What Are
The Origin of the Indicorn
September 2024
On the main stage at TechSparks, India's largest startup summit, Kunal Bahl introduced a word the ecosystem didn't have: Indicorn.
The businesses it described had been building quietly for years: profitable, growing, and largely unfunded. They had every marker of success except one: recognition. A month later, Titan Capital published the first list.
September 2024
On the main stage of YourStory's TechSparks India's largest startup summit - Kunal Bahl introduced one word to the ecosystem: Indicorn.
It wasn't just a new word. It was a challenge to change how India defines, celebrates, and aspires toward success measured in revenue and profit, not a valuation set in someone else's currency.
September 2024
The term is coined
Kunal Bahl introduces "Indicorn" on the TechSparks main stage, naming a kind of company India had always had but never counted.
October 2024
The First List
Titan Capital publishes the inaugural index, screened with Tracxn across 3M+ companies and 2,700 sectors.
2025
The Movement Grows
₹151K Cr in combined revenue and ₹7K Cr in profit in FY24, proof that profitable businesses are scaling right across India.
2026
The next list coming soon
The third edition is in preparation. Companies meeting the criteria can write to info@indicorns.club.
Indicorns We Backed
India's leading e-commerce SaaS platform, enabling thousands of brands to manage multi-channel operations.
India's leading payments platform, powering online transactions for over 10 million businesses.
India's largest B2B raw materials platform, combining procurement and financing for manufacturing SMEs.
India's leading AI-powered debt collections platform, helping banks and lenders improve recovery efficiency.
What Leaders Say
About The Indicorns
We asked founders from the Indicorn community what the recognition means to them — and how it changed the way they think about building a company.
