Deepinder Goyal pips DMart's Damani to lead 2025 Self-Made Billionaire list

Deepinder Goyal of Eternal tops the list for the first time with a valuation of Rs 3.2 lakh crore, up 27% from last year, emerging as India's No. 1 self-made entrepreneur

 Deepinder Goyal of Eternal has emerged as India's number one self-made entrepreneur with a valuation of Rs 3.2 lakh crore, displacing Avenue Supermarts’ Radhakishan Damani.IDFC FIRST Private Banking and Hurun India have released the third edition of the “IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025”, a ranking of India’s most valuable companies founded after 2000. 

 

Eternal’s valuation has surged 27% over the past year to reach Rs 3.2 lakh crore, making Goyal India’s top self-made entrepreneur of the millennia. Damani, 70, who led last year’s rankings, now occupies second place with Avenue Supermarts valued at Rs 3 lakh crore, down 13% year-on-year.

 

 

InterGlobe Aviation founders Rahul Bhatia and Rakesh Gangwal have made a powerful debut, entering directly into the Top 3 with a company valuation of Rs 2.2 lakh crore. Their entry underscores the scale and profitability of India’s aviation sector, with InterGlobe also topping the list in both revenue and profits among the 200 companies.

 

The combined value of the Top 200 self-made companies founded after 2000 rose 15% year-on-year, touching ₹42 lakh crore. This marks a jump of ₹6 lakh crore in a single year—despite persistent macro headwinds, shifting global liquidity, and a funding winter for startups.

 

Paytm (+67%) and Lenskart (+60%) surged into the Top 10, while Zerodha and Razorpay slipped out.

 

A record 102 new founders and 53 new companies made the list, showing rapid turnover and entrepreneurial dynamism.

 

The number of billion-dollar companies rose to 128, reflecting the expanding depth of India’s innovation ecosystem.

 

Paytm, Lenskart, Groww, Zepto, Swiggy, Nykaa and Policybazaar are becoming core components of India’s wealth-creation narrative.

 

Groww (+148%), Jumbotail (+147%) and Anthem Biosciences (+273%) were the fastest gainers, indicating the next wave of scalable businesses is coming from:

 

• fintech
• logistics + quick commerce
• health sciences
• specialty chemicals
• digital-first consumer platforms

 

The minimum valuation required to enter the Top 200 rose 26% to ₹4,300 crore, compared with ₹3,400 crore in 2024—making it one of the steepest single-year jumps in the list's history.

 

Tech and consumer brands reshape the Top 10

The 2025 edition highlights a shifting entrepreneurial hierarchy, driven by tech-enabled consumer brands. Paytm and Lenskart have entered the Top 10, reflecting the rise of digital financial services and new-age retail in India’s consumption economy.

 

In contrast, fintech player Razorpay and stockbroking platform Zerodha have dropped out of the Top 10, signalling a reordering of value as newer consumer-centric ventures gather momentum and scale. The report notes that the threshold to enter the Top 10 has risen sharply: a company now needs to be valued at INR 67,000 crore, up from INR 56,600 crore in 2024.

 

Overall, the cumulative value of the 200 companies on the list stands at Rs 42 lakh crore ($469 billion), up from Rs 36 lakh crore ($431 billion) last year, marking a 15% increase. Five companies are now worth Rs 1 lakh crore or more, up from three last year, indicating robust growth at the very top of the value pyramid.

 

The entry bar for the list has risen significantly. The minimum valuation required to enter the Top 200 increased 26% year-on-year to Rs 4,300 crore, compared with Rs 3,400 crore in 2024. To make it into the Top 50, a company must now be valued at Rs 20,000 crore.

 

New companies, new founders, and rapid value creation

The 2025 list welcomed 102 new founders and 53 new companies, taking the total number of founders represented to 406, up from 388 last year. Of the 53 new companies, 29 (55%) are publicly listed, while 24 (45%) have emerged from the startup ecosystem.

