The latest Hurun India Rich List 2025 reveals more than just changing fortunes—it marks a significant generational and sectoral shift in India’s wealth creation story. Topping the list of self-made entrepreneurs is Deepinder Goyal, the 42-year-old founder of Eternal (formerly Zomato). His rise symbolizes the coming-of-age of India’s new-age, technology-driven businesses, cementing the dominance of founders who built their companies in the internet era.
👑 The New Kings of Indian Enterprise
The Hurun list, which ranks founders of companies started after the year 2000, saw a major reshuffle in its top ranks.
This shift is profound. Goyal, representing the food delivery and quick-commerce sector, has overtaken Damani, a veteran of brick-and-mortar retail. This suggests that investor confidence and perceived future growth are now heavily tilted toward digital-first, platform-based business models.
The list also highlights India’s burgeoning startup ecosystem:
- The threshold for entry into the top 200 has risen 1.5 times, indicating that building a valuable company is getting more competitive.
- The combined valuation of all companies on the list grew 15% to a massive ₹42 lakh crore ($469 billion), showcasing the scale of new wealth generation.
- 53 new companies entered the list, with nearly half (24) coming from the private startup ecosystem, signaling vibrant new activity.
💡 Decoding the “Eternal” Ascent: Why Zomato Won
Deepinder Goyal’s wealth, primarily derived from his stake in Eternal/Zomato, skyrocketed due to a powerful combination of business execution and market confidence.
Eternal’s valuation surged 27% to ₹3.2 lakh crore, which at current exchange rates is approximately $38.4 billion. This growth is backed by strong fundamentals:
- Path to Profitability: After years of expansion, the consolidated business turned profitable.
- Strategic Diversification: The company successfully expanded beyond food delivery. Its acquisition of Blinkit made it a leader in the quick-commerce (under 15-minute delivery) space, while its B2B arm, Hyperpure, supplies restaurants.
- Market Leadership: It maintains a dominant position in India’s food delivery market, a sector with immense growth potential.
As Anas Rahman Junaid of Hurun India noted, wealth that “once took decades to achieve is now being reached in 10-15 years”. Goyal, who started Zomato in 2008, is a prime example of this accelerated trajectory.
🏙️ The Broader Ecosystem: Youth, Women, and Geography
The 2025 list paints a dynamic picture of Indian entrepreneurship beyond the top spot.
- Youth on the Rise: The list features extremely young founders, including Zepto’s Kaivalya Vohra (22) and Aadit Palicha (23), proving that age is no barrier to building a highly valued company in today’s India.
- Women Entrepreneurs: While still underrepresented, 20 women entrepreneurs feature on the list, with their companies valued at a combined ₹3.3 lakh crore. Falguni and Adwaita Nayar of Nykaa continue to lead in this category.
- The Bengaluru-Mumbai-Gurugram Triad: Bengaluru retained its crown as India’s startup hub with 52 companies on the list, followed by Mumbai (41) and Gurugram (36). These cities also lead as the primary residences for founders.
🚀 Implications for India’s Tech Ambitions
Deepinder Goyal’s ascension to the top is a landmark moment with broader implications.
It validates the investment thesis in India’s digital consumption story. Success is no longer limited to traditional industries like manufacturing or commodities. It demonstrates to global investors that Indian tech founders can build large, sustainable, and highly valuable public companies.
This success fuels the “Atmanirbhar Bharat” (Self-Reliant India) vision, showing that homegrown entrepreneurs can create world-class products and massive enterprises. Furthermore, the wealth created has a multiplier effect. The 200 companies on the Hurun list collectively employ approximately 800,000 people, contributing significantly to job creation and economic mobility.
🔮 The Road Ahead
While the Hurun list celebrates success, it also hints at the relentless pace of change. Last year’s top fintech founders from Razorpay and Zerodha dropped out of the Top 10, making way for consumer-centric ventures like Paytm and Lenskart. This indicates a dynamic market where today’s leader must continually innovate to stay ahead.
Deepinder Goyal’s comment, “We’re just getting started – building for India’s next decade,” encapsulates the sentiment. His story is not an endpoint but a beacon for a new generation of Indian founders. It proves that with a compelling vision, relentless execution, and a deep understanding of the Indian market, building a legacy that reshapes the economic landscape is possible. The hunger, as the news suggests, is indeed very real.
