The Case of the Vanishing Unicorns: Why India’s Startup Scene Needs More “Indicorns”
The term “unicorn” used to be the golden ticket of the startup world—a mythical beast representing billion-dollar valuations and Silicon Valley dreams. But let’s be real: unicorns are starting to smell like last week’s takeout. Kunal Bahl, the sharp-eyed co-founder of Snapdeal and Titan Capital, isn’t buying the hype. Instead, he’s pushing for a new breed of startups he calls “Indicorns”—profitable, sustainable businesses that actually *make money* and create jobs. No smoke, no mirrors, just cold, hard rupees.
This isn’t just wordplay. It’s a full-blown intervention for India’s startup ecosystem, which has been high on valuation Kool-Aid but low on actual profits. Bahl’s vision? Ditch the unicorn chase and build companies that last. According to the Indicorn List 2025, 202 Indian startups are already pulling in over Rs 100 crore annually, with collective profits hitting Rs 7,393 crore. These aren’t flash-in-the-pan ventures; they’re real businesses employing 1.46 lakh people across logistics, SaaS, and more. So why isn’t everyone talking about them? Let’s crack this case wide open.
The Unicorn Illusion: Why Valuation Isn’t Victory
Unicorns are like that guy at the bar bragging about his “pre-revenue” startup while nursing a tab he can’t pay. The term was born in the U.S., where “growth at all costs” is practically a religion. But here’s the rub: a billion-dollar valuation doesn’t mean squat if your P&L looks like a crime scene. Bahl’s been shouting this from the rooftops—progress isn’t measured in imaginary numbers but in *actual profits*.
Indicorns flip the script. They prioritize sustainable revenue over vanity metrics. Think of them as the tortoise in the race against the hare: slower to scale, but way less likely to collapse in a heap of burn-rate regrets. In a country where economic stability isn’t a given, this isn’t just smart—it’s survival.
Job Creators, Not Job Houdinis
Here’s a dirty little secret about unicorns: many of them are job *destroyers*, not creators. Automation and efficiency sound sexy until you realize they often mean “fewer paychecks.” Indicorns, on the other hand, are putting 1.46 lakh people to work—real jobs, with real salaries, in real industries. That’s not just growth; that’s *inclusive* growth.
Bahl’s aiming for 10,000 Indicorns. That’s not just a nice round number—it’s a moonshot for employment stability. Unlike unicorns, which often hemorrhage jobs the second funding dries up, Indicorns are built to weather storms. In a country where job creation is a national priority, this isn’t just good business—it’s a civic duty.
Made in India, For India
Bahl’s got another bone to pick: too many Indian startups are incorporating overseas like they’re ashamed of their roots. Delaware might sound fancy, but it doesn’t help Indian VCs or simplify compliance for local ops. Indicorns are doubling down on *Indian* incorporation, tapping into homegrown capital and playing by local rules.
This isn’t just patriotism—it’s pragmatism. Indian VCs are more likely to back companies they understand, and local incorporation means fewer regulatory headaches. Plus, it keeps the wealth (and the jobs) right where they belong: in India.
The Verdict: Unicorns Had Their Moment
The unicorn era isn’t over, but the hangover’s setting in. Investors are waking up to the fact that profitability beats hype, and policymakers are realizing that sustainable growth isn’t optional—it’s existential. Bahl’s Indicorn vision isn’t just a rebrand; it’s a roadmap for a startup ecosystem that actually works for India.
So here’s the bottom line: unicorns might get the headlines, but Indicorns are the ones paying the bills. If India’s startup scene wants to grow up, it’s time to stop chasing fairy tales and start building real businesses. Case closed, folks.
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