India’s startup ecosystem has continued to hold its ground as one of the world’s largest and fastest-growing. Despite tighter funding conditions globally, Indian startups have steadily added new unicorns to the list — proving that strong fundamentals, a large domestic market, and innovative business models can still unlock billion-dollar valuations.
In 2021, India saw a record 44 startups turn unicorns during the peak of the funding boom. The momentum cooled in 2022 and 2023, with 23 and 26 new unicorn startups respectively, as investors tightened their purse strings amid global macro headwinds. By 2024, the number dropped further, with only about 6 startups making it to unicorn startups, among them were Zepto, InCred, Perfios, Rapido, RateGain, and MoneyView.
Now, as we move through 2025, India has added 5 new unicorn startups so far this year — Juspay, Netradyne, Porter, Drools, and Jumbotail. Together, they reflect a strong mix of sectors: payments infrastructure, fleet AI, intra-city logistics, pet food, and retail supply chain. This shows that the market is rewarding startups with resilient business models, solid unit economics, and clear paths to profitability even as venture funding remains selective.
Updated List of Unicorn Startups in India 2025
1. Juspay
Founded: 2012
Founders: Vimal Kumar and Ramanathan RV
What they do: Juspay is a Bengaluru-based payment gateway and payments stack provider, powering secure, seamless digital payments for major brands like Amazon, Swiggy, and Flipkart.
Last Funding: Raised an undisclosed amount from Kedaara Capital in January 2025, pushing its valuation over $1 billion.
Financials: Juspay’s revenue for FY24 was estimated at over ₹350 crore, with profitability improving steadily thanks to India’s booming digital payments ecosystem.
Recent Update: Juspay has been expanding its presence in UPI infrastructure and Buy Now Pay Later segments, strengthening its market position.
2. Netradyne
Founded: 2015
Founders: Avneesh Agrawal and David Julian
What they do: The startup builds AI-powered driver and fleet safety solutions through its flagship product, Driveri, which uses computer vision and edge computing to monitor and improve fleet operations.
Last Funding: In February 2025, it raised fresh capital from SoftBank Vision Fund 2, pushing its valuation into unicorn territory.
Financials: In FY24, Netradyne reported revenue growth of 50% YoY, driven largely by its US fleet clients. Losses have narrowed as adoption grows.
Recent Update: The company is expanding deeper into India’s logistics and commercial transport sector with new strategic partnerships.
3. Porter
Founded: 2014
Founders: Pranav Goel, Uttam Digga, and Vikas Chaudhary
What they do: Porter is an on-demand intra-city logistics platform that connects businesses and individuals with mini-truck drivers for fast, reliable deliveries.
Last Funding: Raised $100 million in a March 2025 round led by Tiger Global and existing backers, taking its valuation past $1 billion.
Financials: Porter closed FY24 with estimated revenues of over ₹1,000 crore but continues to operate at a net loss as it focuses on expanding into new cities and services.
Recent Update: Porter is reportedly exploring expansion into Southeast Asian markets and is piloting electric vehicle fleets to cut costs and meet ESG goals.
4. Drools
Founded: 2010
Founder: Fahim Sultan Ali
What they do: Drools is one of India’s largest pet food brands, producing affordable, high-quality nutrition for dogs and cats.
Last Funding: Became a unicorn startup in April 2025 when Nestlé acquired a minority stake to enter India’s rapidly growing pet care market.
Financials: Drools clocked FY24 revenues exceeding ₹500 crore, supported by growing urban pet ownership. It has been profitable for the last two years.
Recent Update: Drools is working on expanding its manufacturing capacity and launching new premium pet care products in the grooming and treats categories.
5. Jumbotail
Founded: 2015
Founders: Ashish Jhina and Karthik Venkateswaran
What they do: Jumbotail operates a full-stack B2B marketplace for food and grocery distribution, serving kirana stores with supply chain, warehousing, logistics, and fintech solutions.
Last Funding: Raised $120 million in Series D in May 2025, led by SC Ventures (Standard Chartered). Its acquisition of Solv India strengthened its MSME network.
Financials: Jumbotail’s revenue grew to INR 819 crore in FY23. The company’s net loss widened to INR 264 crore as it doubled down on scale and tech. FY24 numbers are awaited.
Recent Update: Jumbotail is integrating Solv India’s MSME network and building new credit products for small retailers.
6. Dhan
Founded: 2021
Founders: Pravin Jadhav, Jay Prakash Gupta, and Alok Pandey
What they do: Mumbai-based Raise Financial Services, parent of Dhan, operates a stock trading and investment platform simplifying investing for India’s retail traders. Its offerings include the Dhan app, Option Trader, Dhan Web, TradingView by Dhan, and DhanHQ API for advanced users.
Last Funding: Raised $120 million (INR 1,065 crore) in a Series B round led by Hornbill Capital and Japan’s MUFG, with participation from BEENEXT, Ramesh Damani (DMart), DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa (White Oak Capital). The round valued the company at over $1 billion, making it a unicorn.
Financials: Reported INR 400 crore PAT in FY25, nearly double INR 177 crore in FY24, with revenue reaching INR 900 crore.
Recent Update: Funds will support AI-driven product expansion, wealth distribution solutions, and growth in Tier I and II cities. This follows a $22 million round in 2022 led by BEENEXT, marking a 10x valuation rise in three years. Avendus Capital was the exclusive financial advisor.
Competition: Competes with Zerodha, Groww, Angel One, and Upstox, positioning itself as a tech-led platform for India’s new-age retail investors.
Also Read | IPO 2025: The Startups List Going Public in India This Year
According to industry estimates, India’s total unicorn startups count stands at around 120 as of May 2025, making it the third-largest startup ecosystem after the US and China. The country’s unicorn startups now span over 15 sectors, with fintech, SaaS, logistics, consumer brands, and B2B marketplaces leading the pack.
With these 6 unicorn startups crossing the billion-dollar mark so far, India’s startup ecosystem continues to prove its depth and diversity — even in a time of cautious funding and tighter capital flows.
This list of unicorn startups will be updated throughout 2025 as more high-potential startups raise new rounds and enter the unicorn club…