 

More than 157 companies on the list saw an increase in their flagship company values, including the 53 new entrants. The number of billion-dollar companies (valued at Rs 8,300 crore or more) founded by these self-made entrepreneurs has risen from 121 to 128, adding 22 new companies to this elite group.

 

Some of the biggest rank movers highlight the breadth of value creation across sectors.

 

• Vinay Sanghi of CarTrade Tech climbed 88 places to reach a valuation of Rs 11,700 crore.
• Ashish Jhina and Karthik Venkateswaran of Jumbotail jumped 83 places to Rs 8,900 crore.
• Vineet Sukumar of Vivriti Capital rose 74 places to reach Rs 11,500 crore.

 

The largest percentage gainers in company value are Anthem Biosciences, up 273% to Rs 45,200 crore; investment platform Groww, up 148% to Rs 62,100 crore; and food and grocery platform Jumbotail, up 147% to Rs 8,900 crore.

 

City clusters and sectoral leadership

Bengaluru retains its status as India’s startup capital, leading as the top hub by company headquarters with 52 companies on the list, although this is 14 fewer than last year. Mumbai follows with 41 companies, an increase of five, and Gurugram also adds five to reach 36 companies. In terms of founder residences, Bengaluru edges ahead with 88 entrepreneurs, followed closely by Mumbai with 83 and New Delhi with 52; together, these three cities account for more than half of the list.

 

By sector, financial services continues to dominate, with 47 companies represented. Software and services show the strongest growth, adding five new companies this year to reach a total of 28. Healthcare (27 companies) and retail (20 companies) also feature prominently, underscoring the breadth of India’s modern entrepreneurial economy.

 

The report notes that 189 of the 200 companies—almost 95%—have external investors, highlighting the deepening participation of venture capital, private equity, and public markets in funding India’s new-generation businesses. The remaining companies have been built as bootstrapped ventures.

 

Where India’s Entrepreneurs Live and Build

Top cities for founder residence:

 

Bengaluru – 88

Mumbai – 83

New Delhi – 52

Gurugram – 32

 

Top cities for company headquarters:

 

Bengaluru – 52 companies

Mumbai – 41

Gurugram – 36

 

Sectors Driving India’s Self-Made Wealth in 2025

 

• Financial Services remain the No. 1 sector (47 companies).
• Software & Services saw the largest rise (+5 to 28 companies).
• Healthcare (27 companies) and Retail (20) stayed strong.

 

Emerging sectors gaining traction include:

 

Energy (11 companies)

 

Real Estate (10)

 

Consumer Goods (5)

 

Hospitality, Food & Beverages, Jewellery (4 each)

 

These categories closely align with India’s three macro themes heading into 2026: formalisation, consumption and digitisation.

 

A Younger, More Diverse Entrepreneur Base

 

The list shows India’s startup engine is getting dramatically younger.

 

Kaivalya Vohra (22) and Aadit Palicha (23) of Zepto are the youngest founders.

 

The average age of all founders is 48, balancing youthful innovation with experienced leadership.

 

20 women feature on the list, led by Falguni and Adwaita Nayar of Nykaa (₹67,500 crore).

 

Education continues to be a strong factor:

 

• IIT Delhi leads undergraduate alumni (38 founders).
• IIM Ahmedabad leads postgraduate alumni (21 founders).
• Global institutions like Harvard also feature prominently.

 

Entrepreneurs as Nation Builders: Jobs, Taxes & CSR

 

The 200 companies collectively employ 8 lakh people, equivalent to the population of Fiji.

 

Largest employers include:

 

• Avenue Supermarts: 90,280
• InterGlobe Aviation: 42,887
• Jana Small Finance Bank: 25,381

 

Direct tax contribution surged to ₹8,030 crore, nearly doubling from last year’s ₹4,570 crore.

