Startups ranked by AI-estimated valuation
India’s 50 most valuable startups
A quarterly ranking of non-listed Indian startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; our AI estimates it.
The market at a glance
50companies ranked
22companies on the radar
USD ~11bnraised in 2025
936rounds in 2025
About 936 deals in 2025, down 8% in value (Tracxn counts USD 10.5bn). 18 startups went public in 2025, so several former leaders now appear as listed benchmarks. First half of 2026: USD 5.2bn over 501 deals. Sources: Inc42 (2025), Tracxn, Inc42 (H1 2026). Intention counters will be shown above a threshold of amount and number of Backers.
National ranking · all sectors
Snapshot7 Oct 2026A snapshot taken on 7 Oct 2026
This ranking shows the startups as they stood on 7 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 2 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 7 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 2 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
Listed benchmark · 7 Oct 202614Indian tech companies born as startups, listed since 2021, worth USD 2bn or more8.1xmedian market cap / revenue of those 14 companiesUSD 1 = INR 96.4rate of 7 Oct 2026, used for listed market values
Listed companies appear in grey at their market value on the ranking date, converted at that day’s rate; startup valuations use the rate of the date of each round or published valuation. Only listed companies whose business fits one Uback segment are shown, under the same scope rule as startups. Listed companies are never ranked and no intention is possible on them. Facts from company filings and market data; Uback gives no opinion on listed companies.
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a local partner. Neither is an order nor a commitment to invest. Terms for Backers → |
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| — | EternalListed since Jul 2021 Listed · NSE · ETERNAL | Food delivery (Zomato) and quick commerce (Blinkit) | Quick commerce order value up 54% a year (Q1 FY27) | INR 3.16 lakh cr (USD 32.8bn)Market cap · Oct 2026 · 5.8x revenueListed company · not ranked | ||
| 1 | FlipkartBengaluru · founded 2007Flipkart Pvt Ltd (Singapore holding); HQ BengaluruControlled by Walmart (about 80%) India's largest e-commerce marketplace. Walmart has controlled it since 2018; Google, Tencent and GIC remain minority shareholders. Valued at USD 36bn in May 2024; domestic IPO in preparation. FY25 revenue about USD 9.7bn. |
Commerce › e-commerce marketplace | USD 10bn+ raised Growth · USD ~1bn · May 2024 (Walmart, Google) |
Last known equity round: Growth round · USD 950M · May 2024 (Walmart, Google) Published valuation: USD 36bn (May 2024)Method |
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| 2 | PhonePeBengaluru · founded 2015PhonePe Ltd, HQ Bengaluru; redomiciled from Singapore in 2022Controlled by Walmart (about 72%) IPO approved by SEBI (Jan 2026), then paused in Mar 2026; a restart was reported in Sep 2026, reportedly around USD 10bn. |
Fintech › UPI payments and financial services | USD >1.5bn raised Pre-IPO (largely secondary) · USD 600M · Oct 2025 (General Atlantic) |
Last known equity round: Pre-IPO round · USD 600M · Oct 2025 (General Atlantic) Published valuation: USD 14.5bn (Oct 2025)Method |
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| — | GrowwListed since Nov 2025 Listed · NSE · GROWW | Investing app (stocks, F&O, mutual funds) | INR 1.9 lakh cr of direct mutual fund assets (Q1 FY27) | INR 1.24 lakh cr (USD 12.9bn)Market cap · Oct 2026 · 26.7x revenueListed company · not ranked | ||
| — | PaytmListed since Nov 2021 Listed · NSE · PAYTM | Payments and merchant fintech | 80M monthly transacting users (Q1 FY27) | INR 1.11 lakh cr (USD 11.6bn)Market cap · Oct 2026 · 13.2x revenueListed company · not ranked | ||
| — | MeeshoListed since Dec 2025 Listed · NSE · MEESHO | Zero-commission value e-commerce | 274M annual transacting users (Q1 FY27) | INR 1.10 lakh cr (USD 11.4bn)Market cap · Oct 2026 · 8.7x revenueListed company · not ranked | ||
| — | NykaaListed since Nov 2021 Listed · NSE · NYKAA | Beauty and fashion e-commerce | Gross merchandise value INR 5,590 cr in Q1 FY27 (+34%) | INR 97,472 cr (USD 10.1bn)Market cap · Oct 2026 · 9.7x revenueListed company · not ranked | ||
