
Meet the Indicorns: 202 Startups That Scaled with Profitability
Focusing on the sectoral trends, Fintech (50 startups), E-commerce (16), and Logistics (13) are leading India's profit-first growth. Regionally, Delhi NCR emerged at the top with 51 Indicorns, followed by Bengaluru (42) and Mumbai (35).
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In a landscape often dominated by funding frenzies and billion-dollar valuations, a quiet revolution is underway—where profitability is the new status symbol. Indian startups are now rewriting the rulebook by proving that scale and sustainability can go hand-in-hand.
Taking the lead in celebrating this new entrepreneurial ethos, Titan Capital has launched the 'Indicorns 2025' report—an initiative that recognises India's most financially successful startups. The Indicorns list includes 202 companies that have crossed INR 100 crore in annual revenue and turned profitable—setting a powerful benchmark for what real startup success looks like.
A brainchild of Titan Capital's co-founders Kunal Bahl and Rohit Bansal, Indicorns 2025 challenges the unicorn-centric narrative that has long equated startup success with inflated valuations. Instead, this index applauds startups that have demonstrated not just market fit, but operational excellence, fiscal discipline, and long-term vision. The report reflects a pivotal shift in mindset—away from "growth at any cost" to "growth with consequence."
Each of these 202 startups—many of them bootstrapped or modestly funded—has been built within the past 15 years. From industry leaders like OfBusiness, Razorpay, OYO, Unicommerce, and Beardo, to high-performing niche players, these companies collectively posted a whopping INR 1,51,137 crore in revenue and INR 7,393 crore in profits in FY24.
Speaking at the launch, Kunal Bahl said, "With Indicorns, we're celebrating a different kind of success—one rooted in fundamentals like profitability, sustainable growth, and real impact. These companies are proving that building enduring businesses in India is not just possible, but already happening at scale."
The report, built in collaboration with Tracxn, draws on one of the largest datasets of private startups globally. It also features sectoral trends, revealing that Fintech (50 startups), E-commerce (16), and Logistics (13) are leading India's profit-first growth. Regionally, Delhi NCR emerged at the top with 51 Indicorns, followed by Bengaluru (42) and Mumbai (35).
Interestingly, the study reveals that 69 of the featured companies scaled without external capital, 12 were acquired, and 13 are now publicly listed—illustrating the diversity of paths toward profitability. The youngest Indicorns reached the milestone in under five years, while over 100 took less than a decade.
With TiE Delhi-NCR as its ecosystem partner, the Indicorns platform is positioned as a valuable resource for founders, investors, policymakers, and corporates alike. It offers deep insights into business models, growth metrics, and hiring trends. These Indicorns have collectively created over 1.46 lakh jobs, underscoring their role in strengthening India's economic fabric.
As India's startup ecosystem matures, Indicorns signal a shift toward building legacy businesses—companies that can weather cycles, create employment, and deliver long-term impact. And with the list set to be updated annually, it's only the beginning of a new gold standard for startup success.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Boston Globe
an hour ago
- Boston Globe
From physician to food entrepreneur: Meet Tarun Bhalla, cofounder of Meal Mantra
Food is a family tradition. Anu's grandfather, chef Kundan Lal Gujral, pioneered tandoori cuisine. He's credited with creating butter chicken and chicken tikka masala at his restaurant Moti Mahal, a landmark in Delhi. Someday, the couple aim to open a similar chain of Indian restaurants, building off their sauces and family recipes. Get Winter Soup Club A six-week series featuring soup recipes and cozy vibes, plus side dishes and toppings, to get us all through the winter. Enter Email Sign Up How did you get into the food business? Advertisement We leaned toward where our heart and passion were. And, also, we had a wonderful legacy in our family. I was an internal medical doctor in India, and we went down the entrepreneurial path in India as well. We started a pharmaceutical manufacturing operation that we ran for 20 years. What brought you to this country? We moved to the US rather late in our lives. We were both about to turn 50. Without a job in hand, nobody really makes that move — but we always felt that the US had something that we might want our children to grow up with. For us, the decision to move wasn't one of career or finances. We were doing quite well in our lives in India. It might sound just crazy to you, but it might not. As the years piled on, we found that strength to embark on another adventure. So far, we've been very happy with that choice. Advertisement This sounds like a huge switch, culturally and professionally. It was an idea that was germinating for a few years. When I was a kid in India, physicians would advise on lifestyle changes. When you went in with a chronic disease or something, they would delve a little deeper into your history, ask questions, and offer a few suggestions, which doesn't happen now. We felt that everything cannot be treated with a pill. Our food affects our