Funded startups, ranked by AI
India’s top 50 funded 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
17companies 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.
Listed benchmarks
Groww · Investing app · NSE and BSE listing Nov 2025 · sourceMeesho · Value e-commerce · NSE and BSE listing Dec 2025 · about USD 5bn at the issue price · sourceLenskart · Eyewear · NSE and BSE listing Nov 2025 · about USD 8bn at the issue price · source
Not ranked: no intention is possible on a listed company.
National ranking · all sectors
First edition: no movements yet.| # | Company | Sub-sector | Known funding | Estimated valuation (AI, order of magnitude) | Confidence |
|---|---|---|---|---|---|
| 1 | PhonePeBengaluru · founded 2015PhonePe Ltd, HQ Bengaluru; redomiciled from Singapore in 2022 IPO approved by SEBI (Jan 2026), then paused in Mar 2026; a restart was reported in Sep 2026, reportedly around USD 10bn. Is this your company? Report an error |
Fintech › UPI payments and financial services | USD >1.5bn raised Pre-IPO (largely secondary) · USD 600M · Oct 2025 (General Atlantic) · source |
Last known equity round: Pre-IPO round · USD 600M · Oct 2025 (General Atlantic) Published valuation: USD 14.5bn (Oct 2025) Confidence index: HighMethod |
Solid sources |
| 2 | ZeptoBengaluru · founded 2021Zepto Ltd, HQ Bengaluru IPO deferred in Aug 2026 after investors reportedly offered about USD 2.5–3bn; refiling expected in 2027. Net loss of INR 5,095 cr in FY26. Is this your company? Report an error |
Commerce › quick commerce | USD ~1.9bn raised Growth · USD 400–450M · Oct 2025 (CalPERS) · source |
Last known equity round: Growth round · USD 400M · Oct 2025 (CalPERS) Published valuation: USD 7bn (Oct 2025) Confidence index: HighMethod |
Solid sources |
| 3 | 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. Is this your company? Report an error |
Fintech › credit-card payments and rewards | USD ~1.9bn raised Series H · USD ~900M (INR 8,550 cr) · Jun 2026 (Meta) · source |
Last known equity round: Series H · USD 900M · Jun 2026 (Meta) Published valuation: USD 4.5bn (Jun 2026) Confidence index: HighMethod |
Solid sources |
| 4 | 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. Is this your company? Report an error |
Consumer internet › local-language news and short video | USD ~1.7bn raised Late-stage · USD 805M · Apr 2022 (CPP Investments, Ontario Teachers’) · source |
Last known equity round: Late-stage round · USD 805M · Apr 2022 (CPP Investments, Ontario Teachers’) Published valuation: USD 2.9bn (Jun 2024) Confidence index: MediumMethod |
Solid sources |
| 5 | 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), not yet launched. Is this your company? Report an error |
Industrial › contract manufacturing platform | USD >700M raised Pre-IPO · USD ~60M (INR 500 cr) · Jul 2026 (Bharat Value Fund) · source |
Last known equity round: Pre-IPO round · USD 60M · Jul 2026 (Bharat Value Fund) Published valuation: USD 3bn (Jul 2026) Confidence index: LowMethod |
Solid sources |
| 6 | RapidoBengaluru · founded 2015Roppen Transportation Services, HQ Bengaluru The May 2026 package totals about USD 730M including secondary sales. Equity total not itemised. Is this your company? Report an error |
Mobility › bike taxis and ride-hailing | USD >1bn raised Growth · USD 240M primary · May 2026 (Prosus; WestBridge, Accel) · source |
Last known equity round: Growth round · USD 240M · May 2026 (Prosus; WestBridge, Accel) Published valuation: USD 3bn (May 2026) Confidence index: HighMethod |
Solid sources |
| 7 | Infra.MarketThane (Mumbai) · founded 2016Hella Infra Market, HQ Thane Valued at INR 24,600 cr. IPO approved by SEBI (Jan 2026), not launched. USD 150M of debt (2025) not counted. Is this your company? Report an error |
Industrial › construction materials | USD >880M raised Series G · USD ~83M (INR 732 cr) · Sep 2025 (NKSquared, Tiger Global) · source |
Last known equity round: Series G · USD 83M · Sep 2025 (NKSquared, Tiger Global) Published valuation: USD 2.7bn (Sep 2025) Confidence index: HighMethod |