| — | SwiggyListed since Nov 2024 Listed · NSE · SWIGGY | Food delivery and quick commerce (Instamart) | 27.5M monthly transacting users (Q1 FY27) | INR 67,904 cr (USD 7.0bn)Market cap · Oct 2026 · 2.9x revenueListed company · not ranked | ||
| — | Ather EnergyListed since May 2025 Listed · NSE · ATHERENERG | Electric two-wheelers | 83,173 vehicles delivered in Q1 FY27 (+81%) | INR 57,881 cr (USD 6.0bn)Market cap · Oct 2026 · 15.8x revenueListed company · not ranked | ||
| — | PB Fintech (Policybazaar)Listed since Nov 2021 Listed · NSE · POLICYBZR | Online insurance and credit marketplace | Insurance premium INR 8,732 cr in Q1 FY27 (+41%) | INR 48,173 cr (USD 5.0bn)Market cap · Oct 2026 · 7.1x revenueListed company · not ranked | ||
| 3 | ZeptoBengaluru · founded 2021Zepto Ltd, HQ Bengaluru Valued at about USD 4.5bn in an Aug 2026 pre-IPO placement, down from USD 7bn in Oct 2025. IPO deferred after investors offered about USD 2.5–3bn; new target Feb–May 2027. Net loss of INR 5,095 cr in FY26. |
Commerce › quick commerce | USD ~1.9bn raised Pre-IPO placement · USD ~105M (INR ~1,000 cr) · Aug 2026 (existing shareholders) |
Last known equity round: Pre-IPO placement · USD 105M · Aug 2026 (existing shareholders) Published valuation: USD 4.5bn (Aug 2026)Method |
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| 4 | CREDBengaluru · founded 2018Dreamplug Technologies, HQ Bengaluru The Meta round mixes primary and secondary shares; post-money INR 43,239 cr. Founder Kunal Shah joined Meta; interim CEO in place. |
Fintech › credit-card payments and rewards | USD ~1.9bn raised Series H · USD ~900M (INR 8,550 cr) · Jun 2026 (Meta) |
Last known equity round: Series H · USD 900M · Jun 2026 (Meta) Published valuation: USD 4.5bn (Jun 2026)Method |
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| — | PhysicsWallahListed since Nov 2025 Listed · NSE · PWL | Online and offline test preparation | 4.03M daily active users (Q1 FY27) | INR 40,568 cr (USD 4.2bn)Market cap · Oct 2026 · 10.4x revenueListed company · not ranked | ||
| 5 | VerSe InnovationBengaluru · founded 2007HQ Bengaluru (Dailyhunt, Josh) An investor marked its stake down to USD 2.9bn (2024), disputed by the company. About 500 layoffs in May 2025. |
Consumer internet › local-language news and short video | USD ~1.7bn raised Late-stage · USD 805M · Apr 2022 (CPP Investments, Ontario Teachers’) |
Last known equity round: Late-stage round · USD 805M · Apr 2022 (CPP Investments, Ontario Teachers’) Published valuation: USD 2.9bn (Jun 2024)Method |
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| — | FreshworksListed since Sep 2021 Listed · Nasdaq · FRSH | Customer service and IT software (born in Chennai) | Revenue USD 839M in 2025 (+16%) | USD 3.4bnMarket cap · Oct 2026 · 4.1x revenueListed company · not ranked | ||
| — | DelhiveryListed since May 2022 Listed · NSE · DELHIVERY | E-commerce logistics | 322M express parcels in Q1 FY27 (+55%) | INR 29,964 cr (USD 3.1bn)Market cap · Oct 2026 · 2.9x revenueListed company · not ranked | ||
| 6 | BrowserStackMumbai · founded 2011HQ Mumbai; offices in the US and Ireland Profitable; USD 275M of buybacks funded from profits, the latest in Jan 2026. |
Business software › software testing cloud | USD 250M raised Series B · USD 200M · Jun 2021 (BOND, Insight, Accel) |
Last known equity round: Series B · USD 200M · Jun 2021 (BOND, Insight, Accel) Published valuation: USD 4bn (Jun 2021)Method |
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| 7 | ZetwerkBengaluru · founded 2018HQ Bengaluru; plants in India, the US, Germany, Spain, Vietnam and Mexico Valuation reported as above USD 3bn (single source). IPO approved by SEBI (Jul 2026); updated papers filed Aug 2026, no dates yet. |
Industrial › contract manufacturing platform | USD >700M raised Pre-IPO · USD ~60M (INR 500 cr) · Jul 2026 (Bharat Value Fund) |
Last known equity round: Pre-IPO round · USD 60M · Jul 2026 (Bharat Value Fund) Published valuation: USD 3bn (Jul 2026)Method |
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| 8 | RapidoBengaluru · founded 2015Roppen Transportation Services, HQ Bengaluru The May 2026 package totals about USD 730M including secondary sales. Equity total not itemised. |
Mobility › bike taxis and ride-hailing | USD >1bn raised Growth · USD 240M primary · May 2026 (Prosus; WestBridge, Accel) |
Last known equity round: Growth round · USD 240M · May 2026 (Prosus; WestBridge, Accel) Published valuation: USD 3bn (May 2026)Method |