moods, our health, our bodies. We wanted to be very deliberate. We were runners in our previous life; I'm sorry to admit we kind of let ourselves go after this move into the US. We did marathons and things, but that part of our life got neglected with the pressures of moving. But diet was something we celebrated. India has a slower-moving pace. With family, you often like to eat and celebrate together. Food is always a wonderful part of it. When we moved to the US, our intent was to start a restaurant. We'd often traveled to the US earlier before we made the move. My brother is an oncologist here. We'd visit him, and we always felt that every other cuisine is very well-represented by a chain of consistent restaurants. Advertisement But, with Indian restaurants, you never find that. In fact, it's sad to say that you might have the most wonderful meal today at an Indian restaurant, and you go back a week later, and it just doesn't feel the same. Anu's family has a chain of restaurants in India. Here, one of the primary challenges is finding chefs. Indian cuisine is very intricate, in the play of spices and balance of flavors. Chefs often change. It's hard to have consistency. With the sauces, we really wanted to put in the back end of our business correctly before we took on the challenge of [opening]. How did you get underway here in the US? When we moved here, we got talking to people, and one thing led to another. We found that there were commissaries and shared kitchens where we could test our recipes. Believe me: It took many, many months before that, in our home, where we tried to work on recipes that we could then scale up. This is where my prior experience with my pharmaceutical background helped. We became very good at operations. I'm a methodical person, and my wife is totally differently abled than me. She's the creative one. What was your first impression of Boston? I have a lot to say. In retrospect, we're so glad we chose Boston. For us, it was just [throwing] darts on a board. We didn't have any connections to Boston when we chose it. But my wife was very keen that we go to a place with good schools, since our son was still in school. It was kind of a global city where we could set up and hope for an Indian food business to find success. Advertisement We're so glad we made that choice. We've not felt out of place for a day. It seems we've lived here all our lives. We've just been very fortunate and lucky. Was the Boston Public Library your first public venue? Where else can we find your food now? It was the first. It was an experiment for us. I'm so grateful for whatever conspired. We had such a wonderful experience and success. We're still receiving letters — emails, really — from the staff at The Catered Affair saying what a wonderful success it was, that they're still hearing from people who visited during our takeover and wondering where we are. Now, we're at Whole Foods and local farms: Pemberton Farms and Volante and others. Boston Public Library was our first public-facing venue, but our sauces are served at Boston College and, of late, at the Boston Public Schools. We're looking for our next opportunity. We'd like to team with other people and maybe achieve that dream of opening a chain of restaurants. We can't do it by ourselves, but we've proved our concept with this takeover: We'd often run out of food. You know, you can get paid $800 or $900, on a good day. Maybe you don't make that. But what you make is far greater because people stop by. They take the time to call you to their table. They talk to you about the food. There was a couple who were celebrating an anniversary at the library, and they called for us from the kitchen to say what a wonderful meal they had and how memorable it was for them. It's kindness that sustains you far more than money can, and we'll carry it in our hearts. Advertisement How do you describe your food? We're bad at getting the word out. But, you know, it's our sauces: Some sauces have ingredients as starch. We don't use that, and neither would you, if you were an Indian cooking in your own kitchen. They're just to make commercial products. Our sauces are made with real ingredients. There are no artificial ingredients. They have a signature taste. People write to us who have used them, and it's so gratifying to hear from them. Our best-selling sauce is the tikka masala, which is essentially something my [wife's grandfather] invented. If you Google his name, you'll find him mentioned, even though he died many years before the internet. He started a restaurant [Moti Mahal] 100 years back. There are more than 200 of them globally; so far, none in the US. There are knockoffs, because nobody thought of trademarking the name of the restaurant. In fact, there's a wonderful story. Soon after independence, the Shah of Iran visited India. On his visit, he was told by the education minister who took him around: 'While in India, you have to make two visits. One is the Taj Mahal. The other is Moti Mahal.' It was just comfort food and good food, and at that time, there used to be entertainment and live performances. Where do you eat when you're not working? We love Thai. Our current favorite is a Thai restaurant in Brookline called Advertisement Do you ever use your medical experience in your cooking? Yes, in the sense that I'm very conversant with a lot of chemicals, which we used to use in pharmaceuticals. Sometimes, I'll tell my