India’s vibrant startup ecosystem has rapidly evolved, producing several unicorns that have redefined innovation and business models. These startups, each valued at over $1 billion, span across diverse sectors like fintech, edtech, healthtech, e-commerce, and SaaS. Fueled by strong investor interest, digital penetration, and a tech-savvy consumer base, they are transforming traditional industries through scalable, technology-driven solutions.
With headquarters in major tech hubs like Bengaluru, Mumbai, and Delhi-NCR, these companies are not only leading in their niches but are also influencing global markets. Their success stories are a testament to India’s growing dominance in the global startup and innovation landscape.
In this blog, we will take a look at Top 12 Unicorn Startups in India.
What is a Unicorn Startup?
A privately held business worth at least $1 billion is referred to as a unicorn startup. Aileen Lee, a venture capitalist, originally used the word in 2013 to describe the infrequency of such profitable endeavors.
Unicorns typically operate in the tech or innovation-driven sectors and achieve high valuations through rapid growth, disruptive business models, and significant investor backing. These companies often prioritise scalability, aiming to capture large market shares quickly, even before turning a profit.
Many unicorns focus on solving complex problems using technology, such as fintech, e-commerce, edtech, or artificial intelligence. Their high valuations are usually based on future potential rather than current revenue, making them attractive yet risky investments in the eyes of venture capitalists and private equity firms.
List of Top 12 Unicorn Startups in India
1. Zepto
- Headquarters: Bengaluru, Karnataka, India
- Industry: Quick-Commerce / Online Grocery Delivery
- Founders: Aadit Palicha, Kaivalya Vohra
- Founded: July 2021
- Investors: Y Combinator, Nexus Venture Partners, Glade Brook Capital, StepStone Group, General Catalyst, Avra Capital, Avenir Growth Capital
- Products and Services: 10-minute grocery delivery, Zepto Café (ready-to-eat food), Bloom (farm-to-city supply chain)
- Valuation: $5 billion
Founded in 2021, Zepto, operates as a quick-commerce startup based in Mumbai to deliver groceries within ten minutes. The company operates a dense network of dark stores alongside advanced logistics technology to deliver thousands of products including fresh produce and household essentials.
This new startup quickly built significant momentum throughout major Indian metropolitan cities by presenting speedy delivery combined with simple access and reliable product quality standards. The valuation of Zepto has reached over $5 billion for calendar year 2024 while competing against dominant players Blinkit and Swiggy Instamart.
The combination of its modern branding strategy together with its technological leadership and operational optimization capabilities allows the company to challenge established positions in India’s evolving retail industry.
2. Netradyne
- Headquarters: Bengaluru, Karnataka, India
- Industry: Artificial Intelligence / Fleet Safety
- Founders: Avneesh Agrawal, David Julian
- Founded: 2015
- Investors: M12 (Microsoft’s Venture Fund), Reliance Industries, SoftBank Vision Fund, Point72 Ventures
- Products and Services: Driveri® AI-powered dashcam, fleet safety analytics, driver behavior monitoring
- Valuation: Over $1 billion
Netradyne launched in 2015 as an AI startup which specialises in driver safety alongside fleet management from Bengaluru. Driveri represents the core product lineup from Netradyne which features AI-based dashcams that inspect driving behaviors during live operations and allows commercial fleets to reach enhanced safety measures and regulatory compliance levels while boosting operational performance.
The company operates worldwide by employing deep learning technology for risk evaluation and violation detection along with driver safety promotion. Netradyne has positioned itself among India’s fastest-growing AI unicorns through its anticipated $1 billion value in 2025.
Through its technology-based mission for road safety the company has positioned itself as a leading partner for commercial businesses worldwide in transportation logistics and ride-hailing industries.
3. Ather Energy
- Headquarters: Bengaluru, Karnataka, India
- Industry: Automotive / Electric Vehicles
- Founders: Tarun Mehta, Swapnil Jain
- Founded: 2013
- Investors: Hero MotoCorp, Tiger Global, Flipkart Founders, GIC, National Investment and Infrastructure Fund (NIIF)
- Products and Services: Electric scooters (Ather 450X, 450S, Rizta), Ather Grid (charging infrastructure)
- Valuation: $1.37 billion
Ather Energy began operations in 2013 through its headquarters in Bengaluru as it develops and sells premium electric scooters.The Ather 450X sets itself apart from other models because to its unique Ather Grid fast-charging network, high-performance features, and intelligent interface.
The organisation leads India’s urban transformation of transportation culture while dedicating itself to green technologies together with manufacturing within domestic borders. Ather Energy runs experience centers across multiple major metropolitan areas while maintaining active R&D teams who work to improve both battery technologies and consumer interactions.
Ather maintains a market valuation of $1.3 billion as it competes against Ola Electric and TVS in India’s EV market while advancing India’s shift toward clean energy.
4. Moneyview
- Headquarters: Bengaluru, Karnataka, India
- Industry: Fintech / Digital Lending
- Founders: Puneet Agarwal, Sanjay Aggarwal
- Founded: 2014
- Investors: Accel, Tiger Global, Winter Capital, Evolvence India, Apis Partners
- Products and Services: Personal loans, credit score monitoring, expense tracking app
- Valuation: $1.2 billion
Moneyview operates as a Bengaluru-based fintech startup which was founded in 2014 and provides personal loans, business credit cards, and credit management tools via its entirely digital platform.
