Titan Capital launches Indicorns index showcasing profitable startups

Titan Capital has launched Indicorns, a new index that highlights profitable startups with over Rs 100 crore in revenue. This initiative underscores the rising trend of self-sustaining businesses in India, demonstrating that startups can achieve profitability without relying heavily on external funding.

According to the data, 186 Indicorns collectively generated a staggering Rs 1,06,040 crore in revenue and Rs 8,615 crore in profits in FY23. Many of these startups have seen rapid growth, with some pursuing strategic acquisitions or public listings to accelerate their expansion.

“This is a transformative moment for the Indian startup ecosystem. Indicorns celebrate companies that have not only excelled in profitability but are shaping the future of the Indian economy by prioritizing sustainable growth,” said Kunal Bahl, co-founder of Titan Capital in a statement.

Groww, Infra.Market, Indifi, ConfirmTkt, CashE, Fibe, Everest Fleet, Fynd, Indiqube, Karza, Lendingkart, Oxyzo, and Nodwin are among the startups included in the Indicorns list. Since 2011, Titan Capital has backed more than 250 companies. Some notable seed investments include Urban Company, MamaEarth, OfBusiness, Razorpay, Unicommerce, and Ola Cabs.

In August, Titan Capital’s Winners Fund reached its target corpus of Rs 200 crore, with co-founders Bahl and Bansal serving as its largest investors. Through this fund, they have made significant exits from companies like Urban Company, MamaEarth, Ola, and Credgenics. Notably, their early investment of Rs 57 lakh in Urban Company resulted in a complete exit worth Rs 111 crore. In Ola, an initial $60,000 investment grew substantially, with the duo fully exiting when the company reached a peak valuation of $7.3 billion in 2021.