Hurun India 2025: List of top 10 listed self-made businesses in India

SYNOPSIS: Hurun India’s 2025 list highlights India’s top self-made entrepreneurs, led by Deepinder Goyal, with new-age companies driving wealth creation as total valuations rose 15 percent to Rs. 42 lakh crore.

Hurun India is the Indian arm of the Hurun Research Institute, a global organisation known for tracking wealth creation, entrepreneurship, and business valuations. Hurun’s India-focused studies highlight self-made entrepreneurs and fast-growing businesses across emerging sectors.

In collaboration with Hurun India, IDFC FIRST Private Banking has released the third edition of the “IDFC FIRST Private & Hurun India’s Top 200 Self-Made Entrepreneurs of the Millennia 2025”. The report captures the rise of India’s most valuable new-age companies founded after 2000, spotlighting founders who have built scalable businesses from scratch.

Out of the 53 new entrants to the list this year, 29 companies (nearly 55 percent) are publicly listed, while the remaining 24 companies, accounting for 45 percent, are from India’s startup ecosystem.

Rankings of Top Self-Made Entrepreneurs of the Millennia 2025

I. Eternal Limited

Deepinder Goyal has emerged at the top of the ranking, with Eternal Limited (formerly Zomato Ltd) valued at around Rs. 3.2 lakh crore. The company’s valuation increased 27 percent compared with the previous year, making Goyal the highest-ranked self-made entrepreneur in the 2025 list.

II. Avenue Supermarts Limited

Radhakishan Damani, who led the rankings last year, moved to second place as Avenue Supermarts (DMart) was valued at ~Rs. 3 lakh crore. The valuation declined 13 percent year-on-year.

III. InterGlobe Aviation Limited

Rahul Bhatia and Rakesh Gangwal, co-founders of InterGlobe Aviation, made a strong debut by entering directly into the top three. The parent company of IndiGo Airlines, which was listed in November 2015 following its IPO, reached a valuation of about Rs. 2.19 lakh crore in 2025, marking its first appearance among Hurun’s top self-made listed companies.

IV. Max Healthcare Institute Limited

Max Healthcare Institute, chaired by Abhay Soi, is a leading multi-speciality hospital network in India. Listed in August 2020 following a reverse merger, the company operates over 20 hospitals with more than 5,000 beds. In 2025, Max Healthcare recorded a rise in valuation by 15 percent to nearly Rs. 1.11 lakh crore, underscoring sustained investor confidence in large healthcare platforms.

V. Swiggy Limited

Swiggy, co-founded by Sriharsha Majety and Nandan Reddy, operates a consumer internet platform focused on food delivery and logistics. The company made its stock market debut in November 2024. In the 2025 Hurun rankings, Swiggy’s valuation rose 5 percent to Rs. 1.06 lakh crore, reflecting increasing optimism around platform-driven consumption and logistics businesses.

VI. Makemytrip Limited

Founded by Deep Kalra and Rajesh Magow, MakeMyTrip operates a comprehensive online travel platform offering flight bookings, hotel reservations, and holiday packages. The company has been listed on the NASDAQ Global Market since August 2010. Despite periodic volatility in travel demand, MakeMyTrip maintained its standing among India’s leading self-made listed digital companies, with a valuation of Rs. 94,500 crore in 2025.

VII. PB Fintech Limited

PB Fintech Limited, the parent company of Policybazaar, was founded by Yashish Dahiya and Alok Bansal. The company runs an online marketplace for insurance and financial products and was listed on the Indian stock exchanges in November 2021. In the 2025 Hurun rankings, PB Fintech was valued at Rs. 80,300 crore, highlighting the scale and maturity achieved by digital insurance distribution platforms.

VIII. One 97 Communications Limited

One 97 Communications Limited, which operates the Paytm platform, was founded by Vijay Shekhar Sharma. The company recorded one of the sharpest year-on-year wealth increases in the rankings, with Sharma’s wealth rising 67 percent. This placed him eighth on the list, supported by a business valuation of Rs. 72,900 crore.

IX. FSN E-Commerce Ventures Limited

Nykaa, founded by Falguni and Adwaita Nayar, was listed on the NSE and BSE in November 2021. The company operates an omnichannel platform spanning beauty, personal care, and fashion retail. In 2025, Nykaa reported a rise in valuation by 19 percent to Rs. 67,500 crore, reinforcing its position as one of India’s most valuable consumer internet companies built by self-made entrepreneurs.

X. Lenskart Solutions Limited

Lenskart delivered a strong performance in the rankings following its recent market debut. The company was listed in November 2025 at a valuation of Rs. 70,236 crore. Its valuation rose 60 percent year-on-year to Rs. 67,000 crore, placing it tenth on the list and elevating co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi into the Top 10.

Meanwhile, Razorpay and Zerodha exited the Top 10 rankings this year, reflecting a shift in the entrepreneurial hierarchy as newer consumer-focused businesses gain prominence in India’s self-made wealth landscape.

Among the biggest movers in the 2025 list were Vinay Sanghi of CarTrade Tech, who climbed 88 positions to reach a valuation of Rs. 11,700 crore; Ashish Jhina and Karthik Venkateswaran of Jumbotail, who advanced 83 places to a valuation of Rs. 8,900 crore; and Vineet Sukumar of Vivriti Capital, who rose 74 positions to Rs. 11,500 crore.

The combined valuation of all companies featured in the Hurun India Top 200 Self-Made Entrepreneurs of the Millennia 2025 stood at Rs. 42 lakh crore (nearly $469 billion) in 2025, up from Rs. 36 lakh crore (~$431 billion) in the previous year, marking an overall growth of 15 percent.

Written by Shivani Singh

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Hurun India 2025: List of top 10 listed self-made businesses in India appeared first on Trade Brains.