ASK Private Wealth and Hurun India Release Fifth Edition of Unicorn and Future Unicorn Report 2025

ASK Private Wealth and Hurun India have unveiled the fifth edition of the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025, powered by the CGU Index (Cheetah–Gazelle–Unicorn). The report showcases India’s most valuable start-ups, reflecting the country’s position as one of the world’s fastest-growing innovation hubs.

The Hurun Research Institute classifies start-ups into three categories: Unicorns (valued at USD 1 billion or more), Gazelles (USD 500 million–1 billion, likely to become unicorns within three years), and Cheetahs (USD 200–500 million, potential unicorns within five years).

Key findings of the 2025 report include:

• India is home to 73 Unicorns, 46 Gazelles and 104 Cheetahs.
• Eleven new Unicorns were created in 2025, including Ai.tech, Navi Technologies, Moneyview, Juspay, Jumbotail and Drools. Ai.tech became India’s fastest unicorn, reaching a USD 1.5 billion valuation in under three years.
• A record 54 new entrants joined the index this year, compared to 38 last year.
• FinTech leads India’s future unicorn pipeline with 29 companies valued at USD 12.9 billion, followed by SaaS and E-Commerce.
• Bengaluru remains India’s unicorn capital, hosting 26 Unicorns worth USD 70 billion, with Delhi NCR and Mumbai following.
• IITs and IIMs continue to dominate as breeding grounds for founders, while women leaders such as Ruchi Kalra (OfBusiness & Oxyzo) and Vineeta Singh (SUGAR Cosmetics) highlight the growing diversity of India’s entrepreneurial landscape.

The report also notes sectoral shifts, with artificial intelligence, aerospace, and clean technology emerging as growth drivers. Eleven Cheetahs transitioned to Gazelles in 2025, while companies such as Juspay and Veritas Finance jumped directly from Cheetah to Unicorn status, underscoring investor confidence in Indian innovation.

Speaking at the launch, Rajesh Saluja, Co-Founder, CEO & MD, ASK Private Wealth, said:
“India’s start-up ecosystem has matured into a powerful engine of innovation and value creation. The increasing focus on profitability and sustainability reflects ventures that are not only shaping India’s growth story but also setting global benchmarks.”

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, added:
“Tracking unicorns and future unicorns together gives a complete picture of India’s entrepreneurial pipeline. Despite global headwinds, India continues to nurture one of the world’s most resilient pools of disruptive companies.”

With 73 Unicorns, 46 Gazelles and 104 Cheetahs collectively employing over 3.7 lakh people, the 2025 report highlights India’s growing global influence as a hub for innovation, entrepreneurship and investment.