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| 9 | Infra.MarketThane (Mumbai) · founded 2016Hella Infra Market, HQ Thane Valued at INR 24,600 cr (Sep 2025). Chose a reverse listing through Shalimar Paints (Aug 2026, awaiting approvals) instead of an IPO; the swap values its holding company at about INR 10,545 cr, scope unclear. USD 150M of debt not counted. |
Industrial › construction materials | USD >880M raised Series G · USD ~83M (INR 732 cr) · Sep 2025 (NKSquared, Tiger Global) |
Last known equity round: Series G · USD 83M · Sep 2025 (NKSquared, Tiger Global) Published valuation: USD 2.7bn (Sep 2025)Method |
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| — | Urban CompanyListed since Sep 2025 Listed · NSE · URBANCO | Home and beauty services marketplace | 13.2M orders in Q1 FY27 | INR 25,970 cr (USD 2.7bn)Market cap · Oct 2026 · 16.7x revenueListed company · not ranked | ||
| — | Go DigitListed since May 2024 Listed · NSE · GODIGIT | Digital general insurance | 5.6% of the motor insurance market (Q1 FY27) | INR 24,405 cr (USD 2.5bn)Market cap · Oct 2026 · 2.4x revenueListed company · not ranked | ||
| 10 | CoinDCXMumbai · founded 2018Neblio Technologies, HQ Mumbai Coinbase’s 2025 investment valued the company at USD 2.45bn (subject to regulatory approval). USD 44M hack in Jul 2025. Last disclosed amount: USD 135M, Apr 2022. |
Crypto › exchange | USD ~244M raised Series D extension · undisclosed · Oct 2025 (Coinbase) |
Last known equity round: Series D · USD 135M · Apr 2022 Published valuation: USD 2.5bn (Oct 2025)Method |
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| 11 | LeadSquaredBengaluru · founded 2011HQ Bengaluru No round since 2022. Losses reduced in FY25. |
Business software › sales CRM | USD ~205M raised Series C · USD 153M · Jun 2022 (WestBridge) |
Last known equity round: Series C · USD 153M · Jun 2022 (WestBridge) Published valuation: USD 1bn (Jun 2022)Method |
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| 12 | EruditusMumbai · founded 2010HQ Mumbai; learners in 80+ countries Down round from USD 3.2bn (2021). Debt not counted. |
Edtech › university executive education | USD ~1.1bn raised Series F · USD 150M · Oct 2024 (TPG Rise Fund) |
Last known equity round: Series F · USD 150M · Oct 2024 (TPG Rise Fund) Published valuation: USD 2.3bn (Aug 2024)Method |
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| — | Pine LabsListed since Nov 2025 Listed · NSE · PINELABS | Merchant payments infrastructure | Gross transaction value about INR 4.22 lakh cr (Q1 FY27) | INR 20,503 cr (USD 2.1bn)Market cap · Oct 2026 · 7.6x revenueListed company · not ranked | ||
| 13 | RazorpayBengaluru · founded 2014HQ Bengaluru; moved its holding from the US to India (2024–25) Confidential IPO filing with SEBI (Jun 2026). No primary round since 2021. |
Fintech › payment gateway and business banking | USD ~740M raised Series F · USD 375M · Dec 2021 (Lone Pine, Alkeon, TCV) |
Last known equity round: Series F · USD 375M · Dec 2021 (Lone Pine, Alkeon, TCV) Published valuation: USD 7.5bn (Dec 2021)Method |
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| 14 | BharatPeNew Delhi · founded 2018Resilient Innovations, HQ New Delhi No equity round since 2021. Governance dispute with a co-founder settled in 2024. Pre-IPO round planned. |
Fintech › merchant QR payments and lending | USD >600M (not verified) raised Series E · USD 370M · Aug 2021 (Tiger Global, Dragoneer, Steadview) |
Last known equity round: Series E · USD 370M · Aug 2021 (Tiger Global, Dragoneer, Steadview) Published valuation: USD 2.9bn (Aug 2021)Method |
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| 15 | UdaanBengaluru · founded 2016HQ Bengaluru Flat round at about USD 1.8bn. A Jul 2026 package of USD 160M mixes equity, private credit and debt conversion (equity share undisclosed, not counted). |
Commerce › B2B e-commerce for retailers | USD >1bn raised Series G · USD 114M · Jun 2025 (M&G, Lightspeed) |
Last known equity round: Series G · USD 114M · Jun 2025 (M&G, Lightspeed) Published valuation: USD 1.8bn (Jun 2025)Method |
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| 16 | upGradMumbai · founded 2015HQ Mumbai; operations in India and abroad Down round from USD 2.25bn (Oct 2024), mostly funded by the founder. Acquiring Unacademy. |
Edtech › higher education and upskilling | USD ~805M raised Primary round · USD ~38M (INR 361 cr) · May 2026 (Ronnie Screwvala, Temasek, IFC) |
