18 December 2025, Mumbai : IDFC
FIRST Private Banking and Hurun
India launched the third edition of ‘IDFC FIRST Private & Hurun
India’s Top 200 Self-made Entrepreneurs of the Millennia 2025’, a list
of the 200 most valuable companies in India founded after the year 2000. These
companies are ranked according to their value, defined as market capitalisation
for listed companies and valuations for non-listed companies. The cut-off date
to arrive at this list was 25th September 2025. This list refers to
companies headquartered in India only (state-owned companies and subsidiaries
of foreign companies are not included).
The combined value of all companies on
the “India’s Top 200 Self-made Entrepreneurs of the Millennia
2025” list stands at INR 42 lakh crore and features
entrepreneurs from 51 cities across India. For the first time since the
list’s inception, Deepinder Goyal (42), founder of Eternal, has overtaken
R K Damani (70) of DMart to claim the No. 1 spot. Bengaluru leads with 88
entrepreneurs, followed by Mumbai with 83 and New Delhi with 52, together
accounting for more than half the list. Financial services top the sectors
with 47 companies, followed by Software & Services (28), Healthcare (27)
and Retail (20). Notably, 189 companies — nearly 95% of the list — have
external investors, with the rest bootstrapped.
Mr. Vikas Sharma, Head-Wealth Management &
Private Banking, IDFC FIRST Bank said: “India
stands tall as one of the world’s leading nations for the quality of its
entrepreneurship ecosystem. The Third Edition of IDFC FIRST Private & Hurun
India’s Top 200 Self-made Entrepreneurs of the Millennia 2025 marks another
year of celebrating India’s vibrant startup and entrepreneurial journey. This
report honours the extraordinary stories of visionary leaders who are reshaping
the country’s economic landscape. Their resilience, innovation, and relentless
pursuit of excellence reflect the very values we at IDFC FIRST Bank deeply
resonate with. Through this publication, we proudly spotlight these
trailblazers and reaffirm our commitment to nurturing the entrepreneurial
spirit that continues to power India’s growth story.”
Anas Rahman Junaid, Founder and Chief Researcher,
Hurun India, said: "The IDFC FIRST
Private & Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia
2025 showcases the extraordinary impact of self-made entrepreneurs
on India's economy, with a total business value of USD 469 billion—equivalent
to a quarter of the value of India’s 300 Most Valuable Family Businesses, despite
being founded within the last 25 years compared to the latter's 73-year average
age. Five companies founded post-2020 are now collectively valued at INR 78,000
crores. These entrepreneurs are driving growth and contributing to
nation-building, with employee benefits increasing from INR 54,000 crores to
INR 57,200 crores this year, reflecting their investment in people."
Methodology
The ‘IDFC FIRST Private & Hurun India's Top 200
Self-made Entrepreneurs of the Millennia 2025’ is a list that recognises the
200 most valuable companies based in India, established on or after 2000. This
list focuses on the exceptional achievements of self-made Indian entrepreneurs
who have built and nurtured the most valuable companies during this
millennium. The ranking of this list is in the order of the value of
the enterprises created by the Founders and not the net worth of the Founders
themselves.
For listed companies, the market cap is based on the
price of the respective companies as of the cut-off date. For unlisted
companies, Hurun Research’s valuation is based on a comparison with their
listed equivalents using prevailing industry multiples such as Price to
Earnings, Price to Sales, EV to Sales, and EV to EBITDA. Financial information
is from the latest annual reports or audited financial statements.
The Hurun research team has relied on the most recent
valuations based on significant funding rounds to maintain consistency in
valuations. Additionally, in some instances, we have considered
investor-reported markdown valuations to provide a comprehensive analysis.
About IDFC FIRST Bank
- Vision: To build a world-class Bank in India, founded with principles
of Ethical, Digital, and Social Good Banking.
- Scale: IDFC FIRST Bank is one of India’s fast-growing private
banks, building its UI, UX, and tech stack like a fintech. As of June 30,
2025, the Bank serves 35 million customers, with a customer business of
₹5,10,032 crores ($59.5b) comprising deposits of ₹2,56,799 crores ($29.9b)
and loans & advances of ₹2,53,233 crores ($29.4b). Customer deposits
grew 25.5% YoY and loans 21.0% YoY. We reach over 60,000 cities, towns,
and villages, operate through 1,016 branches.
- Scope: We are a universal Bank offering complete range of
services, including Retail, MSME, Rural, Startups, Corporate Banking, Cash
Management, Credit Cards, Wealth Management, Deposits, Government Banking,
Working Capital, Trade Finance, and Treasury solutions.
