New Delhi | December 17, 2025
India’s wealth landscape is undergoing a major transformation, with new-age technology and services companies outpacing traditional business giants, according to the IDFC First Private Hurun India List 2025.
The latest rankings reveal that Deepinder Goyal, founder of food-tech major Eternal (Zomato), has emerged as India’s most valuable self-made entrepreneur, overtaking stock market veteran and Avenue Supermarts (DMart) founder Radhakishan Damani. The list is based on company valuations and data as of September 25, 2025, and features the top 200 self-made entrepreneurs in the country.
Deepinder Goyal Leads the Shift
According to Hurun India, Eternal recorded an impressive 27% annual growth, pushing its valuation to a record ₹3.2 lakh crore. With a food delivery and logistics network spanning 800 cities, Goyal’s company has significantly strengthened its market dominance.
In contrast, Damani experienced a challenging year, with his business valuation falling 13% to ₹3 lakh crore, causing him to slip to second place after years at the top.
IndiGo Promoters Hold Firm Despite Headwinds
Despite turbulence in the aviation sector, IndiGo promoters Rahul Bhatia and Rakesh Gangwal retained their spot in the top three, with a combined valuation of ₹2.2 lakh crore. The airline continues to command a 65% market share, even as delays in regulatory approvals and operational challenges led to recent stock volatility.
Paytm’s Comeback, Lenskart’s Strong Debut
The 2025 list also marks a strong comeback for Paytm founder Vijay Shekhar Sharma, who climbed to 8th place after registering a 67% surge in valuation, now standing at ₹72,900 crore.
Eyewear major Lenskart, recently listed on the stock exchange, made a powerful debut in the rankings. Co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi secured the 10th position, with the company’s valuation jumping 60% to ₹67,000 crore.
Meanwhile, Eternal’s key rival Swiggy maintained its position at fifth place, as co-founders Sriharsha Majety and Nandan Reddy posted 5% growth, taking the company’s valuation to ₹1.06 lakh crore.
Bengaluru Retains Startup Capital Status
City-wise data shows Bengaluru continues to dominate as India’s startup and entrepreneurship hub, hosting 52 companies on the list. However, this figure is 14 fewer than last year, raising concerns about concentration risks.
Collectively, companies on the Hurun India List 2025 are valued at ₹42 lakh crore, up 15% year-on-year. The number of companies valued at over $1 billion rose to 128, while the minimum wealth threshold for inclusion increased to ₹4,300 crore, reflecting the rapid expansion of India’s startup-driven economy.
