On December 17, 2025, Hurun India in partnership with IDFC FIRST Private Banking, a division of IDFC First Bank Limited, released the 3rd edition of India’s Top 200 Self-Made Entrepreneurs of the Millennia 2025. As per the report, Deepinder Goyal, founder, Managing Director(MD) & Chief Executive Officer (CEO) of Eternal(formerly Zomato), has topped the list with a valuation of Rs. 3, 20,700 crore, marking a 27 % increase from the previous year.
- Radhakishan Damani, founder of Avenue Supermarts (DMart), who topped the list in 2023 and 2024 has slipped to the 2nd position with a valuation of around Rs. 2,97,800 crores.
- Rahul Bhatia and Rakesh Gangwal of InterGlobe Aviation (IndiGo) secured third place, with their company valued at Rs.2,19,300 crores.
Exam Hints:
- What? IDFC First Private & Hurun India released a report
- Report: India’s Top 200 Self-Made Entrepreneurs of the Millennia 2025
- Edition: 3rd
- Top 3: Deepinder Goyal (Eternal), Radhakishan Damani (DMart), Rahul Bhatia & Rakesh Gangwal (IndiGo)
- New Entries: 102 founders, 53 companies
- Cities (Top): Bengaluru (88), Mumbai (83), New Delhi (52)
- Top Sector: Financial Services (47 companies)
- Youngest Founders: Kaivalya Vohra (22) & Aadit Palicha (23), Zepto
- Women Entrepreneurs: 20, led by Falguni Nayar and Adwaita Nayar of Nykaa
- Youngest Woman: Adwaita Nayar (34), Nykaa
About India Self-Made Entrepreneurs of the Millennia 2025:
Overview: The IDFC First Private & Hurun India Self-Made Entrepreneurs of the Millennia 2025 is an annual ranking that lists the 200 most valuable companies in India founded by self-made entrepreneurs since 2000.
Ranking Methodology: The rankings are based on the market capitalization for listed companies and valuation of non-listed companies.
- The cut-off date for valuation was 25 September 2025
Threshold: The threshold entry for a company featured on the list is Rs.4,500 crores, 1.5 times the threshold of Rs.3,000 crores in 2024.
Age: The average age of founders on the list is 48.
Highlights of the Report:
Other Top 10 Entrepreneurs: Abhay Soi of Max Healthcare Institute secured 4th place with a valuation of Rs.1.11 lakh crores, while Sriharsha Majety and Nandan Reddy of Swiggy ranked 5th with a valuation of Rs.1.06 lakh crores.
- Deepak Kalra & Rajesh Magow, Co-Founders of MakeMyTrip, with a valuation of Rs.94,500 crores (6th rank), Yashish Dahiya and Alok Bansal, founders of PolicyBazaar, (Rs.80,300 crores) (7th rank), Vijay Shekhar Sharma, founder of Paytm, (Rs.72,900 crores) (8th rank), marking a 67% growth from 2024.
- Falguni Nayar and Adwaita Nayar Nykaa, founders of Nykaa, (Rs.67,500 crores) (9th rank) and Peyush Bansal, Amit Chaudhary, Neha Bansal & Sumeet Kapahi, Co-founders of Lenskart, (Rs.67,000 crores), up by 60% (10th rank).
Women Entrepreneurs: The list features 20 women entrepreneurs with a combined company valuation of Rs.3.3 trillion, led by Falguni Nayar and Adwaita Nayar of Nykaa (Rs.67,500 crore), followed by Neha Bansal of Lenskart (Rs.67,000 crore) and Ruchi Kalra of OfBusiness (Rs.44,400 crore).
Young Entrepreneurs: The youngest founders overall are Kaivalya Vohra (22) and Aadit Palicha (23) of Zepto, valued at Rs.52,400 crore, while Adwaita Nayar (34) is the youngest woman entrepreneur.
Top 5 Indian Self-Made Entrepreneurs of the Millennia 2025:
| Rank | Name of the Founders | Company Name | Headquarters | Valuation in Indian Rupees (INR) crores |
|---|---|---|---|---|
| 1 | Deepinder Goyal | Eternal (formerly Zomato) | Gurugram (Haryana) | 3,20,700 |
| 2 | Radhakishan Damani | Avenue Supermarts (DMart) | Mumbai (Maharashtra) | 2,97,800 |
| 3 | Rahul Bhatia & Rakesh Gangwal | InterGlobe Aviation (IndiGo) | Gurugram (Haryana) | 2,19,300 |
| 4 | Abhay Soi | Max Healthcare Institute | New Delhi (Delhi) | 1,10,700 |
| 5 | Sriharsha Majety & Nandan Reddy | Swiggy | Bengaluru (Karnataka) | 1,06,100 |
Companies Performance in 2025:
Total Value: The combined value of the Top 200 self-made companies founded after 2000 increased 15% (valued Rs. 6 lakh crore) year-on-year, reaching Rs.42 lakh crore (approximately USD 469 billion), from Rs.36 lakh crore in 2024.
Valuation Milestones: The number of companies valued at Rs.1 trillion or more has risen to five, compared to three in the previous year, indicating a sharp increase in high-value enterprises.
New Entries: 102 new founders and 53 new companies entered the list in 2025. The number of billion-dollar companies, valued over Rs.4,300 crores on the list increased to 128 from 121 in 2024.
Geographic Spread: The list features entrepreneurs from 51 cities, led by Bengaluru(Karnataka) (88), followed by Mumbai (Maharashtra) (83) and New Delhi(Delhi)(52), which together account for over half of the total entries.
Sectoral Composition: Financial services leads with 47 companies, followed by Software & Services (28), Healthcare (27), and Retail (20).
Revenue Leaders: The leading revenue generators are IndiGo (Rs.84,098 crore), Avenue Supermarts (Rs.59,482 crore), and Eternal (Rs.21,320 crore)
Most Valuable Unlisted Company: Lenskart has emerged as the most valuable unlisted company, with a valuation of Rs.67,000 crores, followed by Razorpay, founded by Harshil Mathur and Shashank Kumar, and Greenko, founded by Anilkumar Chalamalasetty and Mahesh Kolli, (Rs.66,600 crores).
Employment Leaders: Avenue Supermarts is the largest employer with 90,280 employees, followed by IndiGo(42,887) and Jana Small Finance Bank(JSFB) (25,381).
About Hurun India:
Founder & Chief Researcher – Anas Rahman Junaid
Headquarters – Mumbai, Maharashtra
Established – 2012
