WHAT WAS a trickle a decade ago has turned into a flood. Today, India’s startup ecosystem is the toast of the world, with some of the planet’s most storied investors cutting large cheques to get a share of the pie. So much so that India is now the third-largest startup ecosystem in the world, after the U.S. and China. In fact, there are over 200,000 recognised startups today and many, many more in the overall startup space. And from this massive and growing number of startups has emerged several unicorns — ventures with a valuation of over $1 billion. As of February 2026, data from market intelligence firm Tracxn, which tracks the startup ecosystem in detail, shows that there are 126 unicorns. This unicorn count, too, is the third largest in the world behind the U.S. and China, demonstrating that not only has the Indian startup ecosystem got the numbers, it also has enough muscle.

Keeping these trends and India’s booming entrepreneurial ecosystem in mind, Fortune India’s first-ever listing of India’s Biggest Unicorns celebrates the power of Indian enterprise. Based on Tracxn data, this definitive list of unicorns is based on valuations emerging from the latest funding round within the past three years, since we realise valuations can be volatile. Hence, this list is both current and presents the latest picture of the enterprises in question. As we bring this list to you, certain trends need to be kept in mind in the startup and funding ecosystem. While a couple of years ago the entire discussion was around the ‘funding winter’ — the fallout of the global tech meltdown — and its impact on the Indian funding space, today’s startup ecosystem is the result of a considerable shakeout, where frothy valuations have made way for profitability-led funding, and venture capitalists are insisting on a path to profit before putting money on the table. Gone are the days when investors would put up cheques in minutes. Today, they insist on good governance, stability, and a clear visibility of profits before investing. This can only be good news for serious entrepreneurs who aren’t in the game merely to drive up valuations artificially and then preside over meltdowns. A sharp focus on profitability is now essential.

The second important trend — one accentuated by the government and policymakers in India — is that the Indian startup ecosystem is gradually becoming broad-based and isn’t just limited to consumer-tech or related sectors like it used to be. Ventures focussed on deeptech and artificial intelligence are being spawned and beginning to make a difference. As these ventures scale, they hold the promise of making a difference to the lives of millions of Indians, drawing on the power of technology and innovation. And when this plays out across the length and breadth of the country, we can truly be proud of what our startup ecosystem has achieved. This will also need Indian capital in large amounts, as commerce minister Piyush Goyal has emphasised more than once. Our maiden list of the biggest unicorns is evidence of the power of Indian enterprise and innovation, and as many of them march towards the public markets over time, the value they create will be shared with millions of retail investors in the coming days. Many ventures that turned unicorns earlier are now listed and are navigating the vagaries of the public markets. As more unicorns are born, India’s startup ecosystem would truly have powered the dream of a Viksit Bharat by 2047.