In a groundbreaking initiative, Titan Capital, India’s premier seed-stage venture capital firm founded by Kunal Bahl and Rohit Bansal, has introduced “Indicorns”—an innovative index highlighting the most profitable startups in the country. This new classification moves beyond the traditional unicorn focus on valuation to emphasize sustainable profitability and long-term business viability.

Indicorns are defined as companies that have surpassed the ₹100 crore revenue milestone while achieving profitability, showcasing their ability to create enduring businesses. As of FY23, the 186 Indicorns listed have collectively generated a remarkable ₹1,06,040 crores in revenue and ₹8,615 crores in profits, underscoring their robust financial health.

Key Highlights of Indicorns:

• Regional Dominance: Bengaluru leads with 48 Indicorns, followed by Delhi NCR with 46 and Mumbai with 45.
• Growth Milestones: 14 startups achieved Indicorn status in under 5 years, 103 within 10 years, and 69 within 15 years.
• Sector Diversity: The Indicorn wave is primarily driven by Fintech (35 startups), E-commerce (18 startups), and Logistics (18 startups).
• Notable Companies: Among the prominent names on the 2024 Indicorns list are OfBusiness, Zerodha, Infra.Market, Mamaearth, and Groww.

Data for the Indicorns index was sourced from Tracxn, a leading global platform for private market insights.

Kunal Bahl, Co-founder of Titan Capital, remarked, “This is a transformative moment for the Indian startup ecosystem. Indicorns celebrate companies excelling in profitability and shaping the future of the economy by focusing on sustainable growth. This list prioritizes building businesses that endure over mere valuations.”

The Indicorns index provides valuable insights into these successful startups, detailing their financial performance, growth strategies, and market positioning. It serves as a critical resource for industry leaders, investors, and policymakers, highlighting the entrepreneurial spirit fueling India’s business landscape. Collectively, these Indicorns have employed over 92,771 individuals.

By surpassing the ₹100 crore revenue threshold, Indicorns demonstrate that profitability is the ultimate marker of success, ensuring their resilience in a fluctuating market. The Indicorns list will be updated annually, reflecting changes in the ecosystem based on financial performance and market dynamics.