Moneyview serves customers beyond traditional banking criteria through innovative scoring models and data science technology which handles clients without traditional credit records. Through its app, users can see their complete financial picture as they track spending and create budgets while receiving personalised loan options.
In 2024 Moneyview reached a $1.2 billion valuation while forming strategic partnerships with banking institutions and corporations. The welcoming procedures and data-centered strategies of Moneyview enabled the platform to grow into a market-leading digital lending authority within India.
5. Rapido
- Headquarters: Bengaluru, Karnataka, India
- Industry: Transportation / Ride-Hailing
- Founders: Aravind Sanka, Pavan Guntupalli, SR Rishikesh
- Founded: 2015
- Investors: WestBridge Capital, Swiggy, TVS Motor Company, Shell Ventures, Nexus Venture Partners, Prosus
- Products and Services: Bike taxi, auto-rickshaw and cab services, logistics and parcel delivery
- Valuation: $1.1 billion
Bengaluru-based, Rapido, started operations in 2015 to become India’s largest bike taxi company while launching auto and cab transport services nationwide. Urban commuters who need efficient budget-friendly transport options use Rapido’s mobile app to connect quickly with its user-friendly tracking features across tier-1 and tier-2 cities.
Through its large captain fleet the company makes it possible to provide extensive service coverage. In 2024 Rapido earned a valuation exceeding $1.1 billion through its recent additions of subscription passes and enhanced safety features with in-app insurance benefits.
The company performs a vital duty by satisfying India’s increasing market demand for economical transportation solutions during the final stage of delivery.
6. Perfios
- Headquarters: Bengaluru, Karnataka, India
- Industry: Fintech / SaaS
- Founders: Sabyasachi Goswami, Debashish Chakraborty
- Founded: 2008
- Investors: Warburg Pincus, Bessemer Venture Partners, Kedaara Capital
- Products and Services: Credit decisioning, financial data aggregation, analytics APIs
- Valuation: $2.57 billion
Founded in 2008 from Bengaluru, Perfios, operates as a fintech SaaS company which provides financial institutions access to real-time data analytics together with credit-decisioning tools. Through its API platform Perfios analyses financial data that is gathered and processed from bank statements along with tax reports and credit reports.
The company Perfios serves over 1,000 clients to detect frauds and help with compliance and underwriting processes in 18 countries worldwide. Through its platform the technology enables banks alongside NBFCs and fintechs to implement automation for lending and credit assessment operations.
The market valuation of Perfios is expected to reach $2.57 billion in 2024 while the company maintains its status as a financial data intelligence and digital transformation leader for financial services.
7. Krutrim
- Headquarters: Bengaluru, Karnataka, India
- Industry: Artificial Intelligence
- Founders: Bhavish Aggarwal
- Founded: 2023
- Investors: Ola Group, Matrix Partners India, Tiger Global
- Products and Services: Large language models for Indian languages, AI infrastructure
- Valuation: $1 billion
Krutrim is an AI startup founded in 2023 by Bhavish Aggarwal, focused on building large language models tailored to Indian languages and contexts.
As India’s first full-stack AI company, it develops foundation models that support text generation, translation, and conversational capabilities in over 10 Indian languages. Krutrim aims to empower businesses, governments, and developers to build inclusive AI solutions.
With a valuation of $1 billion in just a year, it represents India’s ambition to create indigenous AI infrastructure. The startup’s goal is to reduce dependency on global AI providers and build culturally and linguistically aware models for India.
8. Porter
- Headquarters: Bengaluru, Karnataka, India
- Industry: Logistics / Transportation
- Founders: Pranav Goel, Uttam Digga, Vikas Choudhary
- Founded: 2014
- Investors: Sequoia Capital India, Mahindra Partners, Tiger Global, Lightrock
- Products and Services: Intra-city logistics, truck and bike rentals, courier services
- Valuation: $1 billion
The Bengaluru-based startup, Porter, established in 2014, is a leading logistics company in India offering intra-city and last-mile delivery services through its tech-enabled transportation platform. Customers can use the company’s app to schedule transportation of mini-trucks, bikes, and LCVs needed for private or business delivery requirements.
Small businesses, e-commerce firms, and individual consumers benefit from Porter’s flexible pricing model and real-time tracking, along with fast delivery solutions. Porter became a unicorn when it reached a $1 billion valuation in 2024.
The aggregation model, coupled with its extensive driver operations and cost-effective service delivery framework, positions Porter as a fundamental urban logistics solution that addresses India’s diverse transportation sector through advanced mobility approaches.
