Rahul Bhatia and Rakesh Gangwal became one of the richest self-made entrepreneurs in India this week amid continued chaos at IndiGo airlines. The company promoters made their debut at number three on the Hurun list — piloting the low-cost carrier to a valuation of Rs 2.2 lakh crore in 2025. The data was computed till September 25 — well before severe flight cancellations crippled flight services in the first half of December. Gangwal has also exited IndiGo in stages over the past few years, selling his stake via large block deals.
Hurun said the IndiGo founders have debuted into the top list because of their dominance of India’s aviation market with a 65 per cent market share in the domestic sector.
“The airline has expanded aggressively internationally and introduced sustainable aviation initiatives, including testing biofuels and deploying fuel-efficient aircraft,” the report said.
Flight cancellation chaos
IndiGo has been forced to cancel thousands of flights in December amid a persistent rostering issue — sparking widespread outrage and multi-agency scrutiny. Data from the Directorate General of Civil Aviation indicated that IndiGo has overtaken Air India and Air India Express in international passenger traffic during the July-September 2025 quarter. IndiGo carried a total of 41.36 lakh international passengers, with 19.88 lakh passengers arriving in India and 21.47 lakh departing from the country.
Who are the top 10?
The IndiGo founders are third on the newly released ‘IDFC First Private and Hurun India Top 200 Self-made Entrepreneurs of the Millennia 2025’ list. Eternal (formerly Zomato) founder Deepinder Goyal is reportedly leading the list for the first time.
Here are the top 10:
- Deepinder Goyal – Eternal
- Radhakishan Damani – Avenue Supermart
- Rahul Bhatia and Rakesh Gangwal – InterGlobe Aviation
- Abhay Soi – Max Healthcare Institute
- Sriharsha Majety and Nandan Reddy – Swiggy
- Deep Kalra and Rajesh Magow – MakeMyTrip
- Yashish Dahiya, Alok Bansal – PolicyBazaar
- Vijay Shekhar Sharma – Paytm
- Falguni Nayar, Adwaita Nayar – Nykaa
- Peyush Bansal, Amit Chaudhary, Neha Bansal, Sumeet Kapahi – Lenskart
The cumulative value of all companies on the list stands at Rs 42 lakh crore in 2025, up 15 per cent from Rs 36 lakh crore last year. The number of billion-dollar companies founded by self-made entrepreneurs stands at 128, up from 121 last year, and the valuation threshold to be on the list has moved up to Rs 4,300 crore. Bengaluru continued to top as the base of the companies on the list by being home to 52 entities, down by 14 entities.