‘India needs more Indicorns, not just Unicorns,' says Kunal Bahl
and
Titan Capital cofounder Kunal Bahl
said startups built on profitability—not just billion-dollar valuations—deserve greater recognition. Speaking at the TiE Delhi-NCR Summit on Friday, Bahl pointed to companies like Infosys,
Wipro
, and
TCS
as foundational examples of businesses built on patient capital and long-term profitability.
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'Post-2017, the media and investors began focusing only on flashy valuations and big bets,' Bahl said.
He coined the term 'Indicorns' to describe Indian startups that grow sustainably, often with little to no external capital. While Unicorns are known for hitting a $1 billion valuation mark,
Indicorns
are defined by robust revenues and profitability.
According to the Indicorn list 2025, 202 Indian startups now generate over Rs 100 crore in annual revenue, with a collective profit of Rs 7,393 crore. These companies span sectors from logistics to SaaS and employ more than 1.46 lakh people
'Valuation doesn't always represent progress. You can have a billion-dollar tag and no profits. Meanwhile, others are quietly building real value. They deserve recognition too,' Bahl said.
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Titan Capital's data shows that Delhi-NCR leads with 51 Indicorns, followed by Bengaluru (42) and Mumbai (35). Many of these founders have built their companies without relying on large external rounds, focusing instead on operational efficiency and margin discipline.
Bahl also cited his own experience of building a software company that went public without raising external capital. He declined to name it but said it was proof that profitable growth is still possible in today's startup environment.
Not anti-unicorn—just pro-profit
Bahl was quick to clarify that the Indicorn idea is not about replacing unicorns, but broadening the definition of success. 'There's no single way to build a company. Some raise capital and scale fast. Others grow profitably. Both are valid—but the latter is often ignored.'
At a time when valuation markdowns are sweeping through late-stage startups and IPO prospects remain uncertain, Bahl's comments underscore a broader shift towards financial sustainability.
'I've met thousands of founders—none say they don't want to be profitable,' he added. 'Most raise money because they have to, not because they want to. Let's not overlook the ones building quietly and profitably.'
Titan Capital has
backed more than 250 startups
, including Mamaearth, Urban Company, Razorpay, Unicommerce,
Ola Cabs, OfBusiness
and Credgenics. The fund
raised Rs 333 crore
to double down on follow-on investments in its existing portfolio.
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