Last known equity round: Primary round · USD 38M · May 2026 (Ronnie Screwvala, Temasek, IFC) Published valuation: USD 1.7bn (May 2026)Method |
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| 17 | Cars24Gurugram · founded 2015HQ Gurugram; operations in India, the UAE and Australia No disclosed equity round since 2021. IPO announced within 6–12 months. |
Mobility › used-car marketplace | USD >1bn (incl. debt) raised Series G · USD 400M (about USD 300M equity) · Dec 2021 (Alpha Wave) |
Last known equity round: Series G · USD 300M · Dec 2021 (Alpha Wave) Published valuation: USD 3.3bn (Dec 2021)Method |
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| 18 | SpinnyGurugram · founded 2015Valuedrive Technologies, HQ Gurugram Down from USD 1.8bn (2021). Confidential IPO filing in Sep 2026. Total includes some secondary sales. |
Mobility › used-car retail | USD ~784M raised Growth · USD ~170M (USD 90M primary) · Feb 2026 (Fidelity, Accel Leaders) |
Last known equity round: Growth round · USD 90M · Feb 2026 (Fidelity, Accel Leaders) Published valuation: USD 1.5bn (Feb 2026)Method |
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| 19 | KreditBeeBengaluru · founded 2016HQ Bengaluru; redomiciled from Singapore Pre-IPO round; IPO planned. NBFC debt not counted. Profitable. |
Fintech › digital consumer lending | USD ~642M raised Series E · USD 280M (incl. USD 60M secondary) · Apr 2026 (Motilal Oswal Alternates) |
Last known equity round: Series E · USD 280M · Apr 2026 (Motilal Oswal Alternates) Published valuation: USD 1.5bn (Apr 2026)Method |
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| 20 | Sarvam AIBengaluru · founded 2023HQ Bengaluru First close of a USD 300M round at USD 1.5bn post-money. |
AI › Indian-language foundation models | USD ~275M raised Series B (first close) · USD 234M · Jun 2026 (HCLTech, Bessemer, Khosla, Peak XV) |
Last known equity round: Series B · USD 234M · Jun 2026 (HCLTech, Bessemer, Khosla, Peak XV) Published valuation: USD 1.5bn (Jun 2026)Method |
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| 21 | Cult.fitBengaluru · founded 2016Curefit Healthcare, HQ Bengaluru Post-money INR 13,668 cr. IPO filing (DRHP) in Jul 2026. |
Consumer › fitness and wellness | USD >714M raised Series G · USD ~47M (INR 440 cr) · Mar 2026 (Temasek) |
Last known equity round: Series G · USD 47M · Mar 2026 (Temasek) Published valuation: USD 1.4bn (Mar 2026)Method |
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| 22 | Dream Sports (Dream11)Mumbai · founded 2008Sporta Technologies, HQ Mumbai Real-money contests stopped after the Online Gaming Act (Aug 2025); now free-to-play. Retrospective GST upheld by the Supreme Court (May 2026). |
Gaming › fantasy sports | USD ~1.56bn raised Growth · USD 840M (primary and secondary) · Nov 2021 (Tiger Global, TCV, D1) |
Last known equity round: Growth round · USD 840M · Nov 2021 (Tiger Global, TCV, D1) Published valuation: USD 8bn (Nov 2021)Method |
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| 23 | Rebel FoodsMumbai · founded 2011HQ Mumbai; operations in India and the UAE Series G of USD 210M (Dec 2024, Temasek) at USD 1.4bn. IPO planned, not filed. |
Food › cloud kitchens and multi-brand restaurants | USD ~773M raised Series G extension · USD 25M · Apr 2025 (Qatar Investment Authority) |
Last known equity round: Series G extension · USD 25M · Apr 2025 (Qatar Investment Authority) Published valuation: USD 1.4bn (Apr 2025)Method |
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| 24 | NeysaMumbai · founded 2023HQ MumbaiControlled by Blackstone (majority since Feb 2026) The announced USD 1.2bn includes USD 600M of planned debt, not counted. Valuation reported by a single outlet. |
AI › GPU cloud | USD ~650M raised Growth · USD 600M equity · Feb 2026 (Blackstone funds; Teachers’ Venture Growth, Nexus) |
Last known equity round: Growth round · USD 600M · Feb 2026 (Blackstone funds; Teachers’ Venture Growth, Nexus) Published valuation: USD 1.4bn (Feb 2026)Method |
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| 25 | ShareChatBengaluru · founded 2015Mohalla Tech, HQ Bengaluru USD 49M of convertibles in 2024 at a valuation reported below USD 2bn (down from USD 5bn). Operationally profitable; IPO planned. |
Consumer internet › local-language social media | USD ~1.3bn raised Late-stage · USD 255M · Jun 2022 (Google, Times Group, Temasek) |