 

CSR spending also rose sharply, with:

 

• Avenue Supermarts: ₹41.5 crore
• Laurus Labs: ₹15.8 crore
• Eris Lifesciences: ₹14.1 crore

 

InterGlobe Aviation tops the revenue table with Rs 84,098 crore, ahead of Avenue Supermarts at Rs 59,482 crore and Eternal at Rs 21,320 crore. In terms of profitability, InterGlobe again leads with Rs 7,258 crore in profits, followed by Avenue Supermarts at Rs 2,707 crore and Groww at Rs 1,824 crore.

 

Women leaders and young founders

Women entrepreneurs continue to strengthen their presence in India’s new wealth-creation landscape. Falguni Nayar and Adwaita Nayar of Nykaa remain the top women entrepreneurs on the list. In total, 20 women feature as founders, co-founders, or key entrepreneurial leaders, together accounting for a combined company value of INR 3.3 lakh crore.

 

At 34, Nykaa’s co-founder Adwaita Nayar is the youngest woman entrepreneur on the list. The youngest founders overall are Kaivalya Vohra, 22, and Aadit Palicha, 23, of quick-commerce player Zepto, whose company is valued at INR 52,400 crore. The average age of all founders on the 2025 list is 48, indicating a blend of youthful energy and seasoned leadership.

 

In an unusual detail, the report also notes that Virgo and Cancer are the most common star signs among the founders, each accounting for 11.9%, followed by Gemini at 9.8%.

 

Commenting on the launch, Vikas Sharma, Head – Wealth Management & Private Banking, IDFC FIRST Bank, said the new edition captures the depth and maturity of India’s entrepreneurial ecosystem.

 

“India stands tall as one of the world’s leading nations for the quality of its entrepreneurship ecosystem. The Third Edition of IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 marks another year of celebrating India’s vibrant startup and entrepreneurial journey,” Sharma said.

 

“This report honours the extraordinary stories of visionary leaders who are reshaping the country’s economic landscape. Their resilience, innovation, and relentless pursuit of excellence reflect the very values we at IDFC FIRST Bank deeply resonate with. Through this publication, we proudly spotlight these trailblazers and reaffirm our commitment to nurturing the entrepreneurial spirit that continues to power India’s growth story,” he added.

 

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, highlighted the scale of value generated in a relatively short time.

 

“The IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 showcases the extraordinary impact of self-made entrepreneurs on India's economy, with a total business value of USD 469 billion—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 latter's 73-year average age,” Junaid said.

 

“Five companies founded post-2020 are now collectively valued at Rs 78,000 crore. These entrepreneurs are driving growth and contributing to nation-building, with employee benefits increasing from Rs 54,000 crore to Rs 57,200 crore this year, reflecting their investment in people,” he added.

 

As India’s startup ecosystem matures and capital markets deepen, the 2025 list signals that self-made entrepreneurs will continue to play a central role not only in wealth creation, but also in employment, tax contribution, and broader social impact across the country. 

Key Highlights 

 

Deepinder Goyal of Eternal tops the list for the first time with a valuation of Rs 3.2 lakh crore, up 27% from last year, becoming India’s No. 1 self-made entrepreneur in the IDFC FIRST Private & Hurun India Top 200 Self-made Entrepreneurs of the Millennia 2025.

 

Radhakishan Damani of Avenue Supermarts slips to second place with a valuation of Rs 3 lakh crore, down 13% from last year.

 

Rahul Bhatia and Rakesh Gangwal of InterGlobe Aviation make a powerful debut, directly entering the Top 3 with a valuation of Rs 2.2 lakh crore.

 

Paytm and Lenskart enter the Top 10, highlighting the rise of tech-driven consumer brands in India’s entrepreneurship landscape.

 

Razorpay and Zerodha drop out of the Top 10, signalling shifting dynamics as consumer-centric ventures gain prominence.

