Introduction

The startup scene in India is a dynamic patchwork of creativity and enterprise. This thriving industry has grown at a rate never seen before, giving rise to innovative businesses that are changing the Indian and international markets. These firms, which operate in a variety of sectors including technology, healthcare, e-commerce, and financial services, demonstrate the depth and breadth of Indian entrepreneurial ability.

Regular emergence of new Indian companies contributes to the diversity of this dynamic ecosystem by introducing novel viewpoints and inventive ideas. The most successful Indian businesses set themselves apart with their innovative ideas, scalability, and capacity to take on big tasks. These leading businesses not only represent India’s vibrant startup culture, but they are also industry leaders in the startup space. With an emphasis on sustainability and creativity, these firms are establishing new benchmarks.You’ll find a wealth of information regarding the Indian startup scene in this blog.

This blog provides a starting point for comprehending the scope of India’s startup scene, even though it does not include a ranking of the top 10 or most recent Indian startups. This resource provides a deeper knowledge of the dynamics shaping Indian startups and their influence on the local and global arena, making it ideal for anybody interested in the dynamic world of Indian entrepreneurship.

Top Startups in India

These are the top 10 startups in India

1. CRED

CRED is a platform that allows you to pay your credit card bills and receive rewards for doing so. It was founded in 2018. With the platform’s new paradigm, users who pay their bills using the CRED app receive “CRED coins.” Afterwards, you can use these coins to join workshops, purchase any item, or participate contests. The firm is situated in Bangalore and offers its clients a quality product selection in addition to a variety of services including credit. The startup thinks that by providing incentives, people will change the way they behave financially.

CRED is the newest Indian startup with a valuation of over $2.2 billion, according to TechCrunch. Approximately twenty-two percent of credit card holders and over six million clients use this two-year-old business. The company is aiming for wealthy clients, according to CEO and founder Kunal Shah, and it has grown to be one of the most talked-about startups.

Few businesses maintain steady growth over time by concentrating on the upper end of the market. Additionally, CRED intends to launch a function that will allow over a thousand retailers to accept CRED currency. The new business also intends to open an online store. It’s obvious that the firm has plans that go well beyond simply giving its users reward coins.

2. Vernacular.ai

The goal of this AI-first SaaS startup is to become the world’s top voice automation and AI platform. The business offers voice assistants and speech recognition as a service to the banking, food and beverage, and hospitality sectors. Their services are the least affected by humans and are capable of managing intricate servicing problems. Since its founding in 2016, the business has raised $5.1 million in capital.

According to Economic Times, Vernacular.ai is getting ready to expand its leadership team by hiring 100 employees in 2021. Vernacular.ai has increased its personnel by four times in the past year, despite layoffs and salary reductions. With personnel who are multipurpose, the company is poised to become the most appealing Voice AI platform globally.

The company recently announced the addition of Ankit Jain, an Amazon graduate, as Vice President for Product Management and Gangadhar Kodandaram, a former Microsoft employee, as Chief Revenue Officer. Their knowledge and acumen will undoubtedly propel Vernacular.ai to new heights.

Vernacular.ai is anticipated to expand its activities due to the anticipated exponential growth of two popular technologies, voice and automation.

3. PharmEasy

PharmEasy is an Indian e-commerce pharmacy and medical supply business that specializes in over-the-counter (OTC) goods, diagnostic testing, and medical equipment. Since its founding in Mumbai, Maharashtra, in 2015, the company has experienced phenomenal development. It is an online pharmacy that carries every item you could possibly think of for a physical medical supply store.

The company has grown because it has become a vital service during the COVID-19 pandemic. In India, PharmEasy’s rivals are Netmeds and 1mg. This health IT company has successfully funded $350 million, making it the first unicorn in India’s Epharmacy space. Following PharmEasy’s merger with rival Medlife, cash was provided.

Medlife now owns 19.95% of the combined company, while PharmEasy has a 100% share in the former. In an effort to outmaneuver competitors like Netmeds (Reliance Jio), Flipkart, and Amazon pharmaceutical, which just entered the Indian pharmaceutical market, both companies have amalgamated.

PharmEasy’s investors are likewise the ones who have funded firms such as Swiggy and Byju’s. In the upcoming 12 months, the founders, Dharmil Sheth and Dr. Dhaval Shah, intend to reach over 100,000 pharmacies in the new Indian geographic markets.

4. Digit Insurance

The goal of the 2016-founded insurance company Digit Insurance is to make insurance products easier to understand for everyone, changing people’s perceptions of them. In 2020, the Indian celebrity couple Virat Kohli and Anushka Sharma contributed $340,000 to the first fundraising round for Digital Insurance.

For this reason, over 20