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Meet the Indicorns: India’s Most Profitable Startups
186 Startups Surpass Rs 100 Crore Revenue, Proving Profitability is Possible
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Titan Capital has introduced Indicorns, a groundbreaking index that highlights profitable startups in India with over Rs 100 crore ($11.9m) in annual revenue.
This initiative shines a spotlight on companies that have not only achieved significant scale but have also reached profitability, emphasizing the growing trend of self-sustaining businesses in the Indian startup ecosystem. The index illustrates that startups can achieve success without being heavily reliant on external funding.
According to Titan Capital’s data, 186 companies classified as Indicorns collectively generated an impressive Rs 1,06,040 crore ($12.5b) in revenue and Rs 8,615 crore ($1b) in profits in FY23.
These startups represent a new breed of Indian entrepreneurship, one that prioritizes sustainable growth, with several exploring strategic acquisitions and IPOs to continue expanding.
Kunal Bahl, co-founder of Titan Capital, praised this shift toward profitability, stating: “This is a transformative moment for the Indian startup ecosystem. Indicorns celebrate companies that have not only excelled in profitability but are shaping the future of the Indian economy by prioritizing sustainable growth.”
Among the notable startups included in the Indicorns index are Groww, Infra.Market, Indifi, ConfirmTkt, CashE, Fibe, Everest Fleet, Fynd, Indiqube, Karza, Lendingkart, Oxyzo, and Nodwin. Titan Capital itself has a track record of success, having backed over 250 companies since 2011, including household names like Urban Company, MamaEarth, OfBusiness, Razorpay, and Ola Cabs.
Here are some standout companies from the Indicorns list:
Largest Revenue Generator: OfBusiness leads the pack with Rs 15,658 crore ($1.86B) in revenue, followed by Infra.Market with Rs 11,890 crore ($1.4B).
Most Profitable: Zerodha tops profitability with Rs 2,904 crore ($345M) in net profit.
Youngest Indicorn: TruAlt BioEnergy, founded in 2022, has already achieved a net profit of Rs 35 crore ($4.1M).
Titan Capital’s success extends beyond Indicorns. In August, the firm’s Winners Fund hit its Rs 200 crore target corpus, with co-founders Kunal Bahl and Rohit Bansal serving as the largest investors. The fund has seen impressive exits, including a Rs 111 crore exit from Urban Company after an initial Rs 57 lakh investment, and a significant return from Ola, where an early $60,000 stake was liquidated as the company hit a valuation of $7.3 billion in 2021
The launch of Indicorns signals a new phase in the Indian startup landscape, one in which profitability, strategic growth, and operational sustainability take center stage. For both investors and entrepreneurs, it sets a benchmark for what Indian startups can achieve when focusing on long-term value creation.
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