Last known equity round: Late-stage round · USD 255M · Jun 2022 (Google, Times Group, Temasek) Published valuation: USD 5bn (Jun 2022)Method |
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| 26 | AckoBengaluru · founded 2016HQ Bengaluru No disclosed round since 2021 apart from a strategic stake in 2025. IPO banks appointed (Apr 2026). |
Insurtech › digital insurance | USD >458M raised Series D · USD 255M · Oct 2021 (General Atlantic) |
Last known equity round: Series D · USD 255M · Oct 2021 (General Atlantic)Method | Be the first | Back |
| 27 | NaviBengaluru · founded 2018Navi Technologies, HQ Bengaluru Funded by founder Sachin Bansal until 2026. IPO filing planned by Dec 2026. |
Fintech › lending, UPI and investing | USD 100M outside equity raised First outside round · USD 100M · Aug 2026 (Prosus) |
Last known equity round: Prosus round · USD 100M · Aug 2026 (Prosus) Published valuation: USD 1.3bn (Aug 2026)Method |
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| 28 | MoglixNoida · founded 2015Singapore holding; operating HQ in Noida No outside round since 2022. IPO planned. |
Industrial › B2B procurement marketplace | USD ~470M raised Series F · USD 250M · Jan 2022 (Alpha Wave, Tiger Global) |
Last known equity round: Series F · USD 250M · Jan 2022 (Alpha Wave, Tiger Global) Published valuation: USD 2.6bn (Jan 2022)Method |
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| 29 | CarDekhoJaipur · founded 2008Girnar Software, HQ Jaipur Valued at USD 1.2bn in 2021. IPO filing announced for 2026. Total may include debt. |
Mobility › car classifieds and financing | USD ~750M raised Series E · USD 250M · Oct 2021 |
Last known equity round: Series E · USD 250M · Oct 2021 Published valuation: USD 1.2bn (Oct 2021)Method |
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| 30 | PerfiosBengaluru · founded 2008HQ Bengaluru Profitable; several acquisitions in 2025. Total includes secondary sales. |
Fintech › credit decisioning software | USD ~464M raised Series D · USD 80M · Mar 2024 (Teachers’ Venture Growth) |
Last known equity round: Series D · USD 80M · Mar 2024 (Teachers’ Venture Growth) Published valuation: USD 1bn (Mar 2024)Method |
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| 31 | PorterBengaluru · founded 2014SmartShift Logistics Solutions, HQ Bengaluru Series F extended in Sep 2025 at about USD 1.2bn, mostly secondary. Preparing an IPO. |
Logistics › on-demand intra-city trucking | USD ~330M raised Series F · USD 200M (primary and secondary) · May 2025 (Kedaara, Wellington) |
Last known equity round: Series F · USD 200M · May 2025 (Kedaara, Wellington) Published valuation: USD 1.2bn (Sep 2025)Method |
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| 32 | JuspayBengaluru · founded 2012Juspay Technologies, HQ Bengaluru Rounds partly secondary; early rounds not itemised. Profitable. |
Fintech › payment orchestration | USD ≥170M raised Series D follow-on · USD 50M · Jan 2026 (WestBridge) |
Last known equity round: Series D follow-on · USD 50M · Jan 2026 (WestBridge) Published valuation: USD 1.2bn (Jan 2026)Method |
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| 33 | Skyroot AerospaceHyderabad · founded 2018HQ Hyderabad India’s first space unicorn; Vikram-1 reached orbit in Jul 2026. Talks for a larger round reported, not confirmed. |
SpaceTech › small-satellite launchers | USD ~160M raised Growth · USD 60M · May 2026 (GIC, Sherpalo) |
Last known equity round: Growth round · USD 60M · May 2026 (GIC, Sherpalo) Published valuation: USD 1.1bn (May 2026)Method |
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| 34 | NoBrokerBengaluru · founded 2014HQ Bengaluru No disclosed round since 2021. |
Proptech › broker-free property marketplace | USD ~361M raised Series E · USD 210M · Nov 2021 (Tiger Global, General Atlantic) |
Last known equity round: Series E · USD 210M · Nov 2021 (Tiger Global, General Atlantic) Published valuation: USD 1bn (Nov 2021)Method |
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| 35 | OYO (PRISM)Gurugram · founded 2013Oravel Stays (PRISM), HQ Gurugram; hotels in India, the US and Europe Series G of USD 173.5M at USD 2.4bn (Aug 2024). IPO approved by SEBI (Jun 2026), not launched by 7 Oct 2026. Profitable. |
Travel › hotel platform and franchising | USD >3bn (incl. debt) raised Preferential issue · USD ~65M (INR 550 cr) · Jan 2025 (founder vehicle) |
