Reference:

• The Hurun Research Institute released the Hurun Global Unicorn Index 2025, which reflects the state of the global startup ecosystem.

Key Points:

• The data cut-off was 1 January 2025, with key valuation changes updated until the date of release.
• This analysis focuses on the global unicorn landscape, India’s position, leading sectors, and the role of investors.

Global Overview:

• United States: 758 unicorns (49.8% of global total), with an increase of 55
• China: 343 unicorns, with an increase of 3
• India: 64 unicorns, down by 3 from 67 in 2024, ranks 3rd
• United Kingdom: 61 unicorns, with an increase of 8, ranks 4th
• San Francisco Bay Area (Silicon Valley) is considered the Unicorn Capital of the World
• Singapore has emerged as the fastest-growing unicorn hub

Top Cities (by number of unicorns):

• San Francisco: 190 unicorns – world’s unicorn capital
• New York: 133 unicorns
• Beijing: 78 unicorns
• Bengaluru: 32 unicorns – 7th rank globally
• Mumbai: 14 unicorns – 19th rank

India’s Position:

• India has 64 unicorns in 2025, maintaining 3rd rank globally
• The combined valuation of Indian unicorns is over $380 billion
• Swiggy and Dream11 are India’s most valuable unicorns (each valued at $8 billion), followed by Razorpay ($7.5 billion)
• Razorpay is ranked 94th globally
• Indian unicorns feature in the Top 100 worldwide:
• Swiggy & Dream11: 83rd
• Razorpay: 94th
  • India’s unicorn creation rate has slightly slowed since 2017, but its global standing remains strong

Global Trends & Other Facts:

• Among the Top 10 Unicorns:
  • 4 from USA,
  • 4 from China,
  • 1 from Australia,
  • 1 from Malta
• In 2023, the top 10 unicorns added $198 billion in valuation, contributing 45% of global unicorn valuation growth
• Europe is also showing rapid growth in unicorn count:
  • Germany: 36 unicorns
  • France: 30 unicorns
• 2024 – Declared the “Year of AI”:
  • OpenAI’s valuation jumped by $80 billion, reaching $100 billion

Top Unicorns (by valuation):

• These Top 10 unicorns collectively added $198 billion – 45% of total new valuation growth.

What is a Unicorn?

• A privately held startup company valued at $1 billion or more, not listed on any stock exchange
• The term “Unicorn” was first coined in 2013 by U.S. venture capitalist Aileen Lee
• A startup earns the “unicorn” title through unique innovation, rapid growth, and investor confidence

Examples of Indian Unicorns: Ola, Byju’s, Paytm, Swiggy, Dream11