Deepinder Goyal, founder of food delivery platform Eternal, has emerged as India’s top self-made entrepreneur in the latest IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 list, overtaking veteran retailer Radhakishan Damani of Avenue Supermarts, which owns DMart.
Goyal’s company was valued at Rs 3.2 lakh crore, up 27% from a year earlier, marking the first time he has topped the annual ranking of entrepreneurs who founded companies after 2000. Damani, last year’s leader, slipped to second place with a valuation of Rs 3 lakh crore, down 13% year-on-year.
Top 5 in Hurun list include Swiggy, Max Healthcare, IndiGo founders
A notable feature of this year’s list is the debut of InterGlobe Aviation’s co-founders, Rahul Bhatia and Rakesh Gangwal, in the top three. The airline company, parent of IndiGo, was valued at Rs 2.2 lakh crore, making it one of the most valuable enterprises founded in this millennium. Although Gangwal exited the company in 2022, the list mentions them together because it takes into account companies created after 2000.
Max Healthcare Institute, led by Abhay Soi, ranked fourth with a valuation of Rs 1.11 lakh crore, up 15%, while Swiggy founders Sriharsha Majety and Nandan Reddy placed fifth at Rs 1.06 lakh crore, marking a 5% increase.
MakeMyTrip co-founders Deep Kalra and Rajesh Magow stood sixth with a valuation of Rs 94,500 crore, down 5%. Policybazaar founders Yashish Dahiya and Alok Bansal followed at seventh with Rs 80,300 crore, up 2%. Paytm founder Vijay Shekhar Sharma ranked eighth as the company’s valuation jumped 67% to Rs 72,900 crore.
Nykaa founders Falguni Nayar and Adwaita Nayar placed ninth with a valuation of Rs 67,500 crore, up 19%, while eyewear retailer Lenskart, led by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi, rounded out the top 10 with a valuation of Rs 67,000 crore, up 60%.
Tech-led consumer brands gain ground
The latest rankings underline the growing prominence of technology-driven consumer businesses. Paytm and Lenskart entered the top 10 this year, while Razorpay and Zerodha dropped out, signalling a shift in the hierarchy of India’s self-made wealth creation towards consumer-facing digital platforms.
Other companies in the top 10 include Max Healthcare Institute, Swiggy, MakeMyTrip, Policybazaar and Nykaa. To make the top 10 this year, a company needed a minimum valuation of Rs 67,000 crore, up from Rs 56,600 crore in 2024.
Young founders and women entrepreneurs
The youngest founders on the list were Zepto’s Kaivalya Vohra, aged 22, and Aadit Palicha, aged 23, whose company was valued at Rs 52,400 crore. The average age of founders on the list stood at 48 years.
Women entrepreneurs accounted for 20 names on the list, led by Nykaa founders Falguni Nayar and Adwaita Nayar. The combined valuation of companies led by women entrepreneurs stood at Rs 3.3 lakh crore.
Rising valuations and new entrants
The combined value of all 200 companies on the list rose 15% year-on-year to Rs 42 lakh crore in 2025, compared with Rs 36 lakh crore last year. The list added 102 new founders and 53 new companies, taking the total number of founders represented to 406.
The number of billion-dollar companies founded after 2000 increased to 128, from 121 a year ago. Five companies are now valued at Rs 1 lakh crore or more, up from three last year.
Bengaluru retains startup crown
Bengaluru continued to lead as India’s primary startup hub, with 52 companies headquartered in the city, though this was down from last year. Mumbai followed with 41 companies, while Gurugram ranked third with 36. In terms of founder residence, Bengaluru accounted for 88 entrepreneurs, ahead of Mumbai at 83 and New Delhi at 52.
Financial services remained the largest sector on the list with 47 companies, though software and services showed the strongest growth, adding five companies to reach a total of 28. Healthcare and retail followed with 27 and 20 companies, respectively.
