India’s new unicorns in 2025: Fewer additions, higher thresholds

India added only a small number of new unicorns in 2025. By most conservative estimates, six startups have crossed the $1 billion valuation mark this year which is far fewer than 45 in 2021.

The slowdown was not a surprise. Capital conditions remained tight following the funding correction of 2022–24, and valuation benchmarks reset across sectors. Large primary funding rounds were rare, while in several cases, unicorn status was established through secondary transactions, minority strategic investments, or incremental valuation re-ratings, rather than fresh capital infusions. The result was a narrower, more selective cohort.

Unicorns of 2025

1. Netradyne
Netradyne develops AI-based video telematics software for commercial vehicle fleets, focused on safety monitoring and regulatory compliance. The company crossed the $1 billion valuation mark in January after raising capital in a Series D round led by Point72 Private Investments, with participation from Qualcomm Ventures and Pavilion Capital. Its valuation reflected sustained enterprise adoption, particularly outside India.

2. Porter
Porter operates a hyperlocal logistics platform that connects small businesses with intra-city delivery vehicles. The company became a unicorn in May following a funding round backed by Kedaara Capital and Wellington Management, which included both primary capital and secondary share sales.

3. Drools
Drools manufactures pet food for the domestic market and distributes largely through offline retail channels. The company crossed the unicorn threshold in May after a minority strategic investment by Nestlé SA, adding to earlier institutional backing by LVMH's L. Catterton.

4. Jumbotail
Jumbotail runs a B2B platform supplying groceries and staples to kirana stores, supported by logistics and credit services. It reached a $1 billion valuation in June after raising a Series D round led by SC Ventures and completing the acquisition of Solv. The transaction expanded its footprint in wholesale grocery supply.

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5. Fireflies.ai
Fireflies.ai provides software that records, transcribes, and analyses enterprise meetings using AI. The company crossed the unicorn mark through a secondary tender offer in June, without a large primary fundraise.

6. Dhan
Dhan, operated by Raise Financial Services, offers a trading and investment platform for retail investors. It became a unicorn in October after raising capital in a Series B round led by Hornbill Capital, with participation from MUFG and BEENEXT. The valuation followed continued growth in active users during a period of strong equity market participation.

When compared with earlier years, the 2025 unicorns seemed to follow more conservative paths. Several did not raise large amounts of new capital at the time they crossed the valuation threshold. Others relied on secondary transactions or strategic stakes rather than expansion-led funding.

The sector mix also shifted, with logistics, fintech, enterprise software, and consumer staples dominating the market, while consumer internet and high-burn models were largely absent.

By the end of the year, India had around 125 active unicorns, placing it behind only the United States and China. The pace of additions slowed, but valuations became harder to earn.

As shutdowns elsewhere in the ecosystem highlighted the cost of weak unit economics and leverage, the limited set of new unicorns in 2025 reflected a market that was no longer willing to assign billion-dollar labels easily.