ASK Private Wealth, in collaboration with Hurun India, has published the fifth edition of its ‘Unicorn and Future Unicorn Report 2025’. The study highlights Indian startups founded after the year 2000 that hold a valuation of at least ₹1,710 crore and remain unlisted on stock exchanges.
The report defines companies valued above one billion dollars as unicorns. Startups with valuations between 500 million and one billion dollars are placed in the ‘gazelle’ category, while those worth between 200 and 500 million dollars are termed ‘cheetahs’. According to the analysis, gazelles are expected to achieve unicorn status within three years, whereas cheetahs could take up to five years.
The research provides a snapshot of the country’s growing startup ecosystem, identifying 73 unicorns along with 150 companies that have the potential to join them in the future. The rankings are based on the most recent funding rounds and reflect the progress of privately held firms backed by venture capital or private equity investors.