IndiGo promoters fly into top-10 list of self-made bizmen with Rs 2.2 lakh crore valuation
Hurun–IDFC First rankings show surge in self-made billionaire valuations
Rahul Bhatia and Rakesh Gangwal, the promoters of IndiGo, have debuted on the list of the top 10 self-made entrepreneurs after piloting the low-cost carrier to a valuation of Rs 2.2 lakh crore in 2025, a report said on Wednesday.
Eternal founder Deepinder Goyal leads the list, with the business built by him valued at Rs 3.2 lakh crore, up 27 per cent from last year. He edged past Radhakishan Damani of Avenue Supermarts, whose business valuation dropped 13 per cent year-on-year to Rs 3 lakh crore.
The IndiGo founders ranked third on the ‘IDFC First Private and Hurun India’s Top 200 Self-Made Entrepreneurs of the Millennium 2025’ list, which was computed as of September 25 this year.
The stock of InterGlobe Aviation, IndiGo’s parent company, has taken a hit recently due to widespread flight cancellations after the airline struggled to implement a new set of aviation rules earlier this month.
Hurun said the IndiGo founders made their debut in the top 10 owing to their dominance of India’s aviation market, where the carrier commands a 65 per cent share of the domestic sector. “The airline has expanded aggressively internationally and introduced sustainable aviation initiatives, including testing biofuels and deploying fuel-efficient aircraft,” the report said.
Goyal is leading the list for the first time, with the report also commending his food delivery business for operating in 800 cities.
Swiggy co-founders Sriharsha Majety and Nandan Reddy ranked fifth, supported by a 5 per cent rise in the company’s valuation to Rs 1.06 lakh crore.
Paytm founder Vijay Shekhar Sharma recorded one of the biggest jumps on the list, with a 67 per cent increase in valuation, placing him eighth with his business valued at Rs 72,900 crore.
Recently listed Lenskart also saw a 60 per cent surge in valuation to Rs 67,000 crore, with co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi securing the 10th position.
The cumulative value of all companies on the list stood at Rs 42 lakh crore in 2025, up 15 per cent from Rs 36 lakh crore last year. The number of billion-dollar companies founded by self-made entrepreneurs rose to 128 from 121, while the valuation threshold to qualify for the list increased to Rs 4,300 crore.
Bengaluru continued to top the list as the leading base for these companies, housing 52 entities, though this was down by 14 from the previous year.
