Navi, Moneyview, JusPay enter Hurun Unicorn Index as fintechs dominate pipeline
Navi’s listing follows a steady return to external capital markets. The Bengaluru-based lender and insurer has explored a fresh raise at around a $2 billion valuation and in July secured Rs 170 crore.
Sachin Bansal’s Navi Technologies has entered India’s unicorn ranks at a $1.7 billion valuation, leading a fintech-heavy cohort in the ASK Private Wealth–Hurun India Unicorn & Future Unicorn Report 2025.
Other fintech newcomers on the list include Moneyview, JusPay, underscoring resilience in consumer credit and infrastructure rails.
Navi’s listing follows a steady return to external capital markets. The Bengaluru-based lender and insurer has explored a fresh raise at around a $2 billion valuation, according to earlier reports, and in July secured Rs 170 crore in debt via a private placement to institutional and private investors.
Beyond fintech, new entries span mobility, autotech, ecommerce, SaaS and consumer goods. Video-telematics firm Netradyne featured on the list after becoming one of the year’s early unicorns; B2B marketplace Jumbotail crossed $1 billion with a funding round; and pet-food maker Drools hit unicorn status after a minority stake sale to Nestlé. HR-software provider Darwinbox also appears among the new entries to the list this year. The report also pegs Rapido's valuation at $3 billion.
The ASK–Hurun index takes a yearly peek at India's startup ecosystem, specifically tracking VC and PE-backed companies that have launched since 2000.
The index essentially maps out how close companies are to hitting the $1-billion mark, sorting them into three distinct categories: Unicorns have already reached that billion-dollar valuation, Gazelles sit between $500 million and $1 billion and are typically about three years from unicorn status, and Cheetahs are valued between $200-500 million, generally around five years away from joining the unicorn ranks.
Fintech dominates both ends of the startup spectrum in the ASK–Hurun 2025 report. The sector leads the Unicorn category with 19 companies carrying a combined valuation of $50.1 billion, and it also commands the Future Unicorn space with 29 startups worth $12.9 billion altogether—broken down into 13 Gazelles and 16 Cheetahs.
When you consider the full landscape of 73 Unicorns, 46 Gazelles and 104 Cheetahs in 2025, fintech's heavy presence becomes clear. "This concentration risk leaves India exposed to regulatory or credit shocks in financial services," the report said.
Edited by Jyoti Narayan