The late stage Indian startup ecosystem rediscovered its rhythm in 2025 in terms of IPOs, but the number of unicorns in India is growing at a much slower clip than ever before. Is this a sign of maturity or corrected valuations?
Following a lean 2023 with just two new unicorns, India’s new-age tech ecosystem bounced back in 2024, minting seven billion-dollar startups.
In 2025, there was a dip again with six startups – Netradyne, Porter, Drools, Fireflies.ai, Jumbotail and Dhan –…

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