‘India needs more Indicorns, not just Unicorns,’ says Kunal Bahl

Snapdeal and Titan Capital cofounder Kunal Bahl stated startups constructed on profitability—not simply billion-dollar valuations—deserve larger recognition. Talking on the TiE Delhi-NCR Summit on Friday, Bahl pointed to firms like Infosys, Wipro, and TCS as foundational examples of companies constructed on affected person capital and long-term profitability.“Publish-2017, the media and traders started focusing solely on flashy valuations and massive bets,” Bahl stated.

He coined the time period “Indicorns” to explain Indian startups that develop sustainably, typically with little to no exterior capital. Whereas Unicorns are identified for hitting a $1 billion valuation mark, Indicorns are outlined by sturdy revenues and profitability.

In response to the Indicorn checklist 2025, 202 Indian startups now generate over Rs 100 crore in annual income, with a collective revenue of Rs 7,393 crore. These firms span sectors from logistics to SaaS and make use of greater than 1.46 lakh folks

“Valuation doesn’t all the time symbolize progress. You may have a billion-dollar tag and no earnings. In the meantime, others are quietly constructing actual worth. They deserve recognition too,” Bahl stated.

Delhi leads the Indicorn pack

Titan Capital’s information reveals that Delhi-NCR leads with 51 Indicorns, adopted by Bengaluru (42) and Mumbai (35). Many of those founders have constructed their firms with out counting on massive exterior rounds, focusing as a substitute on operational effectivity and margin self-discipline.

Bahl additionally cited his personal expertise of constructing a software program firm that went public with out elevating exterior capital. He declined to call it however stated it was proof that worthwhile progress continues to be potential in immediately’s startup surroundings.

Not anti-unicorn—simply pro-profit

Bahl was fast to make clear that the Indicorn concept just isn’t about changing unicorns, however broadening the definition of success. “There’s no single solution to construct an organization. Some elevate capital and scale quick. Others develop profitably. Each are legitimate—however the latter is usually ignored.”

At a time when valuation markdowns are sweeping via late-stage startups and IPO prospects stay unsure, Bahl’s feedback underscore a broader shift in the direction of monetary sustainability.

“I’ve met hundreds of founders—none say they don’t need to be worthwhile,” he added. “Most elevate cash as a result of they need to, not as a result of they need to. Let’s not overlook those constructing quietly and profitably.”

Titan Capital has backed more than 250 startups, together with Mamaearth, City Firm, Razorpay, Unicommerce, Ola Cabs, OfBusiness and Credgenics. The fund raised Rs 333 crore to double down on follow-on investments in its present portfolio.