10 Most Profitable Unicorns in India

India’s startup ecosystem has witnessed remarkable growth, with numerous companies achieving unicorn status—valuations exceeding $1 billion. However, profitability remains a key differentiator among these giants. Based on the latest available financial data, here are the top 10 most profitable unicorns in India, highlighting their Profit After Tax (PAT) figures:​

1. Zerodha Broking Limited (FY2024)
   
   • Profit After Tax (PAT): ₹5,496 crore​
     
   • Overview: Founded by Nithin and Nikhil Kamath, Zerodha has revolutionized the stock brokerage industry with its discount brokerage model, offering a user-friendly platform for retail investors.
     
2. Zoho Corporation Private Limited (FY2023)
   
   • PAT: ₹2,836 crore​
     
   • Overview: Led by CEO Sridhar Vembu, Zoho provides a suite of online productivity tools and SaaS applications, serving millions of users worldwide.
     
3. MakeMyTrip (India) Private Limited (FY2024)
   
   • PAT: ₹1,571 crore​
     
   • Overview: Founded by Deep Kalra, MakeMyTrip is a leading online travel company offering a range of services including flight bookings, hotel reservations, and holiday packages.
     
4. Five-Star Business Finance Limited (FY2024)
   
   • PAT: ₹836 crore​
     
   • Overview: Specializing in small business and micro-enterprise loans, Five-Star Business Finance focuses on providing financial services to underserved segments.
     
5. Renew Private Limited (FY2024)
   
   • PAT: ₹782 crore​
     
   • Overview: Renew is a prominent player in the renewable energy sector, focusing on wind and solar power projects across India.
     
6. OfBusiness (Ofb Tech Private Limited) (FY2024)
   
   • PAT: ₹603 crore​
     
   • Overview: Co-founded by Asish Mohapatra, OfBusiness is a B2B platform that facilitates raw material procurement and provides financing solutions for small and medium enterprises (SMEs).
     
7. Info Edge (India) Limited (FY2024)
   
   • PAT: ₹595 crore​
     
   • Overview: Founded by Sanjeev Bikhchandani, Info Edge operates leading online platforms such as Naukri.com, 99acres.com, and Jeevansathi.com, catering to recruitment, real estate, and matrimonial services.
     
8. Infra.Market (Hella Infra Market Limited) (FY2024)
   
   • PAT: ₹378 crore​
     
   • Overview: Founded by Aaditya Sharda and Souvik Sengupta, Infra.Market is a technology-driven platform that streamlines the procurement of construction materials, enhancing efficiency in the infrastructure sector.
     
9. Zomato Limited (FY2024)
   
   • PAT: ₹351 crore​
     
   • Overview: Founded by Deepinder Goyal and Pankaj Chaddah, Zomato is a leading food delivery and restaurant discovery platform, connecting consumers with a wide range of dining options.
     
10. CitiusTech Healthcare Technology Private Limited (FY2024)
    
    • PAT: ₹350 crore
      
    • Overview: Co-founded by Rizwan Koita and Jagdish Moorjani, CitiusTech provides healthcare technology services and solutions, focusing on data management and analytics for healthcare organizations.
      

These profitable unicorns exemplify the potential for Indian startups to achieve substantial profitability while delivering innovative solutions across various sectors.​

But behind every unicorn is a story of persistence, iteration, and often, multiple attempts. According to PrivateCircle Research, about 60% of Indian unicorn founders are first-time entrepreneurs. However, the remaining 40% are serial founders —many of whom built multiple ventures before finally hitting the $1 billion mark.

This means that for nearly half of India’s unicorn founders, their current success wasn’t their first shot—it was often their second, third, or even fourth attempt. Building a unicorn is rarely an overnight success; it’s a journey of hard-earned lessons, failed experiments, and resilience in the face of uncertainty.

Becoming a unicorn is hard. Becoming a profitable one? That’s rarer still.

For more detailed insights and research on India’s startup ecosystem, visit: privatecircle.co/research