Revenue of 51 cos in ASK Private Wealth Hurun India Gazelle index jump 50%

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The net worth of these companies were ₹3.3 lakh crore, according to the 2026 ASK Private Wealth Hurun India Gazelle index

By BL Mumbai Bureau

Updated - November 03, 2026 at 08:13 PM. | Mumbai, November 3

FinTech is the largest sector with 13 gazelles, followed by SaaS and E-Commerce with five eachs

The revenue of 51 Gazelles, the future unicorns identified by ASK Private Wealth and Hurun India, has increased 50 per cent to ₹33,233 crore in FY25.

Gazelles are companies founded after the year 2000 with valuations of over $500 million and likely to achieve $1-billion valuation to achieve Unicorn status in the next three years.

The net worth of these companies were ₹3.3 lakh crore, according to 2026 ASK Private Wealth Hurun India Gazelle index, a ranking of India’s Gazelles released on Tuesday.

Seven Gazelles of the previous list have crossed $1 billion in 2026 and 34 since 2021.

FinTech is the largest sector with 13 gazelles, followed by SaaS and E-Commerce with five each. Artificial Intelligence, CleanTech and Aerospace & Defence together account for 8 of the 51 gazelles.

Two Gazelles — Shadowfax and Turtlemint – were listed on the public markets in June. Bengaluru was home to 17 Gazelles, ahead of NCR (11) and Mumbai (8).

Next wave of value creation

Rajesh Saluja, co-founder, CEO and MD, ASK Private Wealth, said the index reflects India’s next wave of value creation is already taking shape and highlights the companies that are on the cusp of becoming tomorrow’s Unicorns.

The entrepreneurial base is also diversifying across sectors and geographies, and building scalable businesses with the potential to compete globally, he said.

The journey from Gazelle to Unicorn to public listing rarely follows a straight line and ASK Private Wealth role is to stay alongside them through every phase, helping them build wealth with discipline, preserve it with care and carry it forward across generations, he added.

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said for family offices, global investors and policymakers, the Gazelle stage is the window to get to know these companies before the rest of the world does.

AI companies such as Ema AI and UnifyApps reached Gazelle status in three years of founding, while CleanTech and Aerospace and defence players such as Lohum, Rayzon Solar and Agnikul show that India is building deep technology, not just apps, he added.

Published on November 3, 2026

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