Yashil Garg
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Top 10 Startups in India – Everyone Should Know
Published
05th Sep, 2023
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As of the beginning of January 2022, India has recognized more than 61,000 startups, thus having the 3rd largest startup ecosystem after the US and China. The government of India has an initiative called Startup India, whose sole purpose is to bring about startup culture and build an ecosystem for entrepreneurship and innovation.
As a result, the startup ecosystem in India has emerged as a major growth engine for the country in the past few years and aims to become a global tech powerhouse. Many Indian startups are booming and favouring the younger generation to work and gain experience in their fields of interest. Some of the most well-known startups in India include Flipkart, Ola, and Zomato, among many others.
Startups are an exception and pose the perfect opportunity to hone one's skills and advance in the career right from the entry-level positions. Completing beginner-level training programs do help, however advanced courses like a data science course, cloud computing course or course for PMP certification can improve your job scope since professional-level expertise is preferred in any industry.
The following article aims to give an overview of the ten most successful startups in India that have had billion-dollar evaluations and are still brimming with new innovative ideas.
Top 10 Startups in India
1. Cred
Started in the year 2018 in the city of Bangalore, Cred was founded by Kunal Shah and is one of the top startups in India. It is a platform where one is rewarded with "cred coins" for paying their credit card bills. These coins can be later redeemed for various discounts and offers.
Cred is valued at around $2.2 billion and is one of the youngest startups in India to receive such a high evaluation. It has over 6 million customers and about 250 to 500 employees. The startup anticipates big plans for the future, one of them being to own an eCommerce store.
2. Skit.ai
Skit.ai (previously known as Vernacular.ai) was founded by Akshay Deshraj, Manoj Sarda, and Sourabh Gupta in the year 2016 and is a Bangalore-based startup with about 50 to 100 employees.
It provides AI software as a service and aims to be the top AI platform, especially in the field of voice automation. Many industries, particularly the banking, food, and hospitality industries, are benefiting from voice assistants and speech recognition. It also offers digital voice agents that can handle personalised, empathetic, and proactive conversations in real-time.
Skit.ai has over 10 million hours of training data, and the voice assistant product can now respond in 16 different languages. Some of the startup's biggest clients are Axis Bank, Hathway, Porter, and Barbeque Nation. As the field of artificial intelligence is a widely developing subject in the future, Skit.ai is also expected to grow just as fast.
3. PharmEasy
Founded by Dharmil Sheth, Dhaval Shah, and Mikhil Innani in the year 2015, PharmEasy is a Mumbai-based startup focusing on the health care, diagnostics, and pharmaceutical industries.
It is an online medical store that has everything one could imagine in an actual medical or pharmacy store — OTC products, medical instruments, and even diagnostic tests! PharmEasy helps patients connect with local diagnostic centres, assists with medicine delivery, and takes care of other medical needs.
PharmEasy has had tremendous growth since the COVID-19 pandemic, gaining popularity and even becoming an essential service today.
After its merger with Medlife, the startup has raised over $350 million. Through the merger, PharmEasy has been able to get an edge over the competition from other big e-pharmacy brands like Flipkart and Amazon Pharmacy. The startup is planning to expand by reaching out to other pharmacies and covering more geographical areas.
4. Digit Insurance
Specialising in general insurance, Digit Insurance was founded in the year 2016 by Kamesh Goyal, Philip Varghese, Sriram Shankar, and Vijay Kumar. The startup's main industries of focus are finance and insurance. Based in Bangalore, its mission is to simplify insurance products for everyone, reimagine products and redesign the process. Building simple and transparent insurance solutions that matter to the people is one of their main goals.
Digit Insurance has bagged many prestigious awards, including Hottest Startup in India - 2019, Asia's Best general Insurance Company of the Year - 2019, and more. While the entire insurance industry was struggling, the startup was able to grow by 30% in 2020. Its popularity further touched the sky when it was able to provide illness insurance against many diseases, including COVID and malaria.
5. Meesho
Today, it is possible to launch your business right from the comfort of your home. Meesho makes this process much easier and affordable as it is one of the biggest and most trusted reseller platforms. Founded in the year 2015 by Sanjeev Barnwal and Vidit Aatrey, Meesho is a Bangalore-based startup that covers the eCommerce and social media industries.
Having a rough figure of about 1000 to 5000 thousand employees, Meesho is growing to become a big eCommerce platform, having been valued at over $2.1 billion.
What Meesho does is connect sellers to customers in an online marketplace. At the same time, the startup simplifies the process for the sellers by helping them in areas like logistics, orders, and payments. It has connected with more than 13 million entrepreneurs and deals with a wide variety of goods ranging from groceries all the way to apparel and more.
