The Hurun Global Unicorn Index 2025, released by the Hurun Research Institute, lists a record 1,523 unicorns (privately held startups valued at over $1 billion) globally, marking an increase of 70 from the previous year. Total combined valuation of these unicorns stands at $5.6 trillion. The Index reflects global innovation trends and increasing startup maturity.
What is a Unicorn Startup?
- A unicorn is a privately held startup company valued at over $1 billion, not listed on any stock exchange.
- Term coined in 2013 by US venture capitalist Aileen Lee, reflecting the rarity of such high-value startups.
- Other related terms:
- Gazelles: Startups expected to become unicorns within 3 years.
- Cheetahs: Startups expected to become unicorns within 5 years.
Key Global Highlights (2025 Edition)
| Indicator | Details |
| Total Unicorns | 1,523 (up by 70 from 2024) |
| Total Value | $5.6 trillion |
| Spread | Present in 52 countries and 307 cities (160% increase in city coverage YoY) |
| Top Country | USA – 758 unicorns (Added 55 this year) |
| Top City Worldwide | San Francisco – 199 unicorns |
| Top Sectors Globally | FinTech, AI, HealthTech, SaaS, and E-commerce |
Top 10 Countries – Global Unicorn Index 2025
| Rank | Country | No. of Unicorns | Major Unicorn Cities (Global Rank) |
| 1 | USA | 758 | San Francisco (1), New York (2), Palo Alto, Boston, etc. |
| 2 | China | 343 | Beijing (3), Shanghai (4), Shenzhen (6) |
| 3 | India | 64 | Bengaluru (7), Mumbai (22), Gurugram (27) |
| 4 | UK | 61 | London (5) |
| 5 | Germany | 36 | Berlin (13) |
| 6 | France | 30 | Paris (8) |
| 7 | Canada | 28 | Toronto (24) |
| 8 | Israel | 20 | Tel Aviv (24) |
| 9 | Singapore | 18 | Singapore (14) |
| 9 | South Korea | 18 | Seoul (17) |
India’s Performance in 2025
- India is ranked 3rd globally with 64 unicorns.
- India’s 3rd rank and strong city-level presence underscore its emergence as a global startup hub, though future growth will depend on sustainability, governance, and policy support.
- Key cities:
- Bengaluru – Rank #7 globally (India’s unicorn capital)
- Mumbai – Rank #22
- Gurugram – Debuts at Rank #27
- Key Indian Unicorns:
- Zerodha – $8.2 billion
- Dream11 – $8 billion
- Razorpay – $7.5 billion
- Sectors driving India’s unicorn growth: FinTech, Gaming, EdTech, and SaaS.
Challenges for Indian Unicorns
| Issue | Explanation |
| Sustainability concerns | High cash burn and excessive discounts harming profitability |
| Overvaluation | Startups like Paytm failed to justify valuations; stock fell 80% since IPO |
| Funding Slowdown | Funding to Indian startups declined in 2023, making expansion harder |
Recommended Measures
| Area | Suggestion |
| Business Model | Focus on sustainable growth, profitability, and innovation |
| Valuation Standards | Ensure transparent and fair valuation practices |
| Regulatory Framework | Simplify compliance laws and ease of doing business for startups |