The growth of new unicorns in India’s startup ecosystem slowed down in 2025. Only six startups – Netradyne, Porter, Drools, Fireflies.AI, Jumbotail and Dhan – joined the $1 billion club in 2025. There were seven startups in 2024. With this, India now has 125 unicorns, which have collectively raised over $115 billion and are valued at over $366 billion.

Most of the new unicorns came from familiar sectors like logistics and e-commerce, while AI and fintech added one each. Bengaluru emerged as the top hub with three new unicorns, followed by Mumbai with one and the other two were US-based with strong Indian operations. Although the pace is slow, more than 125 startups are lining up as “sunicons” and could soon reach unicorn status.

Some of the key highlights include Dhan becoming highly profitable, Porter entering profitability after rapid growth, and Fireflies.AI becoming a unicorn without raising new capital. Meanwhile, companies like Bluestone and Square Yards are approaching billion-dollar valuations, a testament to the fact that the overall startup pipeline remains strong despite the slowdown in unicorn creation.