Titan Capital unveils ‘Indicorns’—A list of India’s most profitable startups

Gurugram-based seed-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 away from the conventional unicorn narrative.

Unlike the traditional focus on unicorns and valuations, "Indicorns" highlights startups that have not only surpassed Rs 100 crore in revenue but have also achieved profitability, reflecting sustainable growth.

The new list showcases the emerging trend of self-sustaining businesses in India, providing a fresh perspective on entrepreneurial success. 

“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 prioritizing sustainable growth," said Kunal Bahl, Co-founder of 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 sectors. The list includes 186 startups that collectively generated Rs 1,06,040 crore in revenue and Rs 8,615 crore in profits as of FY23. 

Founded within the last 15 years, these startups have grown exponentially, many without external funding or, in some cases, having been acquired or listed publicly.

Regional and sectoral insights of Indicorns

Indicorns are spread across major Indian cities, with Bengaluru leading 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, extending beyond the traditional metro cities.

The sectoral distribution of "Indicorns" further shows 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 broad impact of these startups on different parts of the economy, with major companies like Zerodha, Mamaearth, Infra.Market, and Groww making the "Indicorns" list.

Significance of Indicorns in India’s startup ecosystem 

The launch of the "Indicorns" index shifts the narrative in the Indian startup ecosystem. Instead of focusing solely on high valuations, the list emphasizes sustainability and profitability, qualities that are essential for long-term success.

These startups, often overlooked in the excitement surrounding unicorns, are now gaining well-deserved recognition for their enduring business models.

Kunal Bahl explained, “This list goes beyond valuations and highlights what truly matters—building enduring 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, Indicorns have employed 92,771+ individuals to date.

The index will be updated annually to reflect the ongoing changes in the startup ecosystem, recognizing new entrants and those that maintain or exceed the financial benchmarks. 

Titan Capital has backed more than 250 startups including Mamaearth, Ola, Razorpay, Urban Company, Shadowfax, Credgenics, OfBusiness, Giva and many more.