9. Physics Wallah
- Headquarters: Noida, Uttar Pradesh, India
- Industry: EdTech
- Founders: Alakh Pandey, Prateek Maheshwari
- Founded: 2016 (YouTube channel), 2020 (EdTech platform)
- Investors: Hornbill Capital, Lightspeed Venture Partners, GSV Ventures, WestBridge Capital
- Products and Services: Online courses for competitive exams (JEE, NEET), PW App, PW Vidyapeeth (offline centers)
- Valuation: $2.8 billion
Alakh Pandey launched Physics Wallah as a YouTube channel during 2016 and built it into a premier EdTech online coaching service for students aiming at NEET and JEE together with UPSC exams.
The India-based organisation PW operates its Vidyapeeth centers throughout the country alongside its hybrid educational services which use video training platforms and printed materials. The application has reached 10 million downloads while maintaining a significant user base who pay for its services.
Physics Wallah maintains a $2.8 billion valuation thanks to its mission of delivering high-quality education at low prices to students from smaller towns. The EdTech market contains many startups but Physics Wallah signifies an exceptional case because it operates as an independent unicorn business.
10. Shiprocket
- Headquarters: New Delhi, India
- Industry: E-commerce Logistics
- Founders: Saahil Goel, Gautam Kapoor, Vishesh Khurana
- Founded: 2012 (as KartRocket), pivoted in 2017
- Investors: Tribe Capital, Bertelsmann India Investments, Temasek Holdings, Zomato
- Products and Services: Shipping aggregation, fulfillment services, cross-border logistics
- Valuation: $1.3 billion
Shiprocket, founded in 2017 in New Delhi, is a leading e-commerce logistics platform and e-commerce platform that enables D2C brands and SMEs to manage shipping, tracking, and fulfillment across India.
It integrates with over 25 courier partners and supports automation of order processing through advanced inventory management software. With a valuation exceeding $1.2 billion, Shiprocket simplifies logistics for more than 250,000 sellers, offering real-time analytics, return management, and competitive rates.
Its fulfillment network and facilities improve last-mile delivery capabilities. Shiprocket plays a key role in India’s digital retail boom, enabling even small sellers to compete with giants like Amazon and Flipkart.
11. Molbio Diagnostics
- Headquarters: Goa, India
- Industry: HealthTech / Diagnostics
- Founders: Sriram Natarajan
- Founded: 2000
- Investors: Motilal Oswal Alternates, Temasek Holdings, LeapFrog Investments
- Products and Services: Truenat portable molecular diagnostic platform for infectious diseases
- Valuation: $1.53 billion
Molbio Diagnostics, based in Goa and founded in 2000, revolutionised point-of-care testing in India with its Truenat platform.
The company provides portable molecular diagnostic devices that offer rapid and accurate testing for infectious diseases such as tuberculosis, COVID-19, and HIV. Molbio’s decentralised testing technology is deployed in hospitals, clinics, and mobile labs, especially in remote areas.
With a valuation of $1.53 billion, it is a vital health-tech unicorn enhancing diagnostic access and public health monitoring. Molbio played a critical role during the COVID-19 pandemic and continues to innovate for faster, accessible diagnostics in developing countries.
12. InCred Finance
- Headquarters: Mumbai, Maharashtra, India
- Industry: Financial Services / NBFC
- Founders: Bhupinder Singh
- Founded: 2016
- Investors: Kedaara Capital, FMO, Moore Strategic Ventures, Elevar Equity
- Products and Services: Personal loans, education loans, SME lending, wealth management
- Valuation: $1.04 billion
InCred Finance is a Mumbai-based NBFC founded in 2016, providing digital-first lending solutions across personal, education, SME, and consumer finance segments. With a mission to bridge India’s credit gap, it combines traditional underwriting with data-driven technology.
The company focuses on financial inclusion, offering quick and paperless loans to underserved populations. In 2023, it became a unicorn with a valuation of over $1 billion.
InCred’s strong asset portfolio, growing borrower base, and expansion into wealth management and institutional lending demonstrate its ambition to become a comprehensive financial services platform in India’s evolving fintech landscape.
Ending Thoughts
Unicorn startups symbolise innovation, ambition, and the potential for extraordinary growth in the modern business world. Their emergence highlights the increasing role of technology in shaping industries and solving real-world problems. India, in particular, has seen a rapid rise in unicorns across sectors like fintech, edtech, e-commerce, and healthtech, reflecting the country’s growing digital ecosystem and entrepreneurial spirit.
While these startups hold immense promise, they also face challenges such as maintaining profitability, sustaining growth, and navigating regulatory landscapes. Nonetheless, unicorns continue to attract significant investment and attention globally, serving as benchmarks of success for aspiring entrepreneurs. As they evolve, these companies are expected to play a major role in shaping the future of the global economy and innovation landscape.
FAQs
1. How many unicorns are there in India?
In industries including fintech, edtech, e-commerce, SaaS, and healthtech, India is home to more than 100 unicorns as of 2025.
2. What are some famous unicorn startups in India?
Notable Indian unicorns include BYJU’S, Swiggy, Zomato, Razorpay, Paytm, and Dream11.
3. How does a startup become a unicorn?
A startup becomes a unicorn by achieving a valuation of $1 billion or more, usually through funding rounds and investor backing.
4. Which Indian city has the most unicorn startups?
Bengaluru leads with the highest number of unicorns, followed by Delhi-NCR and Mumbai.
