Eternal's Deepinder Goyal tops Hurun-IDFC FIRST millennia list 2025

Deepinder Goyal ranks first on the Hurun-IDFC FIRST Top 200 list of self-made entrepreneurs of the millennia, as newer consumer-focused ventures reshape India's wealth hierarchy

Deepinder Goyal of Eternal has topped the IDFC FIRST Private Banking-Hurun India Top-200 Self-made Entrepreneurs of the Millennia 2025 list with a valuation of ₹3.2 trillion, up 27 per cent from last year.

 

Radhakishan Damani of Avenue Supermarts, last year’s leader, slipped to second place with a valuation of ₹3 trillion, down 13 per cent year-on-year. Rahul Bhatia and Rakesh Gangwal of InterGlobe Aviation debuted at third place with a company valuation of ₹2.2 trillion. 

The list featured self-made Indian entrepreneurs who created the most valuable companies of the millennia, post 2000. 

The combined value of all companies on the list stood at ₹42 trillion, up 15 per cent year-on-year, with entrepreneurs from 51 cities. Bengaluru led with 88 entrepreneurs, followed by Mumbai (83) and New Delhi (52), together accounting for more than half the list.

 

Collectively, these companies paid ₹8,030 crore in direct taxes, up from ₹4,570 crore last year, and employed around 800,000 people, roughly equal to the population of Fiji.

 

The average age of founders on the list is 48. According to the fiscal year 2025 numbers, the most profitable companies from the list were InterGlobe Aviation (₹7,258 crore), Avenue Supermarts (₹2,707 crore) and Groww (₹1,824 crore), while the highest spenders on employee benefits were InterGlobe Aviation (₹7,473 crore), Paytm (₹3,288 crore) and Eternal (₹2,558 crore).

 

The trailblazers

• Financial services lead the list with 47 companies, followed by software & services (28), healthcare (27) and retail (20)
• 189 companies, accounting for nearly 95% of the list, have external investors, while the remaining firms are bootstrapped
• Razorpay and Zerodha have dropped out of the Top 10, reflecting a shift in India’s entrepreneurial hierarchy towards newer consumer-focused ventures
• The entrepreneurs on the list together command a total business value equivalent to a quarter of the value of India’s 300 most valuable family businesses, despite being founded within the last 25 years, compared to the family businesses’ average age of 73 years
• Five companies are valued ₹ 1 trillion or more, up from three last year
• Twenty women entrepreneurs feature on the list, with a combined company value of ₹3.3 trillion, led by Falguni Nayar and Adwaita Nayar of Nykaa (₹67,500 crore)
• The youngest woman entrepreneur is Adwaita Nayar (34) of Nykaa, while the youngest founders overall are Kaivalya Vohra (22) and Aadit Palicha (23) of Zepto, valued at ₹52,400 crore
• Avenue Supermarts is the largest employer with 90,280 employees, followed by InterGlobe Aviation (42,887) and Jana Small Finance Bank (25,381)
• The highest-revenue companies are InterGlobe Aviation (₹84,098 crore), Avenue Supermarts (₹59,482 crore) and Eternal (₹21,320 crore) 

  IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 - Top 10 

Rank	Founders	Company	Value (INR Cr)	% Change	Headquarter City
1	Deepinder Goyal	Eternal	3,20,700	27%	Gurugram
2	Radhakishan Damani	Avenue Supermarts	2,97,800	-13%	Mumbai
3	Rahul Bhatia, Rakesh Gangwal	InterGlobe Aviation	2,19,300	New	Gurugram
4	Abhay Soi	Max Healthcare Institute	1,10,700	15%	Gurugram
5	Sriharsha Majety, Nandan Reddy	Swiggy	1,06,100	5%	Bengaluru
6	Deep Kalra, Rajesh Magow	MakeMyTrip	94,500	-5%	Gurugram
7	Yashish Dahiya, Alok Bansal	Policybazaar	80,300	2%	Gurugram
8	Vijay Shekhar Sharma	Paytm	72,900	67%	Noida
9	Falguni Nayar, Adwaita Nayar	Nykaa	67,500	19%	Mumbai
10	Peyush Bansal, Amit Chaudhary, Neha Bansal, Sumeet Kapahi	Lenskart	67,000	60%	Gurugram

  Source: Hurun Research Institute; IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025    IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 - Top 10 Among the Youngest 

Rank	Founders	Age	Company	Founded Year	Headquarter
1	Kaivalya Vohra	22	Zepto	2021	Mumbai
2	Aadit Palicha	23	Zepto	2021	Mumbai
3	Shashvat Nakrani	27	BharatPe	2018	Gurugram
4	Manik Garg	30	Saatvik Green Energy	2015	Gurugram
5	Hardik Kothiya	31	Rayzon Solar	2017	Surat
5	Ritesh Agarwal	31	PRISM (OYO)	2012	Gurugram
7	Chirag Nakrani	32	Rayzon Solar	2017	Surat
7	Ankush Sachdeva	32	ShareChat	2015	Bengaluru
7	Neetish Sarda	32	Smartworks	2015	Gurugram
7	Rajan Bajaj	32	Slice	2016	Bengaluru
7	Viraj Nirani	32	TruAlt Bioenergy	2021	Bengaluru

  Source: Hurun Research Institute; IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025