Titan Capital, the seed-stage investment company founded by Kunal Bahl and Rohit Bansal, has published the Indicorns 2025 list—a celebration of 202 Indian startups that have attained profitability as well as annual revenues of more than Rs100 crore.

Announced at India Internet Day 2025, this report celebrates startups that have achieved sustainable business growth. Aggregated in partnership with market intelligence platform Tracxn and backed by TiE Delhi-NCR as Ecosystem Partner, the report identifies the trend away from valuation-driven success towards long-term profitability and impact.

Together, these 202 startups have achieved Rs1,51,137 crore in revenue, made Rs7,393 crore in profits, and created more than 1.46 lakh jobs as of FY24. All the startups included were established in the past 15 years. Of these, 69 are bootstrapped, 12 have been acquired, and 13 are listed. Surprisingly, eight companies became Indicorn in less than five years, 92 in ten years, and the remaining 102 in 15 years or more—showing that success comes in various time spans.

Regionally, Delhi-NCR led the pack with 51 startups, while Bengaluru had 42 and Mumbai had 35. Sector-wise, fintech was at the top with 50 entries, followed by e-commerce (16) and logistics (13). Top names on the list include Razorpay, OYO, OfBusiness, Beardo, and Unicommerce.

Speaking at the event, Kunal Bahl said, “For too long, startup success has been measured by inflated valuations. With Indicorns, we’re spotlighting companies built on solid foundations—profitability, consistent growth, and real-world impact. These businesses prove that creating lasting value in India is not only possible but already a growing trend.”

Aside from visibility, the Indicorns project provides a fertile knowledge base—involving an understanding of the operating models, finances, and strategies of each firm—thereby presenting an invaluable resource to founders, investors, corporate executives, and policy makers.