Solid sources |
| 8 | 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. Is this your company? Report an error |
Crypto › exchange | USD ~244M raised Series D extension · undisclosed · Oct 2025 (Coinbase) · source |
Last known equity round: Series D · USD 135M · Apr 2022 Published valuation: USD 2.5bn (Oct 2025) Confidence index: HighMethod |
Solid sources |
| 9 | 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. Total not verified. Is this your company? Report an error |
Commerce › B2B e-commerce for retailers | USD >1bn raised Series G · USD 114M · Jun 2025 (M&G, Lightspeed) · source |
Last known equity round: Series G · USD 114M · Jun 2025 (M&G, Lightspeed) Published valuation: USD 1.8bn (Jun 2025) Confidence index: HighMethod |
Partial sources |
| 10 | upGradMumbai · founded 2015HQ Mumbai; operations in India and abroad Down round from USD 2.25bn (Oct 2024), mostly funded by the founder. Acquiring Unacademy. Is this your company? Report an error |
Edtech › higher education and upskilling | USD ~805M raised Primary round · USD ~38M (INR 361 cr) · May 2026 (Ronnie Screwvala, Temasek, IFC) · source |
Last known equity round: Primary round · USD 38M · May 2026 (Ronnie Screwvala, Temasek, IFC) Published valuation: USD 1.7bn (May 2026) Confidence index: LowMethod |
Partial sources |
| 11 | 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. Is this your company? Report an error |
Fintech › payment gateway and business banking | USD ~740M raised Series F · USD 375M · Dec 2021 (Lone Pine, Alkeon, TCV) · source |
Last known equity round: Series F · USD 375M · Dec 2021 (Lone Pine, Alkeon, TCV) Published valuation: USD 7.5bn (Dec 2021) Confidence index: MediumMethod |
Solid sources |
| 12 | SpinnyGurugram · founded 2015Valuedrive Technologies, HQ Gurugram Down from USD 1.8bn (2021). Confidential IPO filing in Sep 2026. Total includes some secondary sales. Is this your company? Report an error |
Mobility › used-car retail | USD ~784M raised Growth · USD ~170M (USD 90M primary) · Feb 2026 (Fidelity, Accel Leaders) · source |
Last known equity round: Growth round · USD 90M · Feb 2026 (Fidelity, Accel Leaders) Published valuation: USD 1.5bn (Feb 2026) Confidence index: HighMethod |
Solid sources |
| 13 | KreditBeeBengaluru · founded 2016HQ Bengaluru; redomiciled from Singapore Pre-IPO round; IPO planned. NBFC debt not counted. Profitable. Is this your company? Report an error |
Fintech › digital consumer lending | USD ~642M raised Series E · USD 280M (incl. USD 60M secondary) · Apr 2026 (Motilal Oswal Alternates) · source |
Last known equity round: Series E · USD 280M · Apr 2026 (Motilal Oswal Alternates) Published valuation: USD 1.5bn (Apr 2026) Confidence index: HighMethod |
Solid sources |
| 14 | Sarvam AIBengaluru · founded 2023HQ Bengaluru First close of a USD 300M round at USD 1.5bn post-money. Is this your company? Report an error |
AI › Indian-language foundation models | USD ~275M raised Series B (first close) · USD 234M · Jun 2026 (HCLTech, Bessemer, Khosla, Peak XV) · source |
Last known equity round: Series B · USD 234M · Jun 2026 (HCLTech, Bessemer, Khosla, Peak XV) Published valuation: USD 1.5bn (Jun 2026) Confidence index: HighMethod |
Solid sources |
| 15 | 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. Is this your company? Report an error |
Fintech › merchant QR payments and lending | USD >600M (not verified) raised Series E · USD 370M · Aug 2021 (Tiger Global, Dragoneer, Steadview) · source |
Last known equity round: Series E · USD 370M · Aug 2021 (Tiger Global, Dragoneer, Steadview) Published valuation: USD 2.9bn (Aug 2021) Confidence index: LowMethod |
Partial sources |
| 16 | Cult.fitBengaluru · founded 2016Curefit Healthcare, HQ Bengaluru Post-money INR 13,668 cr. IPO filing (DRHP) in Jul 2026. Is this your company? Report an error |
Consumer › fitness and wellness | USD >714M raised Series G · USD ~47M (INR 440 cr) · Mar 2026 (Temasek) · source |
