scaling globally, offering cloud-based solutions to businesses across industries.
• Healthtech & Edtech: Startups in these sectors are innovating in areas like telemedicine, online education, and healthcare accessibility.
• Mobility & Deeptech: Technologies related to electric vehicles and AI-powered solutions are becoming the next frontier for Indian unicorns.

Quick Stat: Which City Leads?

Bengaluru continues to lead as the top city for unicorns in India, contributing over 40% of the country’s unicorns. As reported by The Economic Times, Bengaluru has been the dominant player in India’s unicorn ecosystem for years.

Emerging Sectors: New Horizons

In addition to the well-established sectors, several emerging fields are showing promising growth in the unicorn space:

• Multimodal Freight: The logistics and supply chain sectors are experiencing a transformation, with startups offering innovative solutions to improve efficiency.
• Climate-Tech: With an increasing focus on sustainability, startups focused on clean energy and climate solutions are gaining momentum.
• Agritech: Innovation in agriculture, from farm management to supply chain improvements, is fostering the rise of agritech unicorns.
• Neobanking: Digital-first banks and financial services are growing rapidly, catering to the tech-savvy, younger generation.

Geography: City-Wise Breakdown

India’s unicorns are primarily concentrated in a few key cities. Here is a breakdown of the number of major unicorns by city:

• Bengaluru: 51 unicorns
• Gurugram: 20 unicorns
• Mumbai: 20 unicorns

Globally, India ranks 3rd in the total number of unicorns, following China (249 unicorns) and the United States (1,098 unicorns). Bengaluru leads the list of cities in India, followed by Gurugram and Mumbai.

Conclusion

India’s unicorn startup ecosystem is thriving, showcasing significant economic growth and sectoral innovation. These startups span diverse industries such as fintech, e-commerce, SaaS, and healthtech, driving India’s digital transformation. Bengaluru continues to lead in unicorn count, followed by Gurugram and Mumbai. 

Aspiring founders can learn from these unicorns by focusing on product-market fit, mastering unit economics, leveraging efficient distribution channels, and building strong leadership teams. Emerging sectors like climate-tech, agritech, and neobanking present new opportunities, further solidifying India’s position as a global startup powerhouse. 

As startups grow, they face a range of challenges, from securing funding to managing scalability. To overcome these hurdles and reach the next level of success, it’s essential to have the right expertise and support. Choose the right partner, like RegisterKaro, to guide your journey. Contact us for tailored solutions that ensure your startup’s smooth growth and financial success.

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Frequently Asked Questions (FAQs)

1. What is a unicorn startup?

A unicorn startup is a privately held company valued at over $1 billion. These startups are considered highly innovative, market-disruptive, and have the potential to transform industries. The term “unicorn” reflects the rarity of such companies in the startup ecosystem. Unicorns are often seen as pioneers in their respective sectors, scaling rapidly and attracting significant investor interest.

2. How many unicorns are there in India?

As of December 2025, India has 123 unicorn startups. These companies span across various sectors, including fintech, e-commerce, SaaS, healthtech, and more. India ranks third globally in terms of total unicorns, with Bengaluru, Gurugram, and Mumbai being the top cities contributing the most unicorns in the country.

3. What sectors do India’s unicorns primarily belong to?

India’s unicorn startups are primarily concentrated in sectors like fintech, e-commerce, SaaS, healthtech, and edtech. Other growing sectors include mobility, deeptech, and consumer products. These sectors have seen tremendous growth, driven by India’s tech-driven economy, digital transformation, and increasing consumer demand for innovative solutions.

4. Which city in India has the most unicorns?

Bengaluru leads as the city with the most unicorns in India. It contributes to over 40% of India’s total unicorn count. Other prominent cities include Gurugram and Mumbai, both of which host a significant number of unicorns as well. Bengaluru’s thriving tech ecosystem, investor presence, and startup culture make it the hub for unicorns.

5. What factors contribute to the rise of unicorn startups?

Several factors contribute to the rise of unicorn startups in India, including access to capital, the country’s growing digital infrastructure, and a young, tech-savvy population. Additionally, sectors like fintech, e-commerce, and SaaS benefit from high demand, innovative business models, and strong investor backing, accelerating the growth of unicorns.

6. How do unicorns impact India’s economy?

Unicorns play a significant role in boosting India’s economy by driving innovation, job creation, and increased investments. These companies create scalable business models that contribute to GDP growth, attract international investors, and offer cutting-edge products and services that improve the quality of life and businesses within India.

7. What is the typical growth trajectory of a unicorn startup?

A unicorn startup typically starts with a strong product-market fit, followed by rapid scaling through strategic fundraising and customer acquisition. These companies often go through multiple rounds of funding, with each round helping them scale operations, expand into new markets, and improve their technology. They also focus on innovation and staying ahead of competitors to maintain their unicorn status.

8. How do unicorns in India raise funds?

Unicorns in India typically raise funds through venture capital (VC) or private equity investors. They secure capital in multiple funding rounds, such as Series A, B, and C, with each round bringing in millions of dollars to fuel growth. Many unicorns also partner with global investors to expand internationally and increase their valuation.

9. Can any startup become a unicorn in India?

While any startup with the right product-market fit, scalability, and investor backing can theoretically become a unicorn, achieving this status is rare and challenging. Successful unicorns are led by visionary founders. They scale businesses rapidly, create innovative products, and secure strategic funding. They also maintain a strong market demand.

10. How can early-stage founders learn from India’s unicorns?

Early-stage founders can learn a lot from India’s unicorns by focusing on product-market fit, keeping a close eye on unit economics, and building a solid distribution strategy. They should also prioritize leadership, invest in talent, and be adaptable to customer feedback. Understanding fundraising tactics and growing strategically is essential for scaling successfully.