Eternal’s Deepinder Goyal leads Hurun–IDFC First self-made entrepreneurs ranking
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IDFC FIRST Private Banking and Hurun India released their third edition of “India's Top 200 Self-made Entrepreneurs of the Millennia” today, in which Eternal’s Deepinder Goyal topped the list, surpassing Avenue Supermart’s Radhakishan Damani, who held the spot last year.
Goyal came first with a valuation of Rs 3.2 lakh crore, up 27% from last year. Radhakishan Damani of Avenue Supermarts, last year’s top-spot holder, slips to second place with a valuation of Rs 3 lakh crore, down 13% from last year. Rahul Bhatia and Rakesh Gangwal of InterGlobe Aviation make a powerful debut, entering directly into the Top 3 with a company valuation of RS 2.2 lakh crore. Paytm and Lenskart also made it to the Top 10, reflecting the rising dominance of tech-driven consumer brands redefining India’s entrepreneurship landscape.
Falguni Nayar and Adwaita Nayar of Nykaa continue to lead the women entrepreneurs. A total of 20 women entrepreneurs feature on the list, with a combined company value of Rs 3.3 lakh crore. The youngest woman entrepreneur is Adwaita Nayar, co-founder of Nykaa, age 34, while the youngest founders on the list are Kaivalya Vohra (22) and Aadit Palicha (23), from Zepto, with a valuation of Rs 52,400 crore.
Meanwhile, Razorpay and Zerodha have dropped out of the Top 10, signalling a shifting entrepreneurial hierarchy as newer consumer-centric ventures gain prominence in India’s self-made wealth creation story. The cumulative value of all companies on the list stands at Rs 42 lakh core in 2025, up from Rs 36 lakh crore last year, reflecting a 15% growth. The third edition added 102 new founders and 53 new companies.
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The number of billion-dollar companies founded by the self-made Entrepreneurs of the Millennia 2025 stands at 128, up from 121 last year, adding 22 new companies to the elite club.
Five companies are worth Rs 1 lakh crore or more, up from three last year, indicating a strong growth in ultra-high-value businesses. The threshold to enter the list rose by 26% year-on-year to Rs 4,300 crore, up from Rs 3,400 crore in 2024. The entry threshold for India’s top self-made entrepreneurs has risen across the board in 2025. To feature in the top 10, a company must now be valued at Rs 67,000 crore, up from Rs 56,600 crore in 2024.
Bengaluru retains its position as India’s top startup hub, with 52 companies, although down by 14 from last year. Mumbai follows with 41 companies (+5), and Gurugram with 36 companies (+5), reflecting a dynamic shift in entrepreneurial activity across major cities.
Bengaluru continues to lead as the top city for founder residences with 88 entrepreneurs, followed by Mumbai with 83 and New Delhi with 52, together accounting for a significant share of India’s top self-made entrepreneurs in 2025. The biggest rank movers in the list are Vinay Sanghi of CarTrade Tech, who climbed 88 places to reach a valuation of Rs 11,700 crore; Ashish Jhina and Karthik Venkateswaran of Jumbotail, up 83 places to Rs 8,900 crore; and Vineet Sukumar of Vivriti Capital, up 74 places to Rs 11,500 crore.
Of the 53 new companies on the list, 29 companies (55%) are publicly listed, while 24 companies (45%) are emerging from the startup ecosystem. The top 3 percentage gainers are Anthem Biosciences, up 273% to RS 45,200 crore; Groww, up 148% to Rs 62,100 crore; and Jumbotail, up 147% to Rs 8,900 crore. The companies featured on the list cumulatively paid direct taxes of RS 8,030 crore, up from Rs 4,570 crore last year. A total of 406 founders from the 200 companies featured in list contribute to India’s entrepreneurial ecosystem, up from 388 last year.
The companies with the highest revenue are InterGlobe Aviation at Rs 84,098 crore, Avenue Supermarts at Rs 59,482 crore, and Eternal at Rs 21,320 crore and the companies generating the highest profits are InterGlobe Aviation with Rs 7,258 crore, Avenue Supermarts with Rs 2,707 crore, and Groww with Rs 1,824 crore.
Vikas Sharma, Head-Wealth Management & Private Banking, IDFC FIRST Bank, said, “This report honours the extraordinary stories of visionary leaders who are reshaping the country’s economic landscape. Their resilience, innovation, and relentless pursuit of excellence reflect the very values we at IDFC FIRST Bank deeply resonate with. Through this publication, we proudly spotlight these trailblazers and reaffirm our commitment to nurturing the entrepreneurial spirit that continues to power India’s growth story.”
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said, "The IDFC FIRST Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 showcases the extraordinary impact of self-made entrepreneurs on India's economy, with a total business value of $469 billion—equivalent to a quarter of the value of India’s 300 Most Valuable Family Businesses, despite being founded within the last 25 years compared to the latter's 73-year average age. Five companies founded post-2020 are now collectively valued at Rs 78,000 crore."