India's top 20 startups dominated valuations, fundraising in 2025

India’s top 20 startups by valuation accounted for over half of the combined valuation of $69.3 billion of the top 100 startups in calendar year 2025 (CY25), according to an analysis of Tracxn data. The valuation of the top 20 startups stood at $35.7 billion in CY25.

 

While the average valuation of the top 20 startups was $1.78 billion, the remaining 80 had an average valuation of just $0.42 billion, nearly one-fourth of the top cohort. This raises questions about the challenges smaller startups could face as they seek to become unicorns or raise fresh capital, especially as investors turn increasingly selective.

 

Bolstering the trend of investor interest on a limited set of startups with potential for initial public offerings and profitability, the top 20 startups by funds raised in CY25 accounted for more than a third of the total $11.2 billion raised during the year. Collectively, they raised $3.9 billion, which was 34.82 per cent of total fundraising.

 

Also, the average fundraise for the top 20 startups stood at $195 million in CY25. The top five — Zepto, GreenLine, Uniphore, Infra Market, and Access Healthcare — together raised $1.26 billion last year, accounting for over 11 per cent of the total startup funding in CY25.

 

Other startups in the top 20 list included Meril ($200 million), Spinny ($129 million), Jumbotail, and Raise ($100 million), among others.

 

But investors seemed to be more selective. Total startup funding declined 12.5 per cent to $11.2 billion in CY25, from $12.6 billion in CY24. In CY23, the total startup funding stood at $11.1 billion.

 

In terms of valuations, gains continue to accrue to a handful of players. The top five startups by valuation now account for more than a third (34 per cent) of the total valuation of the top 100 startups and as much as 66 per cent of the top 20’s valuation. These companies, including Zepto, CRED, and Zetwerk, together command a valuation of $23.6 billion.

 

Other startups in the top 20 by valuation include Udaan ($1.8 billion), Uniphore ($2.5 billion), Spinny ($1.0 billion), Jumbotail ($1.0 billion), and Raise ($1.2 billion), among others.