family not to consume too many over-the-counter medicines, when you know all the chemicals that have gone into it. When it came to deciding on the acid we use for our sauces, you have to have a certain pH for it to be shelf stable. We chose an acid, glucono-delta-lactone, which is non-GMO, plant-derived, found in honey, fruits, and other fermented products. Our sauces are really deliberate in that respect; it's a very mild acid that gets converted to sugar — a glucose precursor that's very nice. Your food is healthy. It's good for you. It is, I'm proud to say, with a little care and love. What's one snack that you can't live without? Food I'll never eat? I'm not sure. I'm happy to experiment. When I was a kid, for example, I never ate eggplant. I love it now. Our tastes evolve over time. If there's a food I don't like, maybe give it time, and I'll like it. What do you snack on? I snack on a lot of nuts every day: Trader Joe's toasted, unsalted almonds. Interview was edited and condensed. Kara Baskin can be reached at


Forbes
2 hours ago
- Forbes
AI Isn't A Revolution—It's A Productivity Engine
Stephen Wakeling is Co-Founder & CEO of Phobio and an entrepreneur with expertise in developing disruptive, technology-powered services. getty If you're waiting for a grand moment to launch AI at your company, you're probably already behind. According to McKinsey's 2025 Global Survey on AI report, 71% of organizations now "regularly use generative AI in at least one business function, up from 65% in early 2024." At Phobio, we approached AI not as a transformation to be orchestrated, but as a wave we had to learn to ride—quickly and deliberately. AI success isn't about the underlying technology; it's about understanding its potential and empowering teams to explore it. That means removing fear, providing tools and giving permission to iterate. Despite widespread interest, only 8% of organizations consider their AI initiatives 'mature,' according to a 2024 Enterprise Strategy Group survey. At Phobio, we choose progress over perfection. We didn't build custom LLMs or hire a fleet of data scientists. Instead, we prioritized accessible, well-guardrailed tools that anyone on the team could use— ChatGPT and NotebookLM for communication and analysis; Cursor and Gamma for our more technical and content-focused teammates. Every customer conversation—such as email chains, agendas and meeting notes—is funneled into shared Claude projects. Anyone can ask, 'How would our customer respond to this idea?' and get a context-aware, insightful answer. The value is both immediate and practical. It turns routine documentation into something closer to institutional memory—and transforms good ideas into better execution. Our approach was deliberately simple: • Start with education. We held team-wide sessions to demystify AI—what it is, what it isn't and where it fits. • Create low-risk sandboxes. We encouraged experimentation without pressure or performance metrics. • Foster internal sharing. We launched a Slack channel for AI wins and challenges. 'AI Show & Tell' became a biweekly tradition. By week three, people were sharing wins on Thursday nights. • Use a simple framework: Analyze everything. Augment most tasks. Automate what you can (usually not much). When people realized AI wasn't a threat but a tool to become fearsomely productive, they embraced it. In Microsoft and LinkedIn's 2024 Work Trend Index, 75% of employees reported that they're "already using AI at work." We didn't mandate adoption—we created space for it. In a survey of 822 business leaders, companies reported AI-related cost reductions of 15.2% and revenue increases of 15.8%, according to Gartner's 2023 generative AI survey. We've seen meaningful returns from consistent micro-improvements across our teams. It began small: halved meeting prep time, customer emails written in minutes instead of hours and documentation that gets done. These aren't headline-grabbing stats, but they compound daily across the organization. More importantly, with advancements in AI memory, reasoning and multimodal capabilities, we're moving from tools to agents. At Phobio, we're actively piloting AI agents to manage routine inquiries and workflows, allowing our team to focus on high-touch, high-impact tasks. One of the biggest myths about AI is that it demands a grand vision or massive investment to make a difference. It doesn't. PwC estimates that AI is increasing workforce productivity by at least 30%. But that increase isn't the result of moonshots—it's the outcome of thousands of small, strategic optimizations. For companies still on the fence, here's the bottom line: Organizations that embrace AI for product development already enjoy faster speed to market, increased personalization and lower operating costs. At Phobio, well-implemented AI hasn't just made us faster—it's made us sharper, more creative and more strategic. When routine tasks are streamlined, people have time to think deeply about customers, competition and innovation. AI isn't coming to take your job. But someone who knows how to use it might. As leaders, we have a responsibility not just to deploy AI but to democratize it. The productivity race won't be won by companies with the biggest models—it will be won by those with the best culture. The future belongs to organizations that empower everyone to use these tools effectively, safely and creatively. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Yahoo
