Titan Capital launches Indicorns 2025 list; fintech leads with 50 startups
The report noted that 8 startups achieved Indicorn status in under five years, 92 within a decade, and the rest 102 over 15 years, proving that durable success can be achieved at varying speeds.
Titan Capital, the seed-stage venture capital co-founded by Kunal Bahl and Rohit Bansal, unveiled the Indicorns 2025 list on Monday, recognising 202 Indian startups that have not only surpassed Rs 100 crore in annual revenue but have also achieved profitability.
According to the annual report, the 202 startups featured on the list have collectively generated Rs 1,51,137 crore in revenue, delivered Rs 7,393 crore in profits, and created over 1,46,705 jobs, as of FY24.
Launched at India Internet Day 2025, Titan Capital developed the initiative in partnership with market intelligence platform Tracxn, with TiE Delhi-NCR acting as an Ecosystem Partner.
The report also highlighted that of the 202 'Indicorn' startups—all founded within the past 15 years—69 are bootstrapped, 12 have been acquired, and 13 are publicly listed.
The report noted that 8 startups achieved Indicorn status in under five years, 92 within a decade, and the rest 102 over 15 years, proving that durable success can be achieved at varying speeds.
Geographically, Delhi-NCR leads with 51 Indicorns, followed by Bengaluru (42) and Mumbai (35). Meanwhile, the fintech sector has the most Indicorns at 50 companies, followed by ecommerce (16) and logistics (13). Some of the most recognised names on the list include OfBusiness, OYO, Razorpay, Unicommerce, and Beardo.
“For too long, success in the startup world has been equated solely with sky-high valuations. With Indicorns, we’re celebrating a different kind of success—one rooted in fundamentals like profitability, sustainable growth, and real impact," Kunal Bahl said at the launch.
He added, "These companies are proving that building enduring businesses in India is not just possible, but already happening at scale. We hope this list inspires a new generation of founders to chase not just scale, but strength."
Besides recognition, the Indicorns platform serves as a valuable resource that offers detailed insights into these companies’ business models, financial metrics, and strategic playbooks, designed to inform and support founders, investors, corporates, and policymakers.
Edited by Suman Singh