The ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 has been created to showcase India’s rapidly growing start-up ecosystem to investors, policymakers, family offices, aspiring entrepreneurs, and the global community.

The Hurun Research Institute categorises start-ups into three segments:

• Unicorns: Companies founded in or after the year 2000 with a valuation of USD 1 Bn or more.
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• Gazelles: Companies founded in or after the year 2000 with valuations between USD 500 Mn and USD 1 Bn, identified as the most likely to achieve Unicorn status within the next three years.
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• Cheetahs: Companies founded in or after the year 2000 with valuations between USD 200 Mn and USD 500 Mn, considered potential Unicorns within the next five years.
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The classification is based on regulatory filings, insights from fellow entrepreneurs, and feedback from leading India-focused venture capital funds and angel investors.