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Time of India
04-05-2025
- Business
- Time of India
Kunal Bahl on Indian startups: India Should prioritise sustainable "Indicorns" over billion-dollar unicorns
Kunal Bahl , co-founder of Snapdeal and Titan Capital, recently advocated for greater recognition of startups that are built of profitability, rather than solely focusing on billion-dollar valuations. Speaking at the TiE Delhi-NCR Summit, Bahl emphasised that companies like Infosys, Wipro and TCS are great examples of businesses that achieved success via patient capital and long-term profitability. He also urged the Indian startup ecosystem to shift its focus from billion-dollar unicorns to sustainable, profitable businesses—which he calls 'Indicorns.' Kunal Bahl urge startups to focus on profitable businesses Bahl voiced his concern that after 2017, the focus of media and investors shifted to "flashy valuations and big bets." He coined the term "Indicorns" to describe Indian startups that prioritise sustainable growth, often with little or no external funding, contrasting them with Unicorns, which are defined by reaching a $1 billion valuation, and Indicorns , which are characterised by strong revenues and profitability. "Valuation doesn't always represent progress," Bahl stated. "You can have a billion-dollar tag and no profits. Meanwhile, others are quietly building real value. They deserve recognition too." According to Titan Capital's data, Delhi-NCR has the highest number of Indicorns (51), followed by Bengaluru (42) and Mumbai (35). Founders of these companies have largely prioritised operational efficiency and margin discipline over securing substantial external funding. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Online Degrees designed for practical learning and future success Degree Online | Search Ads Learn More Undo Bahl also shared his own experience of building a software company that went public without raising any external capital, highlighting that profitable growth remains a viable strategy in today's startup ecosystem. He clarified that the "Indicorn" concept is not intended to replace Unicorns but to broaden the definition of success. "There's no single way to build a company," Bahl explained. "Some raise capital and scale fast. Others grow profitably. Both are valid—but the latter is often ignored." Bahl's comments come at a time when late-stage startups are facing valuation markdowns, and IPO prospects remain uncertain, underscoring a growing emphasis on financial sustainability. "I've met thousands of founders—none say they don't want to be profitable," Bahl added. "Most raise money because they have to, not because they want to. Let's not overlook the ones building quietly and profitably." AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
03-05-2025
- Business
- Time of India
‘India needs more Indicorns, not just Unicorns,' says Kunal Bahl
Snapdeal and Titan Capital cofounder Kunal Bahl said startups built on profitability—not just billion-dollar valuations—deserve greater recognition. Speaking at the TiE Delhi-NCR Summit on Friday, Bahl pointed to companies like Infosys, Wipro , and TCS as foundational examples of businesses built on patient capital and long-term profitability. #Pahalgam Terrorist Attack Code of war: India and Pakistan take their battle to the (web)front Forex reserves show a pauperised Pakistan, a prospering India Pakistan conducts training launch of surface-to surface ballistic missile 'Post-2017, the media and investors began focusing only on flashy valuations and big bets,' Bahl said. He coined the term 'Indicorns' to describe Indian startups that grow sustainably, often with little to no external capital. While Unicorns are known for hitting a $1 billion valuation mark, Indicorns are defined by robust revenues and profitability. According to the Indicorn list 2025, 202 Indian startups now generate over Rs 100 crore in annual revenue, with a collective profit of Rs 7,393 crore. These companies span sectors from logistics to SaaS and employ more than 1.46 lakh people 'Valuation doesn't always represent progress. You can have a billion-dollar tag and no profits. Meanwhile, others are quietly building real value. They deserve recognition too,' Bahl said. Live Events Delhi leads the Indicorn pack Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Titan Capital's data shows that Delhi-NCR leads with 51 Indicorns, followed by Bengaluru (42) and Mumbai (35). Many of these founders have built their companies without relying on large external rounds, focusing instead on operational efficiency and margin discipline. Bahl also cited his own experience of building a software company that went public without raising external capital. He declined to name it but said it was proof that profitable growth is still possible in today's startup environment. Not anti-unicorn—just pro-profit Bahl was quick to clarify that the Indicorn idea is not about replacing unicorns, but broadening the definition of success. 'There's no single way to build a company. Some raise capital and scale fast. Others grow profitably. Both are valid—but the latter is often ignored.' At a time when valuation markdowns are sweeping through late-stage startups and IPO prospects remain uncertain, Bahl's comments underscore a broader shift towards financial sustainability. 'I've met thousands of founders—none say they don't want to be profitable,' he added. 'Most raise money because they have to, not because they want to. Let's not overlook the ones building quietly and profitably.' Titan Capital has backed more than 250 startups , including Mamaearth, Urban Company, Razorpay, Unicommerce, Ola Cabs, OfBusiness and Credgenics. The fund raised Rs 333 crore to double down on follow-on investments in its existing portfolio.
