New Delhi: Reflecting the growing dominance of technology-led and consumer-focused enterprises in India’s economic landscape, IDFC FIRST Private Banking and Hurun India have released the 2025 Self-Made Billionaires of the Millennia list. Topping the rankings for the first time is Deepinder Goyal, co-founder and chief executive of Eternal, the parent company of food delivery platform Zomato.
With a valuation estimated at ₹3.2 lakh crore, Goyal has overtaken veteran investor and retail tycoon Radhakishan Damani, founder of Avenue Supermarts (DMart), to become India’s most valuable self-made entrepreneur in 2025. The ranking underscores the rapid wealth creation witnessed in India’s digital economy, driven by scalable platforms, technology adoption and evolving consumer behaviour.
Hurun India’s list focuses on entrepreneurs who founded their businesses after the year 2000, highlighting the rise of a new generation of founders who have built large enterprises in a relatively short span of time. According to the report, digital platforms, asset-light models and innovation-led growth have become defining features of India’s modern entrepreneurial ecosystem.
Damani Second, IndiGo Founders in Top Three
Radhakishan Damani secured the second position with a valuation of ₹3 lakh crore. Through DMart, Damani has built India’s largest and most efficient supermarket chain, known for its low-cost operating model and disciplined expansion strategy. Despite competition from e-commerce and quick commerce platforms, DMart continues to command strong investor confidence.
The third spot was jointly claimed by Rahul Bhatia and Rakesh Gangwal, co-founders of InterGlobe Aviation, which operates IndiGo, India’s largest airline. With a combined valuation of ₹2.2 lakh crore, the founders have benefited from IndiGo’s dominant position in the aviation market, where it controls nearly 65% of domestic market share.
Strong Showing from Healthcare and Food-Tech
At fourth place is Abhay Soi, chairman and managing director of Max Healthcare Institute, with a valuation of ₹1.1 lakh crore. The healthcare sector has seen sustained investor interest in recent years, supported by rising demand, consolidation and increased private investment post the Covid-19 pandemic.
Fifth on the list are Sriharsha Majety and Nandan Reddy, co-founders of Swiggy, valued at ₹1.06 lakh crore. Beyond food delivery, Swiggy’s expansion into quick commerce, groceries and essentials through Instamart has played a key role in strengthening its valuation and broadening its revenue base.
Travel, Insurance and Fintech Founders Feature Prominently
Ranked sixth are Deep Kalra and Rajesh Magow, co-founders of MakeMyTrip, with a valuation of ₹94,500 crore. The Gurugram-based company continues to lead India’s online travel booking market, spanning flights, hotels, holidays and corporate travel services.
Seventh place is occupied by Yashish Dahiya and Alok Bansal, founders of Policybazaar, valued at ₹80,300 crore. Originally built as an insurance comparison platform, Policybazaar has diversified into digital claims processing and broader financial services, including loans and mutual funds.
At eighth position is Vijay Shekhar Sharma, founder of Paytm, with a valuation of ₹72,900 crore. Hurun noted that Sharma’s wealth saw a 67% year-on-year increase, reflecting Paytm’s recovery and renewed focus on profitability and core financial services.
Beauty, Fashion and Eyewear Startups Enter Top Ten
Ninth on the list are Falguni Nayar and Adwaita Nayar, founders of Nykaa, with a combined valuation of ₹67,500 crore. Nykaa has established itself as a leading beauty and fashion retail platform, offering over 2,400 brands across online and offline channels.
Completing the top ten are Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi, co-founders of Lenskart, valued at ₹67,000 crore. The eyewear retailer recorded a sharp jump in valuation, driven by strong revenue growth, global expansion and technology-enabled supply chains.
Signal of India’s New Economic Order
The Hurun India 2025 rankings highlight a decisive shift in India’s wealth creation story. Digital-first companies, platform-based businesses and consumer technology enterprises are increasingly outpacing traditional industries in scale and valuation. Analysts say the list reflects India’s growing ability to produce globally competitive companies, powered by innovation, capital access and a rapidly expanding consumer market.