Last known equity round: Series G · USD 47M · Mar 2026 (Temasek) Published valuation: USD 1.4bn (Mar 2026) Confidence index: HighMethod |
Solid sources |
| 17 | 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. Is this your company? Report an error |
Food › cloud kitchens and multi-brand restaurants | USD ~773M raised Series G extension · USD 25M · Apr 2025 (Qatar Investment Authority) · source |
Last known equity round: Series G extension · USD 25M · Apr 2025 (Qatar Investment Authority) Published valuation: USD 1.4bn (Apr 2025) Confidence index: HighMethod |
Solid sources |
| 18 | NeysaMumbai · founded 2023HQ Mumbai The announced USD 1.2bn includes USD 600M of planned debt, not counted. Valuation reported by a single outlet. Is this your company? Report an error |
AI › GPU cloud | USD ~650M raised Growth · USD 600M equity · Feb 2026 (Blackstone funds; Teachers’ Venture Growth, Nexus) · source |
Last known equity round: Growth round · USD 600M · Feb 2026 (Blackstone funds; Teachers’ Venture Growth, Nexus) Published valuation: USD 1.4bn (Feb 2026) Confidence index: LowMethod |
Partial sources |
| 19 | NaviBengaluru · founded 2018Navi Technologies, HQ Bengaluru Funded by founder Sachin Bansal until 2026. IPO filing planned by Dec 2026. Is this your company? Report an error |
Fintech › lending, UPI and investing | USD 100M outside equity raised First outside round · USD 100M · Aug 2026 (Prosus) · source |
Last known equity round: Prosus round · USD 100M · Aug 2026 (Prosus) Published valuation: USD 1.3bn (Aug 2026) Confidence index: LowMethod |
Partial sources |
| 20 | PorterBengaluru · founded 2014SmartShift Logistics Solutions, HQ Bengaluru Series F extended in Sep 2025 at about USD 1.2bn, mostly secondary. Preparing an IPO. Is this your company? Report an error |
Logistics › on-demand intra-city trucking | USD ~330M raised Series F · USD 200M (primary and secondary) · May 2025 (Kedaara, Wellington) · source |
Last known equity round: Series F · USD 200M · May 2025 (Kedaara, Wellington) Published valuation: USD 1.2bn (Sep 2025) Confidence index: HighMethod |
Solid sources |
| 21 | JuspayBengaluru · founded 2012Juspay Technologies, HQ Bengaluru Rounds partly secondary; early rounds not itemised. Profitable. Is this your company? Report an error |
Fintech › payment orchestration | USD ≥170M raised Series D follow-on · USD 50M · Jan 2026 (WestBridge) · source |
Last known equity round: Series D follow-on · USD 50M · Jan 2026 (WestBridge) Published valuation: USD 1.2bn (Jan 2026) Confidence index: HighMethod |
Partial sources |
| 22 | Cars24Gurugram · founded 2015HQ Gurugram; operations in India, the UAE and Australia No disclosed equity round since 2021. IPO announced within 6–12 months. Is this your company? Report an error |
Mobility › used-car marketplace | USD >1bn (incl. debt) raised Series G · USD 400M (about USD 300M equity) · Dec 2021 (Alpha Wave) · source |
Last known equity round: Series G · USD 300M · Dec 2021 (Alpha Wave) Published valuation: USD 3.3bn (Dec 2021) Confidence index: MediumMethod |
Partial sources |
| 23 | 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. Is this your company? Report an error |
SpaceTech › small-satellite launchers | USD ~160M raised Growth · USD 60M · May 2026 (GIC, Sherpalo) · source |
Last known equity round: Growth round · USD 60M · May 2026 (GIC, Sherpalo) Published valuation: USD 1.1bn (May 2026) Confidence index: HighMethod |
Solid sources |
| 24 | 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. Is this your company? Report an error |
Consumer internet › local-language social media | USD ~1.3bn raised Late-stage · USD 255M · Jun 2022 (Google, Times Group, Temasek) · source |
Last known equity round: Late-stage round · USD 255M · Jun 2022 (Google, Times Group, Temasek) Published valuation: USD 5bn (Jun 2022) Confidence index: MediumMethod |
Solid sources |
| 25 | AckoBengaluru · founded 2016HQ Bengaluru No disclosed round since 2021 apart from a strategic stake in 2025. IPO banks appointed (Apr 2026). Is this your company? Report an error |
