Bengaluru has retained its position as India’s premier startup capital, emerging as the top destination for young business leaders and housing the highest concentration of enterprises founded or led by individuals aged 35 and under.
According to the Avendus Wealth – Hurun India U35 List 2026, India’s Silicon Valley is home to 35 corporate headquarters of companies in the cohort, outpacing the financial hub of Mumbai and the National Capital Region (NCR).
The report noted that Mumbai ranks second with 28 corporate headquarters—an increase of 3 from 2025—while Gurugram ranks third with 14 headquarters. New Delhi and Noida tied for fourth place, with each hosting 9 company headquarters.
Top locations of headquarters
Source: Hurun Research Institute, Avendus Wealth – Hurun India U35 List 2026
Bengaluru, Karnataka dominate founder rankings
Beyond company headquarters, Bengaluru emerged as the primary city of residence for young business builders, according to the Hurun India U35 List 2026.
The city counted 52 resident entrepreneurs on the 180-member list, featuring key startup figures including Razorpay’s Harshil Mathur (35), Bagmane Developers’ Aditya Bagmane (34), and Joyalukkas’ Thomas Mathew (33).
Mumbai followed with 30 entrepreneurs—including Akash Ambani (34) and Isha Ambani (34) of Reliance, as well as Madhur Gupta (35) of Lloyds Metals & Energy.
Meanwhile, New Delhi was placed third with 25 entrepreneurs, including Nykaa’s Adwaita Nayar (35). Gurugram took fourth place with 14 resident founders, led by PRISM (OYO) founder Ritesh Agarwal (32).
Driven by Bengaluru’s strength, Karnataka topped the state rankings with 53 entrants. Maharashtra followed in second place with 35 entrepreneurs, while Delhi took third with 25.
Macro trends: Scale, capital allocation, and emerging tech
The 2026 edition of the U35 List featured 180 entrepreneurs across India, marking a 16% rise from 155 leaders in 2025.
The cumulative valuation of companies led by the cohort reached ₹48 lakh crore, up 23% year-on-year. In total, 37 companies led by these young founders boast valuations exceeding $1 billion.
First-generation entrepreneurs drive much of this momentum, comprising 71% (127 leaders) of the cohort, while next-generation leaders steering family-owned and listed enterprises account for the remaining 29% (53 leaders).
The average age of founders on the list dropped by one year to 33, and women’s representation expanded. This year’s list featured 23 women, comprising 12 next-generation leaders and 11 first-generation founders, representing a 53% year-on-year increase.
The cohort collectively employs over 5.88 lakh people, the report said. Reliance Retail Ventures is the U35 cohort’s largest employer with 2,47,782 employees.
In terms of capital deployment, U35-led companies are focusing heavily on operational scale, directing 27% of raised funds toward product development and expansion, and 23% toward market and geographic expansion.
Among undergraduate institutions, the report found IIT Delhi leading with 11 alumni, followed by IIT Kharagpur with 10 and IIT Madras and the University of Delhi with 7 each. IIT Madras and the Indian School of Business top the postgraduate rankings with 5 alumni each, followed by IIT Bombay with 4
Sectorally, the Hurun List found Software Products & Services leading with 18 entrepreneurs, closely followed by FinTech with 17. Artificial Intelligence & Machine Learning (AI & ML) saw the sharpest growth, quadrupling from 3 founders in 2025 to 12 in 2026, with ventures such as , Decagon AI, and Pixis.