In a significant shift at the pinnacle of India's new-age business leadership, Deepinder Goyal, the co-founder of Eternal (Zomato's parent company), has been crowned India's number one self-made entrepreneur for 2025. This revelation comes from the third edition of the 'Top 200 Self-made Entrepreneurs of the Millennia' list, a collaborative report by IDFC FIRST Private Banking and Hurun India, released on Wednesday, 17 December 2025.
The New Champion of Self-Made Wealth
Goyal, whose Gurugram-based food delivery giant Eternal now commands a staggering valuation of ₹3.2 lakh crore, has dethroned veteran investor and DMart founder Radhakishan Damani to claim the top spot. This marks the first time Goyal has led this prestigious ranking, which specifically highlights founders who started their ventures after the year 2000. Damani, the force behind Avenue Supermarts, now occupies the second position with a valuation of ₹3 lakh crore, a testament to the enduring success of his low-cost, high-efficiency supermarket chain model.
Who Made the Top 10 Cut?
The 2025 list showcases the dynamic and diverse landscape of India's most valuable new-age businesses. Securing the third position are Rahul Bhatia and Rakesh Gangwal, the co-founders of InterGlobe Aviation (IndiGo), with a combined valuation of ₹2.2 lakh crore. IndiGo continues to dominate the skies with over 65% domestic market share.
In fourth place is Abhay Soi of Max Healthcare Institute (₹1.1 lakh crore), followed closely by Sriharsha Majety and Nandan Reddy, the co-founders of Swiggy, at fifth with ₹1.06 lakh crore. Swiggy's expansion into quick commerce via Instamart has been a key growth driver.
The list further includes the travel titans Deep Kalra and Rajesh Magow of MakeMyTrip (6th, ₹94,500 crore) and the insurance disruptors Yashish Dahiya and Alok Bansal of Policybazaar (7th, ₹80,300 crore).
Marking a notable comeback, Vijay Shekhar Sharma of Paytm jumped to eighth place with a valuation of ₹72,900 crore, reflecting a remarkable 67% growth from the previous year.
The beauty and fashion retail platform Nykaa, led by Falguni and Adwaita Nayar, holds the ninth position (₹67,500 crore). Rounding off the top ten are the co-founders of eyewear retailer Lenskart—Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi—who entered the elite club for the first time with a valuation of ₹67,000 crore, after a 60% surge.
What This Ranking Signifies
The annual Hurun India list, prepared in partnership with IDFC FIRST Bank, serves as a crucial barometer for India's entrepreneurial ecosystem. The 2025 rankings underscore the massive value creation happening in consumer-facing technology and service platforms, from food delivery and aviation to healthcare, fintech, and e-commerce. The significant valuation growth for several entrants highlights robust investor confidence and the scaling potential of these homegrown businesses. The list solidifies the narrative that India's economic story is increasingly being written by founders who identified post-millennial opportunities and built digital-first empires.
