India’s startup landscape is witnessing an extraordinary rise, with companies crossing the $1 billion valuation mark and earning the prestigious “unicorn” title. Powered by a dynamic digital economy, increasing consumer demand, and hefty investments, these firms are transforming industries from logistics and fintech to healthcare and consumer tech. Here’s a fresh take on the top 10 Indian startups that have recently entered the Unicorn Club, spotlighting their financials, achievements, and potential as of February 21, 2025.
1. Money View
- Joined Unicorn Club: September 12, 2024
- What They Do: Digital lending management platform
- Funding Raised: $220M
- Year Started: 2014
- Growth Stage: Series E
- Valuation: $1.21B (Sep 17, 2024)
- Revenue: ₹1,390Cr (Mar 31, 2024)
- EBITDA: ₹330Cr (Mar 31, 2024)
- Net Profit: ₹171Cr (Mar 31, 2024)
- Base: Bengaluru, India
- Top Investors: Accel (+21 others)
- Team Size: 596 (Oct 31, 2024)
- Website: moneyview.in
- Leadership: Puneet Agarwal (+1)
Money View is a fintech trailblazer, delivering a robust lending platform with a healthy ₹171 crore profit and a $1.21B valuation, proving profitability and growth can coexist.
2. Ather Energy
- Joined Unicorn Club: August 13, 2024
- What They Do: Electric scooter manufacturer
- Funding Raised: $502M
- Year Started: 2013
- Growth Stage: Series E
- Valuation: $714M (Sep 04, 2024)
- Revenue: ₹1,790Cr (Mar 31, 2024)
- EBITDA: -₹824Cr (Mar 31, 2024)
- Net Profit: -₹1,060Cr (Mar 31, 2024)
- Base: Bengaluru, India
- Top Investors: NIIF (+35 others)
- Team Size: 3,120 (Dec 31, 2024)
- Website: atherenergy.com
- Leadership: Tarun Mehta (+1)
Ather Energy is electrifying India’s roads, but its $714M valuation and steep losses reflect a high-stakes bet on the EV future.
3. Rapido
- Joined Unicorn Club: July 29, 2024
- What They Do: Ride-hailing aggregator app
- Funding Raised: $559M
- Year Started: 2015
- Growth Stage: Series E
- Valuation: $1.08B (Dec 27, 2024)
- Revenue: ₹695Cr (Mar 31, 2024)
- EBITDA: -₹364Cr (Mar 31, 2024)
- Net Profit: -₹371Cr (Mar 31, 2024)
- Base: Bengaluru, India
- Top Investors: Prosus (+93 others)
- Team Size: 638 (Dec 31, 2024)
- Website: rapido.bike
- Leadership: Aravind Sanka (+2)
Rapido is zooming through India’s cities, but its $1.08B valuation comes with losses that hint at a race for market share over immediate returns.
4. Porter
- Joined Unicorn Club: May 16, 2024
- What They Do: On-demand truck booking and moving services
- Funding Raised: $151M
- Year Started: 2014
- Growth Stage: Series E
- Valuation: $1B (May 17, 2024)
- Revenue: ₹2,770Cr (Mar 31, 2024)
- EBITDA: -₹80Cr (Mar 31, 2024)
- Net Profit: -₹95.7Cr (Mar 31, 2024)
- Base: Bengaluru, India
- Top Investors: Tiger Global Management (+63 others)
- Team Size: 2,030 (Dec 31, 2024)
- Website: porter.in
- Leadership: Uttam Digga (+2)
Porter’s logistics platform rakes in ₹2,770 crore, hitting unicorn status at $1B, though it’s yet to turn a profit.
5. Perfios
- Joined Unicorn Club: March 13, 2024
- What They Do: Credit-decisioning and data aggregation APIs
- Funding Raised: $450M
- Year Started: 2008
- Growth Stage: Series D
- Valuation: $2.57B (Mar 27, 2024)
- Revenue: ₹569Cr (Mar 31, 2024)
- EBITDA: ₹117Cr (Mar 31, 2024)
- Net Profit: ₹71.7Cr (Mar 31, 2024)
- Base: Bengaluru, India
- Top Investors: Kedaara (+36 others)
- Team Size: 1,070 (Dec 31, 2024)
- Website: perfios.com
- Leadership: Pramod Veturi (+5)
Perfios shines with a $2.57B valuation and a rare profit of ₹71.7 crore, cementing its role in India’s fintech backbone.
