Kunal Bahl wants to redefine the Indian startup ecosystem. Instead of chasing unicorns—startups valued at over a billion dollars—he advocates for the rise of Indicorns—profitable, sustainable businesses that generate employment and long-term value.

Since crossing the 100th unicorn milestone in 2022, the country is now home to over 118 billion-dollar-valued companies. These unicorns have collectively raised more than $100 billion in funding, with a combined valuation of $354 billion, reinforcing India’s position as a global startup powerhouse.

“I don’t like the term unicorns. It’s a mythical creature. But a business that’s generating ₹100 crore in revenue, is profitable, and has been running for 15 years—that’s an Indicorn,” says Bahl, co-founder of Titan Capital and Snapdeal. Last year, Titan Capital released a list of 186 Indicorns that have reached ₹100 crore in revenue and achieved profitability.

A Changing Landscape

Over the past decade, India’s startup ecosystem has undergone a seismic shift. From debating whether there were 25 million or 50 million internet users, the country now boasts over a billion connected consumers. With advancements such as UPI, digital payments, and increased capital access, the market has transformed into a high-growth, high-potential playing field.

Kunal Bahl, who has spent 18 years building businesses and nearly 15 years investing in startups, believes India is now a land of “mouth-watering opportunities and eye-watering challenges.” For founders, he says, the key is not just identifying these opportunities but making deliberate, well-thought-out choices.

“Entrepreneurship is a 10, 15, 20-year journey. Yet, many founders spend just two weeks deciding what to build. I tell them—take six months if needed, because the right choice will determine your long-term success,” Bahl advises.

The startup boom has expanded beyond consumer tech, with SaaS, fintech, agri-tech, AI, space tech, and defence now emerging as high-growth sectors. However, Bahl stresses that India’s true differentiator lies in its ability to create enduring businesses, not just high-valuation startups.

Profitability over unicorns

‘Don’t need unicorns’: Kunal Bahl has a radical idea to redefine India’s startup ecosystem