Backed by Titan Capital, the Indicorn list at India Internet Day 2025 reveals ₹1.5 lakh crore in revenue across 202 profitable startups, with leaders from Paytm, MobiKwik, Snapdeal, One97, Google, UIDAI, IN-SPACe, ChrysCapital, and Bombay Shaving Company driving the conversation at TiE Delhi-NCR‘s flagship tech summit
In its 14th edition, India Internet Day (iDay), hosted by TiE Delhi-NCR, drew over 1,200 participants including founders, VCs, policymakers, and digital ecosystem stakeholders. The event was hosted at The Leela Ambience and centered around the unveiling of the Indicorn List 2025, a showcase of India’s top revenue-generating startups.
The list, released by Titan Capital, co-founded by Kunal Bahl and Rohit Bansal, identified 202 startups in India that crossed ₹100 crore in annual revenue. Together, these ventures accounted for ₹1.51 lakh crore in FY24, ₹7,393 crore in profits, and more than 1.46 lakh jobs. Delhi-NCR led with over 50 of these startups, followed by Bengaluru and Mumbai.
Kunal Bahl said the findings underscore a deeper evolution in India’s startup journey. He explained that a growing number of ventures are rejecting hypergrowth-at-all-costs models and choosing instead to build scalable, profitable businesses based on repeatable customer demand.
Among the headline speakers was Vijay Shekhar Sharma, founder of One97 and Paytm, who reflected on India’s early-stage funding struggles around 2014. He compared those times to “crossing flyovers on Outer Ring Road” where funding stops were disconnected. Today, he said, the infrastructure is in place and capital is accessible to founders who are solving real Indian problems.
On the topic of artificial intelligence, Sharma said he has already started using AI tools as analytical assistants, but he warned that a role reversal may happen soon. He predicted that humans may start operating in support of AI systems rather than the other way around.
The conference also featured Dr Abhijit Phukon, Economic Adviser, Department of Financial Services, Government of India. He said that regulatory infrastructure must evolve in sync with innovation and urged stakeholders to build systems that balance consumer trust with industry autonomy. He stated that India’s regulatory future should aim to anticipate disruption, not simply respond to it.
Discussions covered themes including 5G, fintech, space tech, e-commerce, AI, smart cities, and digital public infrastructure. The conversation also touched on how Digital India is building the foundation for scale and formalisation across Bharat markets.
Col Sanjeev Yadav, Director at UIDAI, explained how Aadhaar authentication services are enabling frictionless digital transactions and opening up identity-based innovations in civic tech and fintech.
Air Vice Marshal (Retd) Dhananjay V Khot, now Director of Strategy at IN-SPACe, spoke on India’s entry into commercial and dual-use spacetech. He noted that the country is already building collaborative pathways between government labs and private satellite ventures.Prominent founder voices shaped the day’s discussions. Upasana Taku, Co-founder and CEO of MobiKwik, joined a session on fintech inclusion. Apurva Chamaria, Global Head of VC and Startup Partnerships at Google, shared investor trends and scale metrics. Akshay Chaturvedi, Founder of Leverage Edu, explored India’s edtech-to-university model, while Shweta Rajpal Kohli, CEO of Startup Policy Forum, spoke on regulatory friction in cross-border digital trade.
Akshat Babbar, Managing Director at ChrysCapital, addressed funding patterns in B2B SaaS, while Shantanu Deshpande, CEO of Bombay Shaving Company, shared his learnings from building a profitable D2C brand without deep external funding.The program also featured Ankur Warikoo, founder of WebVeda, who discussed brand-building and startup storytelling
Havas Media Network India participated as the Silver Partner. Mohit Joshi, CEO of the network, noted that the partnership reflected a long-term commitment to supporting founders and India’s digital scale-up through meaningful brand narratives.
Unlike unicorns that often focus on valuation, Indicorns are identified by revenue benchmarks. These are companies that cross ₹100 crore in real, recurring income. Many are self-funded or lightly capitalised, proving that disciplined, scalable entrepreneurship is working in the Indian market.
The summit was curated under the leadership of Upasana Sharma, Executive Director of TiE Delhi-NCR, whose team reiterated that iDay 2025 was not just a showcase but a signal that India’s startup ambitions are now aligned with sustainable outcomes.
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