Titan Capital Launches ‘Indicorns 2025’ to Honour India’s 202 Most Profitable Startups

In a bold departure from the valuation-driven unicorn narrative, Titan Capital, one of India’s leading seed-stage venture capital firms founded by Kunal Bahl and Rohit Bansal, unveiled the ‘Indicorns 2025 List’ at India Internet Day. The Indicorns index honours startups that have not only surpassed ₹100 crore in annual revenue but have also achieved profitability, signalling true long-term business sustainability.

In a startup ecosystem largely focused on headline valuations, Indicorns offers a refreshing perspective by recognising companies that prioritise profitability, durability, and value creation. These businesses represent a new wave of founders focused on building scalable, resilient enterprises designed to thrive for decades.

Each of the 202 companies featured in the Indicorns 2025 list was founded within the last 15 years. Some have scaled profitably without any external funding, while others have gone on to be acquired or listed publicly. Together, as of FY24, these companies generated a cumulative revenue of INR 1,51,137 crore and profits of INR 7,393 crore, a testament to their financial strength and operational excellence.

Key Highlights from Indicorns 2025:

• Regional Leaders: Delhi NCR tops the list with 51 Indicorns, followed closely by Bengaluru with 42, and Mumbai with 35.
• Growth Trajectories: 8 startups hit Indicorn status in under 5 years, 92 within 10 years, and 102 within 15 years.
• Sector Powerhouses: Key industries driving the Indicorn wave include Fintech (50 startups), E-commerce (16 startups), and Logistics (13 startups).
• Featured Companies: Notables like OfBusiness, OYO, Razorpay, Unicommerce, and Beardo headline the list.
• Company Stages: 69 bootstrapped Indicorns, 12 acquired companies, and 13 are publicly listed

The data for Indicorns 2025 has been sourced in collaboration with Tracxn, a global private market intelligence platform tracking over 3 million startups across 2,700+ sectors. TiE Delhi-NCR, a premier global entrepreneurship network, joins as the Ecosystem Partner for this initiative, amplifying its mission of celebrating sustainable entrepreneurship.

Speaking on the launch of the 2025 Indicorns List, Kunal Bahl, Co-founder, Titan Capital, said, “ For too long, success in the startup world has been equated solely with sky-high valuations. With Indicorns, we’re celebrating a different kind of success—one rooted in fundamentals like profitability, sustainable growth, and real impact. These companies are proving that building enduring businesses in India is not just possible, but already happening at scale. We hope this list inspires a new generation of founders to chase not just scale, but strength.”

The Indicorns platform offers rare insight into these high-performing startups, from their financial metrics to growth playbooks, serving as an essential resource for founders, investors, corporates, and policymakers alike. These 200 Indicorns have also collectively created over 1,46,705+ jobs, reinforcing their contribution to India’s economy and innovation ecosystem.

By shifting focus to profit-first growth, Indicorns exemplify what it means to build for the long term—businesses that are stable, scalable, and enduring. The list will be updated annually, welcoming new entries based on performance and market dynamics.

About Indicorns

Indicorns are India’s most financially successful startups, each surpassing INR 100 crore in revenue while maintaining profitability. Founded in the last 15 years, these companies span multiple sectors and growth journeys, from bootstrapped operations to IPOs, showcasing what sustainable entrepreneurship truly looks like.

About Titan Capital

Titan Capital backs world-class entrepreneurs building transformative companies from the ground up. As one of India’s most active seed-stage investors, Titan has backed over 250 startups, including Ola, Razorpay, OfBusiness, Unicommerce, Urban Company, Shadowfax, Credgenics, Giva, and many more, supporting founders from idea to IPO.

List of Kunal Bahl Investments | Startups Funded by Shark Tank India’s Strategic Shark

Kunal Bahl is the co-founder of Snapdeal and has invested in many companies in and out of Shark Tank India. Check out the list of all Kunal Bahl’s investments. Explore the list of Kunal Bahl’s portfolio companies here.

StartupTalkyMuskaan Kapoor