Kunal Bahl on Indian startups: India Should prioritise sustainable "Indicorns" over billion-dollar unicorns
, co-founder of Snapdeal and Titan Capital, recently advocated for greater recognition of startups that are built of profitability, rather than solely focusing on billion-dollar valuations. Speaking at the TiE Delhi-NCR Summit, Bahl emphasised that companies like Infosys, Wipro and TCS are great examples of businesses that achieved success via patient capital and long-term profitability. He also urged the Indian
startup ecosystem
to shift its focus from billion-dollar unicorns to sustainable, profitable businesses—which he calls 'Indicorns.'
Kunal Bahl urge startups to focus on profitable businesses
Bahl voiced his concern that after 2017, the focus of media and investors shifted to "flashy valuations and big bets." He coined the term "Indicorns" to describe
Indian startups
that prioritise sustainable growth, often with little or no external funding, contrasting them with Unicorns, which are defined by reaching a $1 billion valuation, and
Indicorns
, which are characterised by strong revenues and profitability.
"Valuation doesn't always represent progress," Bahl stated. "You can have a billion-dollar tag and no profits. Meanwhile, others are quietly building real value. They deserve recognition too."
According to Titan Capital's data, Delhi-NCR has the highest number of Indicorns (51), followed by Bengaluru (42) and Mumbai (35). Founders of these companies have largely prioritised operational efficiency and margin discipline over securing substantial external funding.
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Bahl also shared his own experience of building a software company that went public without raising any external capital, highlighting that profitable growth remains a viable strategy in today's startup ecosystem.
He clarified that the "Indicorn" concept is not intended to replace Unicorns but to broaden the definition of success. "There's no single way to build a company," Bahl explained. "Some raise capital and scale fast. Others grow profitably. Both are valid—but the latter is often ignored."
Bahl's comments come at a time when late-stage startups are facing valuation markdowns, and IPO prospects remain uncertain, underscoring a growing emphasis on financial sustainability.
"I've met thousands of founders—none say they don't want to be profitable," Bahl added. "Most raise money because they have to, not because they want to. Let's not overlook the ones building quietly and profitably."
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