Insurtech › digital insurance | USD >458M raised Series D · USD 255M · Oct 2021 (General Atlantic) · source |
Last known equity round: Series D · USD 255M · Oct 2021 (General Atlantic) Confidence index: LowMethod |
Partial sources |
| 26 | 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. Is this your company? Report an error |
Adtech › mobile advertising | USD >774M raised Minority stake (mostly secondary) · USD 50–60M · Sep 2026 (True North) · source |
No equity round with a disclosed amount. Published valuation: USD 1bn (Dec 2025) Confidence index: HighMethod |
Partial sources |
| 27 | MoglixNoida · founded 2015Singapore holding; operating HQ in Noida No outside round since 2022. IPO planned. Is this your company? Report an error |
Industrial › B2B procurement marketplace | USD ~470M raised Series F · USD 250M · Jan 2022 (Alpha Wave, Tiger Global) · source |
Last known equity round: Series F · USD 250M · Jan 2022 (Alpha Wave, Tiger Global) Published valuation: USD 2.6bn (Jan 2022) Confidence index: MediumMethod |
Solid sources |
| 28 | CarDekhoJaipur · founded 2008Girnar Software, HQ Jaipur Valued at USD 1.2bn in 2021. IPO filing announced for 2026. Total may include debt. Is this your company? Report an error |
Mobility › car classifieds and financing | USD ~750M raised Series E · USD 250M · Oct 2021 · source |
Last known equity round: Series E · USD 250M · Oct 2021 Published valuation: USD 1.2bn (Oct 2021) Confidence index: MediumMethod |
Partial sources |
| 29 | BrowserStackMumbai · founded 2011HQ Mumbai; offices in the US and Ireland Profitable; USD 275M of buybacks funded from profits, the latest in Jan 2026. Is this your company? Report an error |
Business software › software testing cloud | USD 250M raised Series B · USD 200M · Jun 2021 (BOND, Insight, Accel) · source |
Last known equity round: Series B · USD 200M · Jun 2021 (BOND, Insight, Accel) Published valuation: USD 4bn (Jun 2021) Confidence index: MediumMethod |
Solid sources |
| 30 | LeadSquaredBengaluru · founded 2011HQ Bengaluru No round since 2022. Losses reduced in FY25. Is this your company? Report an error |
Business software › sales CRM | USD ~205M raised Series C · USD 153M · Jun 2022 (WestBridge) · source |
Last known equity round: Series C · USD 153M · Jun 2022 (WestBridge) Published valuation: USD 1bn (Jun 2022) Confidence index: MediumMethod |
Solid sources |
| 31 | EruditusMumbai · founded 2010HQ Mumbai; learners in 80+ countries Down round from USD 3.2bn (2021). Debt not counted. Is this your company? Report an error |
Edtech › university executive education | USD ~1.1bn raised Series F · USD 150M · Oct 2024 (TPG Rise Fund) · source |
Last known equity round: Series F · USD 150M · Oct 2024 (TPG Rise Fund) Published valuation: USD 2.3bn (Aug 2024) Confidence index: MediumMethod |
Partial sources |
| 32 | PerfiosBengaluru · founded 2008HQ Bengaluru Profitable; several acquisitions in 2025. Total includes secondary sales. Is this your company? Report an error |
Fintech › credit decisioning software | USD ~464M raised Series D · USD 80M · Mar 2024 (Teachers’ Venture Growth) · source |
Last known equity round: Series D · USD 80M · Mar 2024 (Teachers’ Venture Growth) Published valuation: USD 1bn (Mar 2024) Confidence index: MediumMethod |
Solid sources |
| 33 | 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). Profitable. Is this your company? Report an error |
Travel › hotel platform and franchising | USD >3bn (incl. debt) raised Preferential issue · USD ~65M (INR 550 cr) · Jan 2025 (founder vehicle) · source |
Last known equity round: Preferential issue · USD 65M · Jan 2025 (founder vehicle) Published valuation: USD 2.4bn (Aug 2024) Confidence index: HighMethod |
Partial sources |
| 34 | 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). Is this your company? Report an error |
Gaming › fantasy sports | USD ~1.56bn raised Growth · USD 840M (primary and secondary) · Nov 2021 (Tiger Global, TCV, D1) · source |