- Ethical
Banking: We are committed to doing
right even when customers are not watching. We have simplified
descriptions, calculations, and legal jargon to avoid confusing customers.
- Digital
Banking: The Bank's modern technology
stack delivers high-quality services across all channels like mobile,
branch, internet banking, call centres and relationship managers. Built
on cloud-native, API-led, microservices architecture, supported
with data, analytics, AI, and fine
aesthetics, we strive to deliver fintech-grade experiences on banking
platform.
- Social
Good: We work for society. We have
financed over 38 million loans including 15 million women entrepreneurs,
16 million loans (laptops, washing machines, refrigerators etc. that
enhance the quality of life of middle class), 6.5 million vehicle loans, 1
million sanitation loans, 1 million livelihood loans, and 300,000 SMEs. On
deposits, we provide access of premium investment research, which is
usually reserved for the wealthy, even to those holding balances as low as
₹5,000. Our ESG scores are high and improving.
- Customer
Friendly Banking: We make banking easy by
having a customer-first approach. We have waived fees on 36 essential
savings account services which are commonly charged in the market, the
first and only bank in India to do so. We create “pull” products that
customers actively seek out.
- Governance: We adhere to regulatory guidelines in letter and
spirit and actively work with regulators to make things better.
We take pride in maintaining highest levels of corporate governance.
- Shareholders: We are building a well-diversified universal banking portfolio designed
to deliver a consistent ROE of 16%+.
- Employees: IDFC FIRST Bank is designed to be a happy place to work,
with cutting-edge roles, meaningful growth opportunities, and a culture of
meritocracy. Compensation is healthy, efforts are recognized, and
employees experience the pride and excitement of creating a
world-class Bank in India.
ABOUT IDFC FIRST PRIVATE BANKING
At IDFC FIRST Private Banking, we go
beyond banking. We create an experience of lasting value, designed exclusively
for those who define success on their own terms. Our bespoke solutions are
crafted to protect your legacy and shape what’s next—because your finest
achievements are still ahead.
Our Signature Offerings
Wealth Management Solutions
- Family
Office
- Services
Offshore
- Investments
- Private
Equity
- Lending
Solutions
- Proprietary
Research
What Sets Us Apart
Your financial journey is unique. At IDFC FIRST
Private Banking we believe your finest milestones still lie ahead. That’s why
our partnership is built on trust, discretion, and an unwavering commitment to
understanding your vision. Through continuous portfolio reviews and exclusive
market insights, we ensure your investments reflect your ambitions at every
stage
No matter how far you are in the journey, the best is yet to come
About Hurun
Report
Hurun Report is a leading research, luxury publishing
and events group established in London in 1999. With operations in India,
China, France, the UK, the USA, Australia, Japan, Canada and Luxembourg, it is
widely recognised worldwide for its comprehensive evaluation of the wealthiest
individuals. Hurun Report is the largest compiler of the rich lists globally.
Hurun Report Inc. has four divisions: Hurun Report
Media, a stable of digital media and four magazines; Hurun Research Institute;
Hurun Conferences, an active events division targeting entrepreneurs and
high-net-worth individuals; and Hurun Investments, a USD 20 mn early-stage
venture capital fund with investments in tech, media, retail and education.
About Hurun India
“Promoting Entrepreneurship Through Lists and
Research”
Hurun India was launched in 2012 under the leadership
of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met
Rupert Hoogewerf, the founder of Hurun Global, through Oxford, and the duo
believed it was the right time to discuss wealth creation in India, as they saw
the country booming. Since then, Hurun India has pursued celebrating the
stories of India’s transparent wealth creation, innovation and philanthropy.
The five core pillars of Hurun India are:
First, we spotlight Value Creation by companies, the
heartbeat of a developing India. It's through their innovation and excellence
that economic growth is fueled, paving the way for a prosperous tomorrow.
Next, we focus on Wealth Creation. As these companies
thrive, wealth is generated, birthing a new era of affluent entrepreneurs and
businesses. This wealth is not just financial; it's a wealth of knowledge,
experience and opportunity, essential for India's next 10-15 years. For
exponential growth, disruption is key.
Enter our third pillar: Start-Ups. These engines of
innovation are the primary source of leapfrog growth, challenging the status
quo and opening new doors of possibilities. While economic development is
crucial, philanthropy plays an equally vital role in ensuring broader
prosperity.
Our fourth pillar, Philanthropy, is about giving back
and creating a balanced ecosystem where everyone progresses together.
Lastly, we celebrate our rich heritage with the fifth
pillar: Culture. India, home to one of the oldest civilisations, boasts a
myriad of artists. Yet, they remain undervalued on the global stage.
For the full details, please refer to www.hurunindia.com