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A New Era for Indian Startups

In a bold move that challenges the traditional startup narrative, Titan Capital, co-founded by Snapdeal veterans Kunal Bahl and Rohit Bansal, has introduced the Indicorns 2025 List. This initiative aims to spotlight Indian startups that have achieved profitability and crossed the ₹100 crore revenue mark, emphasizing sustainable growth over inflated valuations.

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What Are ‘Indicorns’?

The term “Indicorn” is a fusion of “India” and “Unicorn,” but with a significant twist. Unlike the global “unicorn” label, which denotes startups valued at over $1 billion, Indicorns focus on:

• Profitability: Achieving consistent profits.
• Revenue Milestone: Surpassing ₹100 crore in annual revenue.
• Sustainable Growth: Building businesses with long-term viability.

Kunal Bahl emphasizes that India doesn’t need 100 or 200 unicorns; instead, it requires 10,000 Indicorns to form a solid foundation for the startup ecosystem .

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Highlights from the Indicorns 2025 List

• Number of Startups: The list features 202 startups that have met the Indicorn criteria.
• Revenue and Profit: Collectively, these startups have generated over ₹1,06,040 crore in revenue and ₹8,615 crore in profits in FY23 .
• Sector Representation: Key sectors include:
  • Fintech: 35 startups
  • E-commerce: 18 startups
  • Logistics: 18 startups
• Geographical Distribution: Bengaluru leads with 48 Indicorns, followed by Delhi NCR with 46, and Mumbai with 45 .

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Why ‘Indicorns’ Matter

The Indicorns initiative shifts the focus from valuation-centric growth to:

• Profitability: Ensuring businesses are financially sustainable.
• Resilience: Building companies that can withstand market fluctuations.
• Value Creation: Prioritizing long-term value over short-term gains.

This approach aims to reduce the risk of startup failures and create a more stable business environment in India.

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Notable Indicorns

Some of the prominent startups featured in the Indicorns 2025 List include:

• OfBusiness: A B2B platform offering raw material procurement and financing solutions.
• Zerodha: India’s largest stock brokerage firm.
• Infra.Market: A construction materials supply chain platform.
• Mamaearth: A personal care brand known for its toxin-free products.
• Groww: An investment platform simplifying mutual fund investments.

These companies exemplify the Indicorn ethos by achieving significant revenue and profitability while maintaining sustainable growth practices.

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Titan Capital’s Role in the Ecosystem

Since its inception in 2011, Titan Capital has supported over 250 startups across various sectors, including consumer tech, health-tech, fintech, SaaS, and B2B services. Notable investments include:

• Urban Company: A home services platform.
• Mamaearth: A personal care brand.
• OfBusiness: A B2B platform.
• Razorpay: A payment gateway solution.
• Ola Cabs: A ride-hailing service.

Through its Winners Fund, Titan Capital has realized significant exits, such as an initial investment of ₹57 lakh in Urban Company, which yielded an exit worth ₹111 crore .

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A Shift Towards Sustainable Growth

The Indicorns 2025 List marks a pivotal shift in India’s startup narrative, emphasizing the importance of profitability and sustainable growth. By celebrating companies that prioritize long-term value creation, Titan Capital is setting a new benchmark for success in the Indian startup ecosystem.

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