India, Dec. 9 -- The late stage Indian startup ecosystem rediscovered its rhythm in 2025 in terms of IPOs, but the number of unicorns in India is growing at a much slower clip than ever before. Is this a sign of maturity or corrected valuations?

Following a lean 2023 with just two new unicorns, India's new-age tech ecosystem bounced back in 2024, minting seven billion-dollar startups.

In 2025, there was a dip again with six startups - Netradyne, Porter, Drools, Fireflies.ai, Jumbotail and Dhan - entering the unicorn club. With this, India is now home to 125 unicorns, which have cumulatively raised more than $115 Bn to date and currently command a combined valuation of over $366 Bn.

Despite the steady numbers, the sectoral profile of 20...