Titan Capital, a leading venture capital firm co-founded by Kunal Bahl and Rohit Bansal, has launched Indicorns, an exclusive index spotlighting India’s top-performing startups. These companies have not only crossed the ₹100 crore revenue threshold but have also achieved profitability—marking a new era in India’s startup ecosystem. The Indicorns list is a refreshing shift from the unicorn narrative, focusing on sustainable growth and financial stability rather than high valuations alone.
What are Indicorns?
The Indicorns index highlights 186 Indian startups founded in the last 15 years, all of which have reached significant financial milestones. These companies collectively generated ₹1,06,040 crore in revenue during FY23 and posted ₹8,615 crore in profits. This impressive performance showcases the strength and resilience of India’s startup ecosystem, particularly in challenging markets.
Indicorns are companies that have demonstrated their ability to thrive without relying heavily on external funding. Some of these businesses have even gone public or been acquired, setting a solid example for future entrepreneurs aiming for long-term success.
Key Insights from the Indicorns List
The Indicorns index offers valuable insights into the trends driving India’s startup success:
- Revenue Milestones: These 186 startups collectively generated ₹1,06,040 crore in revenue in FY23.
- Profitability: The combined profits of these companies reached ₹8,615 crore.
- Sector Leadership: Fintech leads the way with 35 startups on the list, followed by E-commerce and Logistics, both contributing 18 startups each.
- Regional Breakdown: Bengaluru takes the crown with 48 Indicorns, followed by Delhi NCR with 46, and Mumbai with 45.
Notable Companies on the Indicorns List
Some of the most recognized names on the 2024 Indicorns list include OfBusiness, Zerodha, Mamaearth, Infra.Market, and Groww. These companies have achieved remarkable growth in less than a decade, demonstrating that Indian startups are not just focused on rapid expansion but also on building businesses that last.
A Shift in Focus: From Unicorns to Indicorns
Kunal Bahl, Co-founder of Titan Capital, emphasised the significance of this shift. “This is a transformative moment for the Indian startup ecosystem. Indicorns celebrate companies that have not only excelled in profitability but are shaping the future of the Indian economy by prioritising sustainable growth.”
The Indicorns index offers industry leaders, investors, and policymakers an exclusive look into the financial performance and market strategies of these successful startups. It highlights what truly matters—building profitable, enduring businesses that can withstand market volatility and thrive in the long run.