6. Krutrim
- Joined Unicorn Club: January 26, 2024
- What They Do: Generative AI application developer
- Funding Raised: $51.1M
- Year Started: 2023
- Growth Stage: Series B
- Valuation: $1B (Apr 29, 2024)
- Revenue: ₹3.09Cr (Mar 31, 2024)
- EBITDA: -₹2.74Cr (Mar 31, 2024)
- Net Profit: -₹2.84Cr (Mar 31, 2024)
- Base: Bengaluru, India
- Top Investors: Sarin Family India (+4 others)
- Team Size: 380 (Dec 31, 2024)
- Website: chat.olakrutrim.com
- Leadership: Bhavish Aggarwal
Krutrim’s AI ambitions earned it a $1B valuation in record time, but its tiny revenue shows it’s still finding its footing.
7. InCred
- Joined Unicorn Club: November 9, 2023
- What They Do: Diverse consumer and business loans platform
- Funding Raised: $318M
- Year Started: 2016
- Growth Stage: Series D
- Valuation: $1.04B (Dec 25, 2023)
- Revenue: ₹24.3L (Mar 31, 2024)
- EBITDA: -₹3.47Cr (Mar 31, 2024)
- Net Profit: -₹45.6L (Mar 31, 2024)
- Base: Mumbai, India
- Top Investors: VCAPL (+122 others)
- Team Size: 1,860 (Sep 30, 2024)
- Website: incred.com
- Leadership: Bhupinder Singh (+5)
InCred’s $1.04B valuation contrasts with its slim revenue, pointing to a challenging path ahead in the lending space.
8. Zepto
- Joined Unicorn Club: August 25, 2023
- What They Do: On-demand grocery delivery app
- Funding Raised: $1.95B
- Year Started: 2020
- Growth Stage: Series G
- Valuation: $5B (Aug 14, 2024)
- Revenue: ₹2,020Cr (Mar 31, 2023)
- EBITDA: -₹1,230Cr (Mar 31, 2023)
- Net Profit: -₹1,270Cr (Mar 31, 2023)
- Base: Mumbai, India
- Top Investors: Claypond Capital (+66 others)
- Team Size: 4,680 (Dec 31, 2024)
- Website: zeptonow.com
- Leadership: Aadit Palicha (+2)
Zepto’s $5B valuation and massive funding make it a grocery delivery giant, but its billion-plus losses signal a costly expansion.
9. boAt
- Joined Unicorn Club: October 28, 2022
- What They Do: Wearable audio device platform
- Funding Raised: $171M
- Year Started: 2016
- Growth Stage: Series C
- Valuation: $1.32B (Dec 02, 2022)
- Revenue: ₹3,140Cr (Mar 31, 2024)
- EBITDA: ₹5.71Cr (Mar 31, 2024)
- Net Profit: -₹81.7Cr (Mar 31, 2024)
- Base: Gurugram, India
- Top Investors: Warburg Pincus (+11 others)
- Team Size: 478 (Jan 31, 2025)
- Website: boat-lifestyle.com
- Leadership: Sameer Mehta (+2)
boAt rocks the audio market with ₹3,140 crore in revenue, though it’s still navigating toward consistent profitability.
10. Molbio Diagnostics
- Joined Unicorn Club: September 23, 2022
- What They Do: Molecular diagnostic tests for infectious diseases
- Funding Raised: $124M
- Year Started: 2000
- Growth Stage: Series C
- Valuation: $1.6B (Sep 26, 2022)
- Revenue: ₹337Cr (Mar 31, 2023)
- EBITDA: ₹48.1Cr (Mar 31, 2023)
- Net Profit: -₹3.44Cr (Mar 31, 2023)
- Base: Salcete, India
- Top Investors: ACT Grants (+32 others)
- Team Size: 649 (Sep 30, 2024)
- Website: molbiodiagnostics.com
- Leadership: Sriram Natarajan
Molbio’s diagnostics innovation has secured a $1.6B valuation, with solid revenue but a slight profit setback.
The Big Picture
India’s unicorns showcase a spectrum of strategies—some like Perfios and Money View prioritize profits, while others like Zepto and Ather chase scale at any cost. Bengaluru leads as the unicorn capital, home to six of these powerhouses. With investors like Tiger Global, Prosus, and Accel pouring in funds, sectors like fintech, logistics, and e-commerce are booming. Valuations range from $714M (Ather) to $5B (Zepto), but profitability remains a mixed bag.
As of February 21, 2025, India’s unicorn surge is a testament to its entrepreneurial spirit, blending bold vision with relentless execution. These startups aren’t just companies—they’re shaping the future.