Last known equity round: Growth round · USD 840M · Nov 2021 (Tiger Global, TCV, D1) Published valuation: USD 8bn (Nov 2021) Confidence index: MediumMethod |
Partial sources |
| 35 | CoinSwitchBengaluru · founded 2017Singapore parent (PeepalCo); operations in Bengaluru Valued at USD 1.9bn in 2021. Revenue down sharply (INR 38 cr in FY24); layoffs in 2023. Is this your company? Report an error |
Crypto › exchange and investing app | USD ~300M raised Series C · USD 260M · Oct 2021 (a16z, Coinbase Ventures) · source |
Last known equity round: Series C · USD 260M · Oct 2021 (a16z, Coinbase Ventures) Published valuation: USD 1.9bn (Oct 2021) Confidence index: MediumMethod |
Solid sources |
| 36 | MintifiMumbai · founded 2017HQ Mumbai Debt not counted. IPO under consideration. Is this your company? Report an error |
Fintech › supply-chain financing | USD ~350M raised Series E · USD 180M (incl. secondary) · Dec 2024 (Teachers’ Venture Growth, Prosus) · source |
Last known equity round: Series E · USD 180M · Dec 2024 (Teachers’ Venture Growth, Prosus) Published valuation: USD 850M (Dec 2024) Confidence index: HighMethod |
Solid sources |
| 37 | NoBrokerBengaluru · founded 2014HQ Bengaluru No disclosed round since 2021. Is this your company? Report an error |
Proptech › broker-free property marketplace | USD ~361M raised Series E · USD 210M · Nov 2021 (Tiger Global, General Atlantic) · source |
Last known equity round: Series E · USD 210M · Nov 2021 (Tiger Global, General Atlantic) Published valuation: USD 1bn (Nov 2021) Confidence index: LowMethod |
Partial sources |
| 38 | GlanceBengaluru · founded 2019Glance InMobi (Singapore), InMobi subsidiary; operations in Bengaluru Valued at USD 1.7bn in 2022. Part of the InMobi group. Is this your company? Report an error |
Consumer AI › lock-screen content and commerce | USD >390M raised Series D · USD 200M · Feb 2022 (Jio Platforms) · source |
Last known equity round: Series D · USD 200M · Feb 2022 (Jio Platforms) Published valuation: USD 1.7bn (Feb 2022) Confidence index: MediumMethod |
Solid sources |
| 39 | LivspaceBengaluru · founded 2015HQ Bengaluru; Singapore parent No outside round since 2022. About 1,000 layoffs and a co-founder exit in Feb 2026. Is this your company? Report an error |
Proptech › home interiors | USD >450M raised Series F · USD 180M · Feb 2022 (KKR) · source |
Last known equity round: Series F · USD 180M · Feb 2022 (KKR) Confidence index: MediumMethod |
Solid sources |
| 40 | PurplleMumbai · founded 2012Manash Lifestyle, HQ Mumbai Reported valuation of about USD 1.2bn (single source). Losses cut in FY25. Is this your company? Report an error |
Commerce › beauty e-commerce and private labels | USD ~481M raised Series F · USD ~178M (INR 1,500 cr) · Oct 2024 (ADIA, Premji Invest) · source |
Last known equity round: Series F · USD 178.5M · Oct 2024 (ADIA, Premji Invest) Published valuation: USD 1.2bn (Oct 2024) Confidence index: LowMethod |
Partial sources |
| 41 | LiciousBengaluru · founded 2015Delightful Gourmet, HQ Bengaluru Valued at about USD 1.5bn in 2022. IPO pushed back to 2027–28. Is this your company? Report an error |
Commerce › fresh meat and seafood | USD ~554M raised Series F · USD 150M · Mar 2022 (Temasek, Multiples) · source |
Last known equity round: Series F · USD 150M · Mar 2022 (Temasek, Multiples) Published valuation: USD 1.5bn (Mar 2022) Confidence index: LowMethod |
Partial sources |
| 42 | Mensa BrandsBengaluru · founded 2021HQ Bengaluru; holding moved from Singapore to India Later raises are debt. IPO considered within 12–18 months. Is this your company? Report an error |
Commerce › house of consumer brands | USD ~294M (incl. debt) raised Series B · USD 135M · Nov 2021 (Alpha Wave) · source |
Last known equity round: Series B · USD 135M · Nov 2021 (Alpha Wave) Published valuation: USD 1bn (Nov 2021) Confidence index: MediumMethod |
Solid sources |
| 43 | Agnikul CosmosChennai · founded 2017HQ Chennai Valued at USD 500M. Is this your company? Report an error |
