2025 marked a defining year for India’s technology ecosystem.
India led the world with 254 IPOs, while 20 VC-backed technology companies entered the public markets, taking the combined market capitalisation of India’s listed technology companies to nearly US$175 billion.
The ecosystem added 9 new unicorns, including India’s first AI unicorns, taking the total to 133. With 28 profitable unicorns and more than 360 acquisitions, 2025 underscored a broader shift: India’s technology ecosystem is not only getting larger, but also more resilient, profitable and mature.
Our 8th Annual India Tech Unicorn & Exits Report explores the trends shaping this evolution:
