While unveiling the data of indicorns, Bahl said high valuation does not necessarily mean progress and the startup fraternity should also celebrate and support start-ups that are focusing on revenue and profit
Indicorns -- a term used to describe profitable startups that boast over Rs 100 crore in annual revenue -- employed over 1.46 lakh and generated cumulative profit of Rs 7,393 crore in financial year 2023-24, said Kunal Bahl, co-founder of Titan Capital and Snapdeal.
The term Indicorn was coined by Bahl last year.
Bahl was speaking at the launch of the list of indicorns at TiE’s India Internet Day 2025 in Gurugram on Friday.
Indicorn are profitable startups that are founded in the last 15 years and have revenue of over Rs 100 crore in the previous financial year.
According to the data, India boasts of 202 indicorns as of 2025 with cumulative revenue of over Rs 1.51 lakh crore in FY24.
Indicorn start-ups include the likes of earphones maker Boult Audio, crypto currency platform CoinDCX, online multi products platform Nykaa, online accommodation booking platform OYO, payment gateway solutions provider Razorpay, online home furniture platform Urban Ladder, and skin care products platform Minimalist.
While unveiling the data of indicorns, Bahl said high valuation does not necessarily mean progress and the startup fraternity should also celebrate and support start-ups that are focusing on revenue and profit.
“Valuation does not necessarily represent progress. You can have great valuations but you may not have revenues or profits. So valuation may be one barometer of determining progress. There are founders who are building businesses through different ways, which is, focusing on revenues and profits. They are not raising a lot of money or may be raising no money. And in some cases, nobody wants to give them money also. But that does not mean that when they build a business with substantial revenues and profits, they should not be appreciated,” Bahl said.
In terms of the highest number of indicorns across different cities in the country, the national capital region emerged as the hub with 51 such start-ups, followed by Bengaluru (42) and Mumbai (35).