A New Era for Indian Startups
The Indian startup ecosystem has long been dominated by a valuation-centric narrative, where success is often measured by the amount of funding a company receives. However, this is all set to change with the introduction of the Indicorns 2025 List by seed-stage venture firm Titan Capital. This list showcases 202 startups that have achieved annual revenues of over Rs 100 crore and have turned a profit.
What is Indicorns?
The Indicorns initiative was announced at India Internet Day and aims to celebrate startups that have prioritized sustainable growth, operational resilience, and value creation over high valuations. Titan Capital was founded by Snapdeal co-founders Kunal Bahl and Rohit Bansal, who are keen to shift the focus away from valuations and towards more meaningful measures of success.
A Profitable Shift
The companies featured on the Indicorns list are a testament to the fact that building profitable businesses in India is possible. Each of the companies was founded within the past 15 years, and while some have gone public or been acquired, many have scaled without raising external capital. Collectively, 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, e-commerce, and logistics, with cities like Delhi NCR, Bengaluru, and Mumbai leading the charge.
Key Statistics
Some notable statistics from the Indicorns list include:
- 50 companies in the fintech sector
- 16 companies in the e-commerce sector
- 13 companies in the logistics sector
- 51 companies from Delhi NCR
- 42 companies from Bengaluru
- 35 companies from Mumbai
- 8 companies achieved Indicorn status within 5 years
- A majority of companies reached the milestone within a decade
Beyond Valuations
The Indicorns platform is more than just a ranking list. It offers detailed insights into the financial performance, growth trajectories, and strategic decisions behind these high-performing sustainable startups. The platform aims to provide a living resource for founders, investors, policymakers, and corporate stakeholders. Collectively, these Indicorns have also contributed significantly to employment, generating over 1.46 lakh jobs.
Conclusion
The Indicorns 2025 List marks a significant shift in the way we measure success in the Indian startup ecosystem. By focusing on sustainable growth, profitability, and value creation, Titan Capital is promoting a more nuanced understanding of what it means to be a successful startup. As Kunal Bahl, co-founder of Titan Capital, notes, "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." The Indicorns list is a step in the right direction, and it will be interesting to see how it evolves in the years to come.
