Titan Capital, a seed-stage venture capital firm founded by Kunal Bahl and Rohit Bansal, has released the ‘Indicorns 2025 List’ at India Internet Day. The list highlights startups in India that have crossed Rs 100 crore in annual revenue and achieved profitability, emphasizing long-term business sustainability over high valuations.
The Indicorns initiative recognizes companies that focus on financial stability, operational durability, and consistent value creation. These startups reflect a shift toward building scalable businesses with a focus on long-term viability.
All 202 companies on the list were founded within the last 15 years. Some have scaled without external funding, while others have been acquired or listed. Collectively, they reported a revenue of Rs 1,51,137 crore and profits of Rs 7,393 crore in FY24.
Delhi NCR leads with 51 Indicorns, followed by Bengaluru with 42 and Mumbai with 35. Eight startups reached Indicorn status in under five years, 92 within ten years, and 102 within fifteen years. The top sectors include Fintech (50 startups), E-commerce (16), and Logistics (13). Notable names include OfBusiness, OYO, Razorpay, Unicommerce, and Beardo.
“For too long, success in the startup ecosystem has been linked to valuations,” said Kunal Bahl, Co-founder of Titan Capital. “With Indicorns, we are recognizing companies built on profitability, steady growth, and long-term impact.”
The Indicorns platform provides insights into these companies’ financial data and growth strategies. These 202 startups have created over 1,46,705 jobs, reflecting their role in India’s economic development.
By prioritizing profit and sustainability, Indicorns aim to redefine what successful entrepreneurship looks like in India. The list will be updated annually based on business performance and market trends.