2 hours ago
- Yahoo
India Industrial Engines Industry Report 2025 Featuring Kirloskar Oil Engines, Cummins, Mahindra Powerol, Greaves Cotton, Ashok Leyland, Tata Motors, Perkins Engines, and Volvo
The India Industrial Engines Market is poised for growth due to rapid industrialization, infrastructure projects, and a shift towards cleaner alternative fuels. Key opportunities lie in meeting regulatory demands, supporting large-scale operations, and adopting diverse fuel technologies to enhance efficiency and sustainability. Dublin, June 10, 2025 (GLOBE NEWSWIRE) -- The "India Industrial Engines Market, By Region, Competition, Forecast & Opportunities, 2021-2031F" report has been added to India Industrial Engines Market was valued at USD 6 Billion in 2025, and is expected to reach USD 8 Billion by 2031, rising at a CAGR of 6.61% Industrial engines are critical power sources for various heavy-duty applications across sectors like manufacturing, construction, agriculture, and power generation. These engines convert fuel into mechanical energy, driving machinery such as generators, pumps, and ability to operate on multiple fuel types - including diesel, petrol, natural gas, and biofuels - offers flexibility for diverse industrial needs. Designed for durability and performance, industrial engines are built to withstand tough conditions, high operational loads, and continuous use. With growing emphasis on fuel efficiency and reduced emissions, manufacturers are incorporating advanced technologies to meet regulatory and sustainability demands. India's industrial engines market is set to grow in tandem with the country's expanding industrial base and infrastructure initiatives, reinforcing the engines' role in maintaining productivity and supporting nationwide Market Drivers Rapid Industrialization and Infrastructure DevelopmentIndia's rapid industrial and infrastructural expansion is a major catalyst for the industrial engines market. The country is witnessing continuous growth in sectors such as automotive, construction, textiles, and chemicals, where industrial engines are essential for running equipment and machinery. Infrastructure projects - including highways, railways, airports, and energy plants - also demand robust engines for powering heavy construction equipment and generators. As the government boosts industrial output and modernizes infrastructure, the need for reliable, efficient, and versatile engines is rising. Industrial engines are especially valuable for their adaptability across applications and fuel types, and their capacity to support large-scale, long-duration operations. Their integration into various industrial processes underscores their importance in sustaining productivity across India's growth-focused Market Challenges Stringent Environmental Regulations and Compliance CostsThe India industrial engines market faces growing challenges due to strict environmental regulations. In line with its sustainability goals, the Indian government has implemented advanced emission norms such as Bharat Stage VI (BS-VI), which mandate substantial reductions in pollutants emitted by combustion engines. While these norms aim to improve air quality and align with global standards, they increase both the technical complexity and production costs for manufacturers. To meet these requirements, engine makers must adopt sophisticated technologies like electronic fuel injection, turbocharging, exhaust gas recirculation (EGR), and after-treatment systems such as SCR and DPF. These enhancements demand heavy investments in R&D and manufacturing upgrades, raising the cost burden on both producers and end-users. As the regulatory landscape becomes stricter, maintaining competitiveness while complying with evolving emission standards remains a key industry Market Trends Transition to Cleaner and Alternative Fuel EnginesIndia's industrial engines sector is undergoing a significant shift toward alternative and cleaner fuel technologies. In response to emission regulations and sustainability commitments, industries are adopting engines powered by fuels like LNG, ethanol, and electricity. Government policies aimed at decarbonizing transport and industrial systems - such as net-zero emissions by 2070 - are accelerating this instance, Blue Energy Motors is scaling up LNG truck production, while automotive companies are introducing engines compatible with ethanol blends and hybrid electric systems. These advancements are reducing environmental impact and enhancing fuel efficiency. The shift to alternative fuels also supports energy diversification and cost optimization, making them increasingly attractive for industrial applications. This transition aligns with global trends and reflects India's commitment to cleaner energy solutions across its engine-based infrastructure. Report Scope: Key Market Players Kirloskar Oil Engines Limited Cummins India Limited Mahindra Powerol Greaves Cotton Limited Ashok Leyland Limited Tata Motors Limited Perkins Engines Company Limited Volvo Group India India Industrial Engines Market, By Fuel Type: Diesel Petrol Gas India Industrial Engines Market, By Power: 5 - 75 HP 76 - 350 HP 351 - 750 HP Above 751 HP India Industrial Engines Market, By End User: Agriculture Construction Power Generation Others India Industrial Engines Market, By Region: South India North India West India East India For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio