National Start-up Day 2025: These are India's top 10 unicorns
16 Jan 2025

On January 16, India observes National Start-up Day, a day dedicated to recognizing the innovation and creativity that drives the growth of start-ups across the country.

India's start-up ecosystem continues to thrive, with several innovative companies achieving unicorn status (valuation exceeding $1 billion)

This year, we look at the 10 most valuable start-ups in India, according to Venture Intelligence data.

The list features companies that have greatly impacted both domestic and global markets with their disruptive business models and technology.

Flipkart leads the pack with $37.6 billion valuation
Top unicorn

Topping the list is Flipkart, India's largest e-commerce platform. The company became a unicorn in February 2012 and now has a whopping $37.6 billion valuation.

Flipkart has transformed online shopping in India by providing a plethora of products and quick delivery services, setting new benchmarks for the country's e-commerce industry.

PhonePe and Polygon follow with impressive valuations
Digital giants

India's leading digital payments platform PhonePe is the second most valuable start-up with a valuation of $12 billion. The company, which became a unicorn in 2018, provides services like UPI transfers, recharges, and financial products.

Polygon, an Ethereum scaling platform that seeks to enhance blockchain technology by facilitating faster and cheaper transactions, is just behind with a valuation of $10 billion. It turned into a unicorn in 2021.

Dream11 and RazorPay secure spots in top 5
Fintech leaders

Dream11, a fantasy sports platform where users can create fantasy teams and play in different sports leagues, is valued at $8 billion. It attained unicorn status in 2019.

RazorPay, a fintech start-up providing online payment solutions to businesses in India, is valued at $7.5 billion. It reached $1 billion valuation in 2021.

Both have played a major role in the growth of India's digital economy and continue to define the future of their respective industries.

Ola Cabs and CRED among India's most valuable start-ups
Transportation and fintech

Ola Cabs, India's leading ride-hailing service, is valued at $7.3 billion. The company offers transportation solutions in various cities across the country. It became a unicorn 11 years ago.

CRED, a fintech platform that rewards users for paying their credit card bills on time with exclusive deals and offers, is valued at $6.4 billion. It turned unicorn in 2021.

Both companies have made a mark in their sectors and continue to innovate in the Indian start-up ecosystem.

Postman, Icertis, and Pine Labs complete the top 10 list
Tech innovators

Rounding off the top 10 are Postman, a platform for API development and testing ($5.6 billion); Icertis, a provider of enterprise contract lifecycle management software ($5 billion); and Pine Labs, a merchant payment solutions provider ($5 billion).

These companies have made tremendous strides in their respective fields, further establishing India as a global hub for technological innovation and entrepreneurship.