New Delhi: Rahul Bhatia and Rakesh Gangwal, the entrepreneurs behind India’s largest airline IndiGo, have broken into the top tier of self-made business leaders after the carrier’s valuation surged to ₹2.2 lakh crore in 2025. Their entry into the top 10 highlights the growing influence of aviation entrepreneurs in India’s wealth landscape.
According to the latest IDFC First Private and Hurun India Top 200 Self-Made Entrepreneurs of the Millennium 2025 rankings, the IndiGo promoters secured the third position. The list was compiled based on company valuations as of September 25 this year.
Topping the rankings for the first time is Eternal founder Deepinder Goyal, whose enterprise is valued at ₹3.2 lakh crore, reflecting a 27 per cent rise over the previous year. He overtook Avenue Supermarts founder Radhakishan Damani, whose valuation declined by 13 per cent to ₹3 lakh crore.
Despite recent turbulence in InterGlobe Aviation’s stock — following widespread flight disruptions linked to the rollout of new aviation regulations — Hurun noted that IndiGo’s market dominance played a key role in the founders’ rise. The airline currently controls around 65 per cent of India’s domestic aviation market and has been steadily expanding its international footprint. The report also pointed to the company’s sustainability efforts, including trials of biofuels and the induction of more fuel-efficient aircraft.
Elsewhere on the list, Swiggy co-founders Sriharsha Majety and Nandan Reddy claimed the fifth spot, supported by a modest 5 per cent increase in the food delivery firm’s valuation to ₹1.06 lakh crore.
Paytm founder Vijay Shekhar Sharma posted one of the sharpest climbs, with his company’s value jumping 67 per cent, placing him eighth with a valuation of ₹72,900 crore. Eyewear brand Lenskart also made a strong showing, with a 60 per cent rise in valuation to ₹67,000 crore, earning co-founders Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi the 10th position.
Overall, the combined worth of companies featured on the list reached ₹42 lakh crore this year, marking a 15 per cent increase from ₹36 lakh crore in 2024. The number of self-made ventures valued at over $1 billion rose to 128, up from 121 last year, while the minimum valuation required to qualify for the rankings climbed to ₹4,300 crore.
Bengaluru retained its status as the country’s leading startup hub, hosting 52 of the listed companies, although that figure fell by 14 compared with the previous year.