SpaceTech › 3D-printed launch vehicles | USD >75M raised Growth · USD 17M (INR 150 cr) · Nov 2025 · source |
Last known equity round: Growth round · USD 17M · Nov 2025 Published valuation: USD 500M (Nov 2025) Confidence index: HighMethod |
Solid sources |
| 44 | AtombergMumbai · founded 2012HQ Mumbai IPO filing (DRHP) in Aug 2026. Is this your company? Report an error |
Consumer hardware › energy-efficient appliances | USD >150M raised Series C extension · USD ~24M (INR 212 cr) · Dec 2025 (Temasek) · source |
Last known equity round: Series C extension · USD 24M · Dec 2025 (Temasek) Published valuation: USD 500M (Dec 2025) Confidence index: LowMethod |
Partial sources |
| 45 | JumbotailBengaluru · founded 2015HQ Bengaluru Valuation estimated at about USD 950M by one outlet. Is this your company? Report an error |
Commerce › B2B grocery marketplace | USD ~263M raised Series D · USD 120M · Jun 2025 (SC Ventures) · source |
Last known equity round: Series D · USD 120M · Jun 2025 (SC Ventures) Confidence index: LowMethod |
Partial sources |
| 46 | sliceBengaluru · founded 2016slice Small Finance Bank; corporate HQ Bengaluru Down round of about 68% from USD 1.4bn. Now a regulated bank, profitable in FY26. Is this your company? Report an error |
Fintech › digital small finance bank | USD ~490M raised Growth · USD 100M (incl. secondary and convertibles) · Sep 2026 (Neo Wealth) · source |
Last known equity round: Growth round · USD 100M · Sep 2026 (Neo Wealth) Published valuation: USD 450M (Sep 2026) Confidence index: HighMethod |
Solid sources |
| 47 | 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. Is this your company? Report an error |
Media › serialised audio fiction | USD ~196M raised Series D · USD 103M · Mar 2024 (Lightspeed, StepStone) · source |
Last known equity round: Series D · USD 103M · Mar 2024 (Lightspeed, StepStone) Published valuation: USD 750M (Mar 2024) Confidence index: MediumMethod |
Solid sources |
| 48 | M2P FintechChennai · founded 2014HQ Chennai Valued above INR 6,550 cr in 2024. Is this your company? Report an error |
Fintech › banking-as-a-service | USD >200M (not verified) raised Series D · USD ~100M (INR 850 cr) · Sep 2024 (Helios) · source |
Last known equity round: Series D · USD 100M · Sep 2024 (Helios) Published valuation: USD 780M (Sep 2024) Confidence index: MediumMethod |
Solid sources |
| 49 | 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. Is this your company? Report an error |
Fintech › co-branded credit cards | USD ~290M (may include debt) raised Series D · USD 100M · Jul 2022 (Temasek) · source |
Last known equity round: Series D · USD 100M · Jul 2022 (Temasek) Published valuation: USD 1.4bn (Jul 2022) Confidence index: MediumMethod |
Partial sources |
| 50 | ApnaBengaluru · founded 2019HQ Bengaluru Valued at USD 1.1bn in 2021; no round since. Is this your company? Report an error |
HR tech › blue-collar jobs | USD ~193M raised Series C · USD 100M · Sep 2021 (Tiger Global) · source |
Last known equity round: Series C · USD 100M · Sep 2021 (Tiger Global) Published valuation: USD 1.1bn (Sep 2021) Confidence index: MediumMethod |
Solid sources |
Ranking in descending order of AI-estimated valuation, based on public information, following a published method, with no human intervention on the order. Valuation ranges are indicative editorial estimates: 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. Edition 0: produced by Claude (Anthropic); a consensus of several AI models will apply in a future edition. Eligibility: at least $1M raised including one equity round, non-listed company, main operations in India. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.
Range
An order of magnitude, never a figure.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
Confidence
- High: recent published valuation or round (under 24 months).
- Medium: older data.
- Low: single or unconfirmed source.
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
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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.