Last known equity round: Preferential issue · USD 65M · Jan 2025 (founder vehicle) Published valuation: USD 2.4bn (Aug 2024)Method |
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| 36 | Square YardsGurugram · founded 2014 Became a unicorn in Jun 2026. FY26 revenue INR 2,086 cr; IPO of about INR 2,000 cr planned. |
Proptech › real-estate marketplace and services | USD 250M+ raised Growth · USD ~95M (INR 900 cr) · Jun 2026 (EAAA Alternatives, Muzinich; Smilegate, Bennett Coleman) |
Last known equity round: Growth round · USD 95M · Jun 2026 (EAAA Alternatives, Muzinich; Smilegate, Bennett Coleman) Published valuation: USD 1bn (Jun 2026)Method |
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| 37 | InMobiBengaluru · founded 2007Singapore holding moving to India ahead of an IPO; operations in Bengaluru Founders bought back SoftBank’s stake in Dec 2025 at about USD 1bn, funded by USD 350M of debt. IPO of about USD 1bn planned. |
Adtech › mobile advertising | USD >774M raised Minority stake (mostly secondary) · USD 50–60M · Sep 2026 (True North) |
No equity round with a disclosed amount. Published valuation: USD 1bn (Dec 2025)Method |
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| 38 | JumbotailBengaluru · founded 2015HQ Bengaluru Became a unicorn with its Series D (Jun 2025), valued at about USD 1bn. |
Commerce › B2B grocery marketplace | USD ~263M raised Series D · USD 120M · Jun 2025 (SC Ventures) |
Last known equity round: Series D · USD 120M · Jun 2025 (SC Ventures) Published valuation: USD 1bn (Jun 2025)Method |
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| 39 | LivspaceBengaluru · founded 2015HQ Bengaluru; Singapore parent No outside round since 2022. About 1,000 layoffs and a co-founder exit in Feb 2026. |
Proptech › home interiors | USD >450M raised Series F · USD 180M · Feb 2022 (KKR) |
Last known equity round: Series F · USD 180M · Feb 2022 (KKR)Method | Be the first | Back |
| 40 | PurplleMumbai · founded 2012Manash Lifestyle, HQ Mumbai Reported valuation of about USD 1.2bn (single source). Losses cut in FY25. |
Commerce › beauty e-commerce and private labels | USD ~481M raised Series F · USD ~178M (INR 1,500 cr) · Oct 2024 (ADIA, Premji Invest) |
Last known equity round: Series F · USD 178.5M · Oct 2024 (ADIA, Premji Invest) Published valuation: USD 1.2bn (Oct 2024)Method |
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| 41 | MintifiMumbai · founded 2017HQ Mumbai Debt not counted. IPO under consideration. |
Fintech › supply-chain financing | USD ~350M raised Series E · USD 180M (incl. secondary) · Dec 2024 (Teachers’ Venture Growth, Prosus) |
Last known equity round: Series E · USD 180M · Dec 2024 (Teachers’ Venture Growth, Prosus) Published valuation: USD 850M (Dec 2024)Method |
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| 42 | LiciousBengaluru · founded 2015Delightful Gourmet, HQ Bengaluru Valued at about USD 1.5bn in 2022. IPO pushed back to 2027–28. |
Commerce › fresh meat and seafood | USD ~554M raised Series F · USD 150M · Mar 2022 (Temasek, Multiples) |
Last known equity round: Series F · USD 150M · Mar 2022 (Temasek, Multiples) Published valuation: USD 1.5bn (Mar 2022)Method |
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| 43 | MoEngageBengaluru · founded 2014India; US holding Valued at USD 750M before the round. About USD 100M of revenue in FY25, profitable. Offices in San Francisco and Bengaluru. |
Martech › customer engagement software | USD 360M+ raised Series F · USD 150M (mostly secondary) · Nov 2025 (ChrysCapital; Dragon Funds, Schroders Capital) |
Last known equity round: Series F · USD 150M · Nov 2025 (ChrysCapital; Dragon Funds, Schroders Capital) Published valuation: USD 750M (Nov 2025)Method |
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| 44 | DarwinboxHyderabad · founded 2015 Described by the company as an up-round from its USD 1bn+ valuation of 2022. About 60% of revenue from outside India. |
HR tech › HR software for large employers | USD 260M+ raised Series D extension · USD 140M · Mar 2025 (KKR, Partners Group) |
Last known equity round: Series D extension · USD 140M · Mar 2025 (KKR, Partners Group)Method | Be the first | Back |
| 45 | Mensa BrandsBengaluru · founded 2021HQ Bengaluru; holding moved from Singapore to India Later raises are debt. IPO considered within 12–18 months. |
