India’s startup ecosystem is barely two decades old. Unlike the US, where tech startups were dreaming big from the 1960s, or China, which saw a meteoric rise backed by state support and rising incomes, India’s entrepreneurs have had to build not just products, but also the infrastructure around them.
“Amazon could rely on FedEx. Flipkart had to build that infrastructure from scratch. It is 10 times harder here because we are often creating both the product and the ecosystem it needs to survive,” says Kunal Khattar, founder of AdvantEdge VC.
What sets India apart is not just the scale of its market but also the specificity of its problems. Rapido, for instance, was founded in 2015 to make daily commute affordable and accessible, especially in smaller cities where ride sharing was expensive and limited. Its mission, as co-founder Pavan Guntupalli puts it, was to “unlock large-scale employment” by enabling anyone with a bike and time to earn a livelihood.
Similarly, PhonePe was launched in 2015 when digital payments were still unfamiliar territory. While the startup ecosystem was buzzing with ecommerce pioneers and wallet experiments, PhonePe was asking a billion people to fundamentally rethink their relationship with money—an audacious bet that paid off.
This context makes India’s current momentum remarkable. At last count, the country had over 140,000 officially recognised startups, with more than 115 unicorns among them. In H12025 alone, Indian startups raised $5.7 billion across 470 deals, and the country now ranks third globally in tech startup funding.
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Against this backdrop, India leads the 2025 edition of Forbes Asia’s 100 to Watch list with 18 companies, the highest representation among 16 countries and territories. These startups are not just solving local problems, they’re also building scalable solutions with global relevance.
From artificial intelligence (AI)-powered diagnostics and space technology to clean energy and rural commerce, Indian startups are tackling complex challenges.Cloudphysician and Tricog Health are transforming health care delivery with AI, while GalaxEye is preparing to launch its proprietary satellite under the Drishti Mission. In the energy space, SolarSquare and Vecmocon Technologies are driving India’s cleantech ambitions with rooftop solar and EV intelligence platforms.
The list also highlights India’s consumer and retail innovation. Brands like Foxtale, WickedGüd and Sweet Karam Coffee are building strong digital-first identities tailored to Indian preferences, while Rozana and Lokal are bridging access gaps in rural and regional markets.
India’s representation spans eight of the 10 industry categories, with strong showings in biotech & health care, enterprise tech, finance, and ecommerce & retail. Collectively, these 18 companies have raised significant funding and are poised to scale globally, with several expanding into Southeast Asia and Africa.
As global interest in AI, deeptech and sustainable innovation grows, India’s startups are not just participating—they’re leading. The 2025 list is a testament to the country’s entrepreneurial depth and its potential to shape the future of business in Asia.
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However, India’s startup ecosystem still has a long way to go before it can consistently produce global tech giants. One of the biggest shifts needed is a mindset change—from chasing valuations to creating long-term value. Many startups have been built for blitzscaling, but fewer have focussed on sustainable business models or deep innovation.
To truly compete on the global stage, India must invest more aggressively in deeptech and R&D. While consumer internet startups have flourished, sectors like semiconductors, spacetech and advanced manufacturing remain underfunded and underexplored. As Mohandas Pai, chairman of Aarin Capital, puts it: “Deeptech companies take eight to 12 years to build. They need long-term money. That money is not available.” He adds, “We are in the midst of an AI revolution. We have to invest heavily to dominate this industry and make sure we don’t become a digital colony for the US.”
Access to long-term capital—beyond early-stage funding—is critical. Many promising startups struggle to raise growth capital without diluting heavily or compromising on strategic direction. A more mature funding ecosystem, including domestic institutional investors and sovereign funds, could help bridge this gap.
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Finally, there’s also a need for greater collaboration between academia and industry, especially with global institutions. Cross-border innovation networks can help Indian startups access cutting-edge research, talent and markets. Government initiatives like Startup India have laid the groundwork, but scaling innovation will require deeper partnerships and more robust infrastructure.
Naini Thaker is an Assistant Editor at Forbes India, where she has been reporting and writing for over seven years. Her editorial focus spans technology, startups, pharmaceuticals, and manufacturing.