- Pixxel · SpaceTech › hyperspectral imaging satellitesSeries C · USD 100M · Sep 2026 (Temasek, Seraphim Space) · source
- Ultraviolette · Mobility › performance electric motorcyclesSeries E · USD 85M · Sep 2026 (Yali Capital, TDK Ventures) · source
- Ultrahuman · Healthtech › health wearablesSeries C · USD 70M · Sep 2026 (Qualcomm Ventures, Labcorp, Alpha Wave) · source
- Nua · Consumer › women’s wellness and hygieneSeries C · USD 50M (primary and secondary) · Sep 2026 (Peak XV, Filter Capital) · source
- Swish · Commerce › 10-minute food deliveryGrowth · USD 24M · Sep 2026 (Bertelsmann India Investments, Accel) · source
- QNu Labs · Cybersecurity › quantum-safe encryptionSeries A1 · USD ~21M (INR 200 cr) · Sep 2026 (Speciale Invest) · source
- River · Mobility › electric scootersSeries C · USD 120M (equity and venture debt) · Aug 2026 (Elev8, Claypond Capital) · source
- Yulu · Mobility › shared EVs and battery swappingSeries C · USD 63M equity (+ USD 30M debt) · Aug 2026 (GEF Capital) · source
- Airbound · Logistics › drone deliverySeries A · USD 37M · Aug 2026 (Greenoaks, DoorDash, Lightspeed) · source
- InRisk Labs · Insurtech › parametric climate insuranceSeries A · USD 27M · Aug 2026 (Bessemer, Northpoint Capital) · source
- Raghu Vamsi Aerospace · Defence tech › precision aerospace componentsSeries B · USD 40M · Jul 2026 (Norwest) · source
- BUSINESSNEXT · Business software › AI CRM for banksSeries C · USD 40M · Jul 2026 (ServiceNow Ventures) · source
- CARPL.ai · Healthtech › radiology AI platformSeries A · USD 10M · Jul 2026 (IFC) · source
- Rocketlane · Business software › professional services automationSeries C · USD 60M · Mar 2026 (Insight Partners) · source
- Arya.ag · Agritech › grain storage, trade and financeSeries D · USD ~80M (INR 725 cr) · Jan 2026 (GEF Capital) · source
- OfBusiness · Industrial › raw-material procurement and SME creditRound · USD ~11.7M (INR 100 cr) · Apr 2025 (Cornerstone Ventures) · source
- Xpressbees · Logistics › e-commerce deliverySeries G · USD 80M · Nov 2023 (Teachers’ Venture Growth) · source
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) · source - 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) · source - Uniphore · AI › enterprise conversational AI
Founded at IIT Madras (Chennai); HQ Palo Alto (US)Series F · USD 260M · Oct 2025 (Nvidia, AMD, Snowflake, Databricks) · source - Darwinbox · Business software › HR platform
Founded in Hyderabad; HQ moved to Singapore, teams in HyderabadGrowth · USD 40M · Aug 2025 (Teachers’ Venture Growth) · source - Chargebee · Business software › subscription billing
Founded in Chennai; HQ San Francisco (US), most staff in ChennaiSeries H · USD 250M · Feb 2022 (Tiger Global, Sequoia) · source
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) · source
Not ranked
- Moneyview · Listed on NSE and BSE (Oct 2026)source
- Pine Labs · Listed on NSE and BSE (Nov 2025)source
- PhysicsWallah · Listed on NSE and BSE (Nov 2025)source
- Urban Company · Listed on NSE and BSE (Sep 2025)source
- Zerodha · Bootstrapped: no outside equity roundsource
- Byju’s · Insolvency proceedings; valuation written offsource
- Dunzo · Operations halted (Jan 2025)source
- Mobile Premier League · India operations largely shut after the real-money gaming ban (Aug 2025)source
- Lendingkart · Control taken by Fullerton Financial Holdings (Temasek), Oct 2024source
- Unacademy · Acquired by upGrad (2026)source
- PlaySimple · Owned by MTG (Sweden) since 2021source
The method in India
Calendar. Quarterly ranking, published on the 15th of January, April, July and October. Next edition: January 2, 2027.
Eligibility: at least $1M raised including one equity round, non-listed company, main operations in India.
Partner sought. Merchant banker or investment adviser registered with SEBI (Securities and Exchange Board of India), or investment bank.
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.