Eternal’s Deepinder Goyal has emerged as India’s number one self-made entrepreneur, overtaking Avenue Supermarts founder Radhakishan Damani, in the third edition of the “IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025”.
The list provides a snapshot of India’s most valuable new-age businesses, founded after 2000, and the founders who built them from the ground up.
Goyal has claimed the top position with a valuation of Rs 3.2 lakh crore, reflecting the rapid scale and market influence of Eternal, which has grown into one of the country’s most valuable consumer internet-led enterprises. His rise to the top of the list underscores the growing dominance of technology-driven platforms and digital-first business models in India’s entrepreneurial landscape, particularly those that have successfully combined scale, brand strength and profitability over the past decade.
By displacing Damani, whose Avenue Supermarts has long been seen as a benchmark for disciplined execution and steady value creation, Goyal’s ascent signals a broader transition in how value is being created in the Indian economy. While traditional retail and brick-and-mortar models continue to command respect, the latest rankings highlight how digital platforms, data-led operations and technology-enabled consumer businesses are increasingly setting the pace.
Among the top ten, IndiGo founders Rahul Bhatia and Rakesh Gangwal secured the third position on the list, which has been computed as of September 25 this year. Swiggy co-founders Sriharsha Majety and Nandan Reddy ranked fifth, supported by a 5 percent rise in the company’s valuation to Rs 1.06 lakh crore.
Paytm founder Vijay Shekhar Sharma recorded one of the sharpest gains, with his wealth rising 67 percent, placing him eighth on the list with a business valuation of Rs 72,900 crore.
Recently listed Lenskart also witnessed a strong surge, with its valuation climbing 60 percent to Rs 67,000 crore. This propelled co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi to the 10th position in the rankings.
The 2025 edition also reinforces the depth and diversity of India’s millennial entrepreneurship ecosystem. Many of the companies featured have scaled rapidly in a relatively short period, benefiting from rising internet penetration, formalisation of the economy, growing consumer spending and access to domestic and global capital. The presence of founders across sectors such as technology, fintech, consumer internet, healthcare, manufacturing and clean energy reflects how entrepreneurship in India is no longer confined to a few urban or industry clusters.
From an analytical standpoint, according to IDFC First Hurun India, the changing leadership at the top of the rankings points to a shift in investor preference and market valuations. Capital markets and private investors are increasingly rewarding companies that demonstrate scalability, innovation and the ability to build strong ecosystems rather than just linear growth. At the same time, the report highlights the growing maturity of India’s startup ecosystem, where several post-2000 companies are now valued at levels once associated only with legacy business houses.
The rankings also serve as a broader indicator of India’s economic transformation. The rise of self-made entrepreneurs from the millennial generation reflects a structural change in opportunity creation, where access to technology, capital and markets has lowered entry barriers and enabled founders to build large enterprises within a single generation. As these companies continue to evolve, their founders are likely to play an increasingly influential role not just in business, but also in shaping employment, innovation and consumer behaviour across the country.