Entrepreneur and investor Kunal Bahl, co-founder of Snapdeal and Titan Capital, has put forth a new vision for India’s startup ecosystem. He believes the traditional definition of startup success—being labeled a “unicorn” with a $1 billion valuation—does not necessarily align with India’s economic landscape. Instead, he proposes a new term, “Indicorn,” to recognize profitable, sustainable, and locally incorporated Indian businesses that generate significant revenue rather than chasing high valuations.
Rethinking Startup Success: The Concept of Indicorns
Bahl emphasizes that Indian startups should focus on profitability and sustainable revenue instead of purely seeking billion-dollar valuations. He defines an Indicorn as a startup that:
- Achieves Rs 100 crore or more in revenue
- Focuses on long-term profitability
- Creates employment and economic impact
- Is incorporated within India
According to Bahl, many startups today prioritize external funding and valuation growth over core business fundamentals. He believes this mindset needs to shift toward building strong, revenue-generating companies that contribute to the nation’s economy.
Why Indian Startups Should Stay Rooted in India
Bahl also raised concerns about the rising trend of Indian startups registering abroad, particularly in countries like Singapore and the United States, to seek easier access to funding and international expansion. He argues that India’s investment ecosystem has evolved significantly, offering ample opportunities for startups to grow domestically. With increased government support, venture capital funding, and a thriving digital economy, he asserts that India is now a more favorable destination for startup incorporation than ever before.
Building 10,000 Indicorns: A New Vision for India’s Startup Ecosystem
Bahl envisions the creation of 10,000 Indicorns in the coming years—companies that not only scale successfully but also become financially sustainable. He believes that shifting the focus from valuation-driven unicorns to revenue-focused Indicorns will strengthen India’s startup ecosystem, create jobs, and drive economic stability.
A New Era for Indian Startups
Bahl’s Indicorn concept presents a fresh perspective on the Indian startup landscape. With a focus on revenue generation, long-term sustainability, and domestic incorporation, this approach could redefine how success is measured in the entrepreneurial world. As India continues to establish itself as a global startup hub, the shift from unicorns to Indicorns could mark the beginning of a more resilient and self-reliant startup ecosystem.