An oxydehydrogenation process for producing indene and substituted indenes from indene precursors more saturated than indene is described and comprises contacting said precursor with oxygen and a catalyst comprising cobalt oxide and molybdenum oxide at an elevated temperature above about 300.degree. C. Preferably the reaction is conducted at a temperature of about 500.degree.-650.degree. C. for a period of from 0.1 to about 30 seconds.