Commerce › house of consumer brands | USD ~294M (incl. debt) raised Series B · USD 135M · Nov 2021 (Alpha Wave) |
Last known equity round: Series B · USD 135M · Nov 2021 (Alpha Wave) Published valuation: USD 1bn (Nov 2021)Method |
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| 46 | Pocket FMBengaluru · founded 2018HQ Bengaluru; about 70% of revenue from the US Valued at USD 750M in 2024. Talks for a round at about USD 2bn reported, not closed. |
Media › serialised audio fiction | USD ~196M raised Series D · USD 103M · Mar 2024 (Lightspeed, StepStone) |
Last known equity round: Series D · USD 103M · Mar 2024 (Lightspeed, StepStone) Published valuation: USD 750M (Mar 2024)Method |
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| 47 | M2P FintechChennai · founded 2014HQ Chennai Valued above INR 6,550 cr in 2024. |
Fintech › banking-as-a-service | USD >200M (not verified) raised Series D · USD ~100M (INR 850 cr) · Sep 2024 (Helios) |
Last known equity round: Series D · USD 100M · Sep 2024 (Helios) Published valuation: USD 780M (Sep 2024)Method |
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| 48 | OneCardPune · founded 2019FPL Technologies, HQ Pune Valued at USD 1.4bn in 2022. RBI told partner banks to halt new card issuance in Dec 2025. |
Fintech › co-branded credit cards | USD ~290M (may include debt) raised Series D · USD 100M · Jul 2022 (Temasek) |
Last known equity round: Series D · USD 100M · Jul 2022 (Temasek) Published valuation: USD 1.4bn (Jul 2022)Method |
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| 49 | ApnaBengaluru · founded 2019HQ Bengaluru Valued at USD 1.1bn in 2021; no round since. |
HR tech › blue-collar jobs | USD ~193M raised Series C · USD 100M · Sep 2021 (Tiger Global) |
Last known equity round: Series C · USD 100M · Sep 2021 (Tiger Global) Published valuation: USD 1.1bn (Sep 2021)Method |
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| 50 | Kuku FMMumbai · founded 2018 Valued at about USD 500M (Oct 2025). SEBI cleared its IPO in Sep 2026, at up to about INR 15,000 cr; it leaves the ranking once listed. FY26 revenue about INR 1,400 cr. |
Media › audio series and audiobooks | USD 156M+ raised Series C · USD 85M (about USD 50M primary) · Oct 2025 (Granite Asia; Vertex Growth, Krafton, IFC) |
Last known equity round: Series C · USD 85M · Oct 2025 (Granite Asia; Vertex Growth, Krafton, IFC) Published valuation: USD 500M (Oct 2025)Method |
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Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a local partner. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in India. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
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Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Fintech & payments
UPI payments, lending, credit cards, crypto and insurance.
Coming soon · Top 10
Commerce & consumer
Quick commerce, B2B marketplaces, brands, fitness and food.
Coming soon · Top 10
Industrial & B2B
Contract manufacturing, construction materials, SaaS and logistics.
Coming soon · Top 10
AI & deeptech
Foundation models, GPU cloud, space launchers.
Mobility & EVEdtechHealthtechGamingClimate
The Uback partner in India
Introductions made by a local partner, currently being selected
M&A boutique or capital raising adviser registered with SEBI (Securities and Exchange Board of India), the only party entitled to contact companies and structure deals. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
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M&A boutiques, capital raising advisers
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Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- slice · Fintech › digital small finance bankGrowth · USD 100M (incl. secondary and convertibles) · Sep 2026 (Neo Wealth)Back
- Pixxel · SpaceTech › hyperspectral imaging satellitesSeries C · USD 100M · Sep 2026 (Temasek, Seraphim Space)Back
- Ultraviolette · Mobility › performance electric motorcyclesSeries E · USD 85M · Sep 2026 (Yali Capital, TDK Ventures)Back
- Ultrahuman · Healthtech › health wearablesSeries C · USD 70M · Sep 2026 (Qualcomm Ventures, Labcorp, Alpha Wave)Back
- Nua · Consumer › women’s wellness and hygieneSeries C · USD 50M (primary and secondary) · Sep 2026 (Peak XV, Filter Capital)Back
- Swish · Commerce › 10-minute food deliveryGrowth · USD 24M · Sep 2026 (Bertelsmann India Investments, Accel)Back
