Kunal Bahl's Titan Capital unveils 'Indicorns 2025' to spotlight India’s profitable startups

In a marked shift from the valuation-centric narrative that has long defined India’s startup ecosystem, seed-stage venture firm Titan Capital has introduced the Indicorns 2025 List—a compilation of 202 startups that have crossed Rs 100 crore in annual revenue and achieved profitability.

The announcement was made at India Internet Day. Titan Capital was founded by Snapdeal co-founders, Kunal Bahl and Rohit Bansal.

The firm's Indicorns initiative aims to celebrate startups that have prioritised sustainable growth, operational resilience, and value creation over bloated valuations.

"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," said Kunal Bahl.

"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," Bahl added.

A profitable shift

Each of the companies featured in the list was founded within the past 15 years. While some have gone public or been acquired, many have scaled without raising external capital—a notable feat in a landscape often defined by rapid fundraising cycles.

As a collective, these 202 startups generated Rs 1.51 lakh crore in revenue and Rs 7,393 crore in profits in FY24. The top sectors represented include fintech (50 companies), e-commerce (16), and logistics (13). Cities leading the charge are Delhi NCR (51 Indicorns), followed by Bengaluru (42) and Mumbai (35).

Notably, eight startups achieved Indicorn status within five years, while a majority reached the milestone within a decade. Among the standout names are OfBusiness, Razorpay, OYO, Unicommerce, and Beardo—companies that have not only achieved scale but done so while maintaining financial discipline.

Beyond valuations

More than a ranking, the Indicorns platform is being positioned as a living resource for founders, investors, policymakers, and corporate stakeholders. It offers detailed insights into the financial performance, growth trajectories, and strategic decisions behind these high-performing sustainable startups.

Collectively, these Indicorns have also contributed significantly to employment, generating over 1.46 lakh jobs. Titan Capital plans to update the list annually, adding new entries based on evolving market performance.