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’ list at India Internet Day. The Indicorns index honors startups that have not only surpassed ₹100 crore in annual revenue but have also achieved profitability—signaling true long-term business sustainability.
In a startup ecosystem largely focused on headline valuations, Indicorns offers a refreshing perspective by recognizing companies that prioritize 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 ₹1,51,137 crore and profits of ₹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.
Access the full list at: https://indicorns.club/