Gurugram-based early-stage venture capital firm Titan Capital has launched a new index called ‘Indicorns’, a first-of-its-kind index of India’s most profitable startups, breaking the conventional unicorn narrative.
Unlike the traditional focus on unicorns and valuations, ‘Indicorns’ highlights startups that have not only crossed Rs 100 crore in revenue but have also achieved profitability, reflecting sustainable growth.
The new list showcases the emerging trend of self-sustainable businesses in India, providing a new perspective on business success.
“This is a transformative moment for the Indian startup ecosystem. The Indicorns celebrate companies that have not only excelled in profitability but are also shaping the future of the Indian economy by prioritizing sustainable growth,” said Kunal Bahl, Co-Founder, Titan Capital.
Financial milestones of Indicorns
The “Indicorns” list is based on financial data from Tracxn, a global market data platform that tracks millions of companies across all sectors. The list includes 186 startups that collectively generated Rs 1,06,040 crore in revenue and Rs 8,615 crore in profit as of FY23.
Founded in the last 15 years, these new companies have grown exponentially, many of them without external financing or, in some cases, having been acquired or listed on the stock market.
Regional and sectoral perspectives of the Indicorns
Indicorns are spread across major cities in India, with Bengaluru leading the way with 48 companies, followed by Delhi NCR with 46 and Mumbai with 45.
These cities have become thriving hubs for startup growth and innovation. The diverse regional representation also reflects the growing startup culture across India, which extends beyond traditional metropolitan cities.
The sectoral distribution of the ‘Indicorns’ further showcases India’s rapidly evolving business ecosystem. Fintech leads the list with 35 startups, followed by e-commerce and logistics, each with 18 startups.
The sectoral diversity demonstrates the wide impact of these startups in different parts of the economy, with large companies such as Zerodha, Mamaearth, Infra.Market and Groww making the list of ‘Indicorns’.
Importance of Indicorns in the Indian startup ecosystem
The launch of the “Indicorns” index changes the narrative in the Indian startup ecosystem. Rather than focusing solely on high valuations, the list emphasizes sustainability and profitability, qualities essential for long-term success.
These startups, often overlooked in the hype surrounding unicorns, are now gaining well-deserved recognition for their enduring business models.
Kunal Bahl explained: “This list goes beyond valuations and highlights what really matters: creating long-lasting businesses that can stand the test of time.”
The “Indicorns” index offers valuable insights into the business strategies, growth patterns and market positions of these startups, providing a useful resource for investors, industry leaders and policymakers. Notably, the Indicorns have employed over 92,771 people to date.
The index will be updated annually to reflect ongoing changes in the startup ecosystem, recognizing new entrants and those that maintain or exceed financial benchmarks.
Titan Capital has backed over 250 startups including Mamaearth, Ola, Razorpay, Urban Company, Shadowfax, Credgenics, OfBusiness, Giva and many more.
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