Snapdeal co-founder Kunal Bahl, among the most active founders of top Indian startups on microblogging website X (formerly Twitter), wants to add a desi flavour to the startup lexicon. While so far the buzzwords and technical phrases such as unicorn, soonicorn, decacorn, hectocorn, cockroach, etc., which sometimes leave readers bemused or amused, have defined conversations on business valuations, Bahl intends to give the subject a spin with ‘Indicorn’.
The founder-cum-startup investor on Monday suggested the new nickname for startups that are profitable and have over Rs 100 crore in net revenues.
“We should call profitable, enduring startups with 100cr+ net revenues “Indicorns”. Given a choice, we should happily trade 100 unicorns for 10,000 Indicorns. The latter will form a stronger bedrock for India,” Bahl quipped on X.
The suggestion was in response to a post by an enterprise AI startup Vaayushop founder Atul Mehra who asked Bahl on his earlier post wherein he urged the startup founders to use the ₹ symbol instead of $ (USD) in their financials and fundraises.
“Why present financials & funding asks in dollars when you’re an Indian startup focused on the Indian market? Let’s take pride in our ₹upee & showcase our numbers in our own currency. Investors know how to divide. Let’s celebrate our identity & our currency,” said Bahl.
Mehra in response posted, “Kunal Bahl suggests use ₹ instead of $ for fundraise & financials. What will be a “Unicorn” called? How much revenue it shall have to be that?”
Meanwhile, India remains the third biggest base for unicorn startups globally. According to the Hurun Global Unicorn Index 2024 launched in April, India had 67 unicorns, down from 68 in 2023. The fall came despite the recent stock market record highs while one factor was that Indian founders produced more offshore unicorns than any other country, according to the report.
The US had the highest number of unicorns with 703 billion dollar startups followed by 340 in China.