India saw five start-ups becoming unicorns in 2025 against 111 unicorns emerging globally. According to Tracxn Geo’s India Tech Annual Funding Report 2025, these five new unicorns are Raise Financial Services, parent company of Dhan, financial digital app Navi, food and retail grocery platform Jumbotail, retail steel provider JSW One MSME, and payment orchestration platform Juspay.
The report says that India has 124 unicorns, accounting for 6% of the global total, positioning it as the third-largest unicorn ecosystem after the US (1,104) and China (249). Global venture capitalists like Tiger Global Management, Peak XV Partners and Accel continued to be the top investors in the unicorns.
According to the Tracxn report, India’s unicorn ecosystem is highly concentrated in Bengaluru (52), Gurugram (20) and Mumbai (19), while Chennai and Pune have 7 unicorns each. The report notes that Tier II and Tier III cities have begun producing unicorns, though their current emergence remains limited and sector-specific, largely enabled by digital-first distribution, improving logistics, and localized execution rather than broad ecosystem depth. Some of the key unicorns in tier II and III cities are Molbio Diagnostics in Salcette (Goa), Slice (Guwahati), OfBusiness (Ahmedabad), Infra.Market (Thane) and CarDekho (Jaipur).
However, profitability remains a concern for most unicorns. “Profitability remains the exception, not the norm, among Indian unicorns. Of the 95 private unicorns that disclosed financials as of FY24 or FY25, only 30 are profitable, underscoring the structural difficulty of achieving scale with sustained margins,” says the report.
It further says that profitable unicorns are disproportionately concentrated in B2B, infrastructure, enterprise applications and fintech, where demand is recurring, pricing power is stronger and customer acquisition costs are structurally on the lower end.
Among unicorns, the most valued companies in 2025 are Zerodha ($10.5 billion), Fractal Analytics ($2.4 billion), Rapido ($2.3 billion), Zepto ($7 billion) and Zeta ($2 billion). As many as seven Unicorns got listed in 2025 compared to six in the previous year.
According to the report, IPO-led exits have rebounded since 2024 amongst unicorns, indicating renewed confidence in Indian public markets and founder preference for long-term capital access over early secondary exits.
In 2025, India witnessed 14 funding rounds of $100M+, compared to 19 such rounds in 2024 and 16 in 2023. Large deals were driven primarily by the transportation & logistics tech, environment tech, and auto tech sectors, with companies raising notable capital including Erisha E Mobility’s $1.0B Series D round, Zepto’s $300M Series H round, and GreenLine’s $275M Series A funding.