- QNu Labs · Cybersecurity › quantum-safe encryptionSeries A1 · USD ~21M (INR 200 cr) · Sep 2026 (Speciale Invest)Back
- River · Mobility › electric scootersSeries C · USD 120M (equity and venture debt) · Aug 2026 (Elev8, Claypond Capital)Back
- Yulu · Mobility › shared EVs and battery swappingSeries C · USD 63M equity (+ USD 30M debt) · Aug 2026 (GEF Capital)Back
- Airbound · Logistics › drone deliverySeries A · USD 37M · Aug 2026 (Greenoaks, DoorDash, Lightspeed)Back
- InRisk Labs · Insurtech › parametric climate insuranceSeries A · USD 27M · Aug 2026 (Bessemer, Northpoint Capital)Back
- Raghu Vamsi Aerospace · Defence tech › precision aerospace componentsSeries B · USD 40M · Jul 2026 (Norwest)Back
- BUSINESSNEXT · Business software › AI CRM for banksSeries C · USD 40M · Jul 2026 (ServiceNow Ventures)Back
- CARPL.ai · Healthtech › radiology AI platformSeries A · USD 10M · Jul 2026 (IFC)Back
- Rocketlane · Business software › professional services automationSeries C · USD 60M · Mar 2026 (Insight Partners)Back
- Arya.ag · Agritech › grain storage, trade and financeSeries D · USD ~80M (INR 725 cr) · Jan 2026 (GEF Capital)Back
- Atomberg · Consumer hardware › energy-efficient appliancesSeries C extension · USD ~24M (INR 212 cr) · Dec 2025 (Temasek)Back
- Agnikul Cosmos · SpaceTech › 3D-printed launch vehiclesGrowth · USD 17M (INR 150 cr) · Nov 2025Back
- OfBusiness · Industrial › raw-material procurement and SME creditRound · USD ~11.7M (INR 100 cr) · Apr 2025 (Cornerstone Ventures)Back
- Lendingkart · Fintech › MSME lendingSeries E · INR 252 cr (about USD 30M) · Mar 2025 (Fullerton Financial, which took control)Back
- Xpressbees · Logistics › e-commerce deliverySeries G · USD 80M · Nov 2023 (Teachers’ Venture Growth)Back
- CoinSwitch · Crypto › exchange and investing appSeries C · USD 260M · Oct 2021 (a16z, Coinbase Ventures)Back
Born in India, based elsewhere
Companies of Indian origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- Postman · Business software › API development platform
Founded in Bengaluru; HQ San Francisco (US) since 2017, large Bengaluru teamSeries D · USD 225M · Aug 2021 (Insight Partners)Back - Innovaccer · Healthtech › healthcare data and AI
Founded in India; HQ San Francisco (US), large India teamSeries F · USD 275M · Jan 2025 (B Capital, Kaiser Permanente)Back - Uniphore · AI › enterprise conversational AI
Founded at IIT Madras (Chennai); HQ Palo Alto (US)Series F · USD 260M · Oct 2025 (Nvidia, AMD, Snowflake, Databricks)Back - Darwinbox · Business software › HR platform
Founded in Hyderabad; HQ moved to Singapore, teams in HyderabadGrowth · USD 40M · Aug 2025 (Teachers’ Venture Growth)Back - Chargebee · Business software › subscription billing
Founded in Chennai; HQ San Francisco (US), most staff in ChennaiSeries H · USD 250M · Feb 2022 (Tiger Global, Sequoia)Back
Born elsewhere, based in India
Companies founded abroad whose main operations are in India.
- Emergent · AI › app-building agents
Founded in 2024 with a San Francisco HQ; main team in BengaluruSeries C · USD 130M · Jul 2026 (Creaegis, Khosla, SoftBank Vision Fund 2)
Not ranked
- Glance · Created within the InMobi group, which still controls it (50.45% after the 2022 Series D)
- Moneyview · Listed on NSE and BSE (Oct 2026)
- Pine Labs · Listed on NSE and BSE (Nov 2025)
- PhysicsWallah · Listed on NSE and BSE (Nov 2025)
- Urban Company · Listed on NSE and BSE (Sep 2025)
- Zerodha · Bootstrapped: no outside equity round
- Byju’s · Insolvency proceedings; valuation written off
- Dunzo · Operations halted (Jan 2025)
- Mobile Premier League · India operations largely shut after the real-money gaming ban (Aug 2025)
- Unacademy · Acquired by upGrad (2026)
- PlaySimple · Owned by MTG (Sweden) since 2021
The method in India
Calendar. Quarterly ranking, published on the 2nd of January, April, July and October. Next edition: January 2, 2027.
Eligibility: at least $1M raised in equity, non-listed company, main operations in India.
Partner sought. M&A boutique or capital raising adviser registered with SEBI (Securities and Exchange Board of India).
Sources. Indian and international business and technology press (Economic Times, Mint, Moneycontrol, Business Standard, Inc42, Entrackr, YourStory, TechCrunch, Bloomberg, Reuters), Inc42 and Tracxn reports, company and investor announcements.