 

The cumulative value of all companies on the 2025 list stands at Rs 42 lakh crore ($469 bn), up from Rs 36 lakh crore ($431 bn) last year — a 15% rise.

 

The 2025 edition welcomes 102 new founders and 53 new companies.

 

India now has 128 billion-dollar companies, up from 121 last year, adding 22 new members to the club.

 

Five companies on the list are valued at Rs 1 lakh crore+, up from three last year.

 

The entry threshold rose 26% YoY to Rs 4,300 crore, from Rs 3,400 crore in 2024.

 

To enter the Top 10, a company now needs a valuation of Rs 67,000 crore, up from Rs 56,600 crore in 2024.

 

The Top 50 cutoff also rose to Rs 20,000 crore, signalling broader wealth creation.

 

Bengaluru remains India’s top startup hub with 52 companies (down 14). Mumbai follows at 41 (+5), and Gurugram at 36 (+5).

 

Bengaluru leads in founder residences with 88 entrepreneurs, followed by Mumbai (83) and New Delhi (52).

 

Biggest rank climbers:

 

CarTrade Tech – Vinay Sanghi: up 88 places to Rs 11,700 crore

 

Jumbotail – Ashish Jhina & Karthik Venkateswaran: up 83 places to Rs 8,900 crore

 

Vivriti Capital – Vineet Sukumar: up 74 places to Rs 11,500 crore

 

Of 53 new companies, 29 (55%) are publicly listed and 24 (45%) come from the startup ecosystem.

 

Top percentage gainers:

 

Anthem Biosciences: up 273% to Rs 45,200 crore

 

Groww: up 148% to Rs 62,100 crore

 

Jumbotail: up 147% to Rs 8,900 crore

 

Companies cumulatively paid Rs 8,030 crore in direct taxes, up from Rs 4,570 crore last year.

 

406 founders from 200 companies feature on the list, up from 388 last year.

 

157+ companies saw an increase in valuation, including the 53 new entrants.

 

Companies collectively employ 8 lakh people — equal to the population of Fiji.

 

Falguni Nayar and Adwaita Nayar (Nykaa) lead among women founders; 20 women feature, with combined value of Rs 3.3 lakh crore.

 

Youngest woman entrepreneur: Adwaita Nayar (34).

 

Youngest founders overall: Kaivalya Vohra (22) and Aadit Palicha (23) of Zepto, valued at Rs 52,400 crore.

 

Average founder age: 48 years.

 

Financial Services is the top industry with 47 companies; Software & Services saw the biggest jump to 28 companies (+5).

 

Education background:

 

Undergrad: IIT Delhi leads with 38 founders, followed by University of Delhi (24) and IIT Kharagpur (21).

 

Postgrad: IIM Ahmedabad tops with 21 founders, followed by IIM Calcutta (12) and ISB (11).

 

Top employers:

 

Avenue Supermarts: 90,280 employees

 

InterGlobe Aviation: 42,887

 

Jana Small Finance Bank: 25,381

 

181 founders also feature in the Hurun India Rich List 2025; 9 appear in the Philanthropy List 2024.

 

Leading star signs: Virgo (11.9%) and Cancer (11.9%), followed by Gemini (9.8%).

 

Highest-revenue companies:

 

InterGlobe Aviation: Rs 84,098 crore

 

Avenue Supermarts: Rs 59,482 crore

 

Eternal: Rs 21,320 crore

 

Highest-profit companies:

 

InterGlobe Aviation: Rs 7,258 crore

 

Avenue Supermarts: Rs 2,707 crore

 

Groww: Rs 1,824 crore

 

Highest spenders on employee benefits:

 

InterGlobe Aviation: Rs 7,473 crore

 

Paytm: Rs 3,288 crore

 

Eternal: Rs 2,558 crore

 

Highest direct taxpayers:

 

Avenue Supermarts: Rs 965 crore

 

Groww: Rs 639 crore

 

ReNew: Rs 544 crore