6. Groww
Groww is a Bangalore-based startup founded in the year 2017 by Harsh Jain, Ishan Bansal, Lalit Keshre, and Neeraj Singh. The founders developed Groww for it to be used as both a mobile application and on the web. The idea of the startup came after the founders found out how difficult it was to invest for a common man in India.
Groww has given people of all age groups an opportunity to invest their money. The founders claim that over 60% of the users come from smaller cities that have not invested before.
In 2021, the startup raised over $83 million and entered into the unicorn club. Groww is one of the best startups to work for in India, as the company is looking forward to investing its revenue into new products and recruiting new talent.
7. Nykaa
Founded by Falguni Nayar in 2012, Nykaa is a Mumbai-based startup. It is an online beauty and wellness store that provides its customers with good-quality goods at reasonable prices.
The company is currently worth over $2.1 billion and has major Bollywood artists like Alia Bhatt and Katrina Kaif as its investors. The way the company is headed, it is expected to raise over $3.5 billion over the coming years. With over 55 retail stores, it completes over 1.5 million orders every month.
Nykaa has over 5 million monthly active users and covers 500 different brands in all of its stores, both online and offline. It has also expanded its store through Nykaa Fashion, where it provides its customers with apparel and accessories.
8. Udaan
Founded by Amod Malviya, Sujeet Kumar, and Vaibhav Gupta in the year 2016, Udaan is yet another Bangalore-based startup focusing on eCommerce, retail, business development, and, most importantly, the B2B Industries. It is a platform that connects businesses to make it easy for manufacturers, traders, retailers, and wholesalers and to establish collaboration and networking between them.
Udaan has signed up many major brands, including Boat Lifestyle and ITC. The startup currently has over 3 million users from 900 different cities all across India. Ut gained its unicorn status in the year 2018 within the shortest period, is worth over $3.1 billion, and has very recently, with the help of its investors, raised over $280 million.
The startup is also expanding itself by entering the B2C market through its app called Pickily. Its main business competitors are going to be brands like BigBasket and Swiggy, as it is offering FMCG products to its customers.
9. Dream11
Founded in the year 2008, Dream11 is a fantasy sports platform that was developed in Mumbai. Dream11 lets users play fantasy sports such as cricket, hockey, and football, just to name a few. Founded by Bhavit Sheth and Harsh Jain, it became the first Indian fantasy sports platform to become a unicorn and has raised over $400 million.
The startup is valued at more than $5 billion and has seen a massive growth of over 230 per cent over the past few years.
Due to the mass interest in sports by the country's youth, Dream11 has over 100 million users. It took the company over three years to hit the 1 million mark in terms of users. But after the pandemic, the number of users has increased by a very large percentage.
10. Swiggy
Swiggy is a food delivery platform founded in 2014 by Nandan Reddy, Rahul Jaimini, and Sriharsha Majety. Originally started in Bangalore, Swiggy is now present in over 27 cities, covering over 40 thousand restaurants in total.
The company is worth over $5 billion and has recently raised funding of over $800 million. While focusing on the restaurant and delivery industries, Swiggy ensures that it provides one of the best customer service experiences.
No doubt it can be considered one of the best startups in India, as when its previous competitors like Foodpanda were struggling, it was able to grow and give Zomato tough competition, which was very well established at that time.
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Why Start Up?
Startups are necessary for a country since they fuel its economy, create employment opportunities and drive innovation. They are responsible for introducing new concepts in the market — workplace strategies, techniques and solutions.
Joining a startup brings you face to face with exciting work culture, emerging and evolving brains, flexible schedules and good work-life balance, and inspiration. You are surrounded by passionate minds that can instil numerous skills and qualities within you, something that might not be possible in an already established business empire.
So, if you're just starting your career for practical experience, joining a startup can prove to be one of the best decisions of your life. Moreover, if you want to settle down in web development, here's a full-stack development courses with placement in the leading startups of India!
Frequently Asked Questions (FAQs)
1. Which are the biggest startups in India?
Cred, Swiggy, Paytm, and many more are some of the biggest startups in India. All these companies are now Indian unicorns raising millions of dollars.
2. Which is the most profitable startup in India?
Zerodha is among the most profitable startups as it had made a profit of over 1000 crores in FY21. Other startups that made huge profits in the same year include Boat Lifestyle, CarTrade, and many more.
3. Which are the fastest-growing startups in India?
Mensa Brands is one of the fastest-growing startups, given that it was able to reach unicorn status within only six months of its launch.
4. Which business will boom in the future?
TradeX, IppoPay, and Refyne are some of the hot and young startups to look out for, as they are all set to boom and make millions of dollars in revenue in the coming future.
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