20
Bengaluru remains India’s undisputed unicorn capital with 54 startups, followed by Mumbai with 21 and Gurugram with 20. Eight of the ten startups that joined India’s unicorn club in 2024 and 2025 are headquartered in Bengaluru.
How ever, Tier 2 and Tier 3 cities now account for 38 percent of new startup formations in India, up from 22 percent in 2022 — with Pune, Jaipur, Lucknow, and Kochi emerging as genuine innovation hubs as digital infrastructure and engineering talent spread beyond the traditional metros.
