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Titan Capital launches โ€˜Indicorns 2025โ€™ to highlight Indiaโ€™s profitable startups

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Titan Capital launches โ€˜Indicorns 2025โ€™ to highlight Indiaโ€™s profitable startups
Medial

Titan Capital, a seed-stage venture capital firm founded by Kunal Bahl and Rohit Bansal, has released the โ€˜Indicorns 2025 Listโ€™ at India Internet Day. The list highlights startups in India that have crossed Rs 100 crore in annual revenue and achieved profitability, emphasizing long-term business sustainability over high valuations. The Indicorns initiative recognizes companies that focus on financial stability, operational durability, and consistent value creation. These startups reflect a shift toward building scalable businesses with a focus on long-term viability. All 202 companies on the list were founded within the last 15 years. Some have scaled without external funding, while others have been acquired or listed. Collectively, they reported a revenue of Rs 1,51,137 crore and profits of Rs 7,393 crore in FY24. Delhi NCR leads with 51 Indicorns, followed by Bengaluru with 42 and Mumbai with 35. Eight startups reached Indicorn status in under five years, 92 within ten years, and 102 within fifteen years. The top sectors include Fintech (50 startups), E-commerce (16), and Logistics (13). Notable names include OfBusiness, OYO, Razorpay, Unicommerce, and Beardo. โ€œFor too long, success in the startup ecosystem has been linked to valuations,โ€ said Kunal Bahl, Co-founder of Titan Capital. โ€œWith Indicorns, we are recognizing companies built on profitability, steady growth, and long-term impact.โ€ The Indicorns platform provides insights into these companies' financial data and growth strategies. These 202 startups have created over 1,46,705 jobs, reflecting their role in Indiaโ€™s economic development. By prioritizing profit and sustainability, Indicorns aim to redefine what successful entrepreneurship looks like in India. The list will be updated annually based on business performance and market trends.

Titan Capital Winners Fund raises target corpus of Rs 200 Cr

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Titan Capital Winners Fund raises target corpus of Rs 200 Cr
Medial

Titan Capital Winners Fund, which is backed by Snapdeal co-founders Kunal Bahl and Rohit Bansal, has raised its target corpus of Rs 200 crore as the duo will anchor this fund as its largest investors. The fund will invest exclusively in follow-on rounds of breakout companies from its seed portfolio. โ€œWith the Titan Capital Winners Fund, we can more significantly support the founders of our portfolio companies in subsequent rounds of capital raises, further strengthening Titan Capitalโ€™s partnership with them,โ€ Bahl and Bansal said in a joint press release. The Titan Capital Winners Fund focuses on tech-enabled businesses led by founders and management teams building category creators. The fundraise was completed in less than six months and the fundโ€™s LPs include prominent family offices, CEOs and founders of leading companies, and key figures from the VC landscape. Titan Capital said that a select number of LPs are expected to be added via the optional greenshoe. In addition to Bahl and Bansal, the Winners Fund is managed by a team including Chetan Rana, who is serving as the chief financial officer (CFO). Titan Capital has backed more than 250 companies since 2011. Some of its seed investment portfolio includes Urban Company, MamaEarth, OfBusiness, Razorpay, Unicommerce, and Ola Cabs. Through the fund, Bahl and Bansal also made hefty exits from Urban Company, MamaEarth, Ola and Credgenics. For context, they had invested Rs 57 lakh total in Urban Companyโ€™s early funding rounds and recently took complete exit with Rs 111 crore. In Ola, their original investment was to the tune of $60,000 while the SoftBank-backed company reached its peak valuation of $7.3 billion in 2021 when they exited fully. E-commerce SaaS platform Unicommerce, which also comes under the umbrella of Snapdeal owner AceVector, went public. It was one of the profitable startups to get listed on the stock exchange.

Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%

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Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%
Medial

Ixigo released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Tuesday. The company reported a 41% growth in scale, while its year-on-year (YoY) profits declined by 49.3%. Ixigoโ€™s revenue from operations surged 41.5% to Rs 242 crore in Q3 FY25 in contrast to Rs 171 crore in Q3 FY24, as per the firmโ€™s consolidated financial results sourced from the National Stock Exchange. The company generated the majority (49.6%) of its operating revenue from train ticketing which increased to Rs 120 crore in Q3 FY25 from Rs 95 crore in Q3 FY24. Flight and bus booking services contributed 28% and 21.4% respectively. Besides operating revenue, the firm also earned Rs 5.2 crore via interest and gains from financial assets during the quarter, taking its total topline to Rs 247 crore in Q3 FY25. Ixigoโ€™s gross transaction value (GTV) increased 48% year-on-year to Rs 4,036 crore during the third quarter of the ongoing fiscal year. Employee benefits expenses rose by 17% YoY to Rs 41 crore. Overall, the company's total costs grew 42.7% to Rs 224 crore in Q3 FY25 compared to Rs 157 crore in Q3 FY24. Ixigo's net profits dropped by 49.3% to Rs 15.5 crore in Q3 FY25 from Rs 30.6 crore in Q3 FY24, attributed to a deferred tax income of Rs 16.7 crore booked in Q3 FY24. On a PBT basis, profits showed a significant QoQ increase of 54% to Rs 21.4 crore in Q3 FY25 from Rs 13.9 crore in Q3 FY24. Ixigo is currently trading at Rs 127.7 with a total market capitalization of Rs 4,886 crore or $581 million.

A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24

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A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Medial

Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23โ€™s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23โ€™s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23โ€™s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.

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