India’s internet start-ups leaders that operate business ranging from food delivery, e-commerce to online insurance are now on the cusp of listing, a report said putting their combined value at $180 billion by 2025.

“The growing scale and maturity of India’s internet economy is starting to create more investment opportunities. More than $60 billion has been invested in India’s internet start-ups in the past five years, with around $12 billion in 2020 alone,” HSBC Global Research said in a report of India’s internet.

It put the total sector value (ex-Fintech) at $180 billion by 2025. India has 42 Unicorns and over 45 soonicorns, HSBC said. E-commerce is the largest opportunity, worth an estimated $67 billion by 2025, it said.