India’s Startup Ecosystem Surges with 11 New Unicorns in 2025, But Gaming Sector Faces Setback
ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 reveals fresh unicorns, emerging soonicorns, and the impact of regulatory shifts on gaming startups
India’s startup landscape continues its meteoric rise, with the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 unveiling a dynamic mix of growth, disruption, and recalibration. The report confirms that India now boasts 73 unicorns, with 11 new entrants joining the elite club this year. These additions reflect the country’s expanding innovation footprint across fintech, SaaS, logistics, and clean energy.
Among the newly minted unicorns are , Navi Technologies, Rapido, Darwinbox, Jumbotail, Netradyne, Moneyview, Juspay, Veritas Finance, Vivriti Capital, and Drools. Notably, emerged as India’s fastest bootstrapped unicorn, reaching a valuation of $1.5 billion in under three years without external funding. This milestone underscores the growing viability of founder-led, capital-efficient models in a market historically dominated by venture-backed growth.
The report also highlights the geographic concentration of unicorns, with Bengaluru leading the pack at 26 unicorns worth a combined $70 billion. Delhi-NCR and Mumbai follow with 12 and 11 unicorns respectively. This regional dominance is mirrored in the pipeline of future unicorns, or “soonicorns,” with Bengaluru again topping the charts.
In terms of sectoral strength, fintech remains the undisputed leader, accounting for 19 unicorns valued at $50.1 billion. It also dominates the future unicorn pipeline, with 29 startups worth $12.9 billion. Other sectors showing strong momentum include SaaS, e-commerce, and clean energy, with companies like Fourth Partner Energy and GreyOrange attracting significant funding and attention.
However, the report also delivers a sobering update on the gaming sector, which has faced a dramatic reversal. Following the passage of the Promotion and Regulation of Online Gaming Bill, 2025, several real-money gaming (RMG) startups have been struck off the unicorn list, including Dream11, MPL, Gameskraft, Games24x7, Zupee, and WinZO. The legislation, which bans all forms of real-money gaming, has led to layoffs, business pivots, and a sharp decline in investor confidence.
Dream11, once a flagship unicorn with over 260 million users, is now reinventing its model to focus on free-to-play fantasy gaming and adjacent verticals like FanCode and DreamSetGo. Similarly, WinZO and Zupee are exploring short-form video platforms and alternative monetization strategies. While the report notes that these changes may build long-term trust and stability, the short-term impact has been significant.
Despite this turbulence, the overall mood of the report is optimistic. The Indian startup ecosystem remains one of the most vibrant globally, with Peak XV Partners emerging as the most active investor, backing 42 startups across various sectors. The report also celebrates the increasing diversity among founders, spotlighting women entrepreneurs like Ruchi Kalra (OfBusiness), Vineeta Singh (SUGAR Cosmetics), and Garima Sawhney (Pristyn Care).
Among the youngest unicorn founders are Kaivalya Vohra and Aadit Palicha of Zepto, both just 22 years old. Their success story reflects the growing influence of Gen Z entrepreneurs in shaping India’s digital economy.
The report categorizes future unicorns into “Gazelles” (likely to become unicorns in 3 years) and “Cheetahs” (likely in 5 years), offering a roadmap for investors and policymakers. These startups are not just chasing valuations—they’re solving real problems at scale, from renewable energy to cross-border trade finance.
In summary, the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 paints a picture of a resilient and evolving startup ecosystem. While regulatory shifts have reshaped certain sectors, the overall trajectory remains upward. With a growing pool of unicorns, a robust pipeline of soonicorns, and a renewed focus on profitability and sustainability, India is well on its way to becoming a global innovation powerhouse.
