Indicorns, the new index tracks leading Indian startups which achieved profitability and crossed INR 100 Cr revenue mark within 15 years of its inception
As of FY23, the VC firm has recognised 186 Indian startups, including OfBusiness, Zerodha and Mamaearth among others as Indicorns
Titan Capital claims to have backed more than 250 startups based in India and the US
Seed stage-focused VC firm Titan Capital
has rolled out Indicorns, a new index to track leading Indian startups which achieved profitability and crossed INR 100 Cr revenue mark within 15 years of its inception.
Unlike “unicorns” which focus on the valuation of a company, this index focuses on long-term sustainability, profitability and startup’s contributions to India’s innovation landscape, said the VC firm in a statement.
“This list goes beyond valuations and highlights what truly matters—building enduring businesses that can stand the test of time,” said Titan Capital’s cofounder Kunal Bahl.
As of FY23, the VC firm has recognised 186 Indian startups, including OfBusiness, Zerodha and Mamaearth among others as Indicorns. These Indicorns have generated a cumulative revenue of INR 1.06 Lakh Cr and a collective profits of INR 8.6K Cr.
Bengaluru takes a lead in this index with 48 Indicorns, followed by Delhi and Mumbai with 46 and 45 startups, respectively.
It is pertinent to note that Titan Capital sourced all the data from Tracxn, a market intelligence platform offering data and insights about several organisations.
Founded by Snapdeal cofounders Bahl and Rohit Bansal in 2015, Titan Capital counts Mamaearth, Ola, Razorpay, Urban Company, Shadowfax, OfBusiness, Credgenics, Giva, Invideo among its key portfolio companies.
The VC firm claims to have backed more than 250 startups based in India and the US across sectors including consumer internet, AI, SaaS, fintech and logistics.
The development comes at a time when last month, Titan Capital raised INR 200 Cr as a part of its Titan Capital Winners Fund to exclusively invest in follow-on rounds of breakout startups from its seed portfolio.
Along with its investments, Titan Capital is known for its bumper returns when exiting from any startup.
For instance, the VC firm recently exited hyper local service startup Urban Company with INR 111 Cr, 195X of their INR 57 Lakh investment in 2015.
Last year, when Mamaearth’s parent company Honasa Consumers made its public market debut, Titan saw returns of nearly 101X on their initial investment in the startup.
