India's Unicorn Boom Slows in 2025: Fewer Additions, Higher Hurdles

• India added only 6 new unicorns in 2025, a significant drop from 45 in 2021, due to tight capital conditions and valuation resets.
• Unicorn status was often achieved through secondary transactions, strategic investments, or re-ratings, rather than large primary funding rounds.
• Key 2025 unicorns include Netradyne, Porter, Drools, Jumbotail, Fireflies.ai, and Dhan, spanning diverse sectors.
• The market shifted towards logistics, fintech, enterprise software, and consumer staples, moving away from high-burn consumer internet models.
• India now boasts around 125 active unicorns, ranking third globally, but the path to a billion-dollar valuation has become more selective and challenging.

Why It Matters: India's unicorn landscape in 2025 became more selective, demanding higher thresholds and conservative growth.