For years, the Indian startup scene has obsessed over one metric: valuation. Unicorns were celebrated, funded, and flaunted as symbols of innovation. But a quiet revolution is brewing, and it smells like actual revenue. Enter the Indicorns. At this year’s India Internet Day, Titan Capital unveiled its Indicorns 2025 List, a first-of-its-kind showcase of 202 startups that have each crossed ₹100 crore in revenue and achieved profitability. No billion-dollar tags here. Just businesses that work. Founded by Snapdeal’s Kunal Bahl and Rohit Bansal, Titan’s message is clear: India’s next wave of success won’t be built on blitz scaling, but on balance sheets. “We’re celebrating a different kind of success, one rooted in fundamentals like profitability, sustainable growth, and real impact,” said Bahl.
What Makes an Indicorn?
Every company on the list is 15 years old or younger. Some have gone public. Others were acquired. Many did something rarer — they scaled profitably without raising a single rupee of external capita. Together, these 202 companies generated ₹1.51 lakh crore in revenue and ₹7,393 crore in profit in FY24. That’s not just growth. That’s resilience. Fintech leads the list with 50 companies, e-commerce and logistics follow with 16 and 13 respectively. Delhi NCR tops the city rankings with 51 Indicorns, ahead of Bengaluru (42) and Mumbai (35). What’s more, 8 startups hit the mark in under 5 years, proving that speed and sustainability aren’t mutually exclusive.
A Shift in What We Celebrate
The Indicorns list isn’t just a badge of honor. Titan wants it to become a living resource for founders, investors, and policymakers, a map of what real success can look like in the Indian market. It also tells a story about jobs and impact. These companies have created over 1.46 lakh jobs, showing that profits and people can grow together.
Rethinking the Indian Startup Dream
This list isn’t anti-unicorn. It’s pro-reality. In a world where chasing funding often overshadows solving real problems, the Indicorns are a reminder that profitability is not a constraint, it’s a superpower. And maybe, just maybe, it’s time to rewrite what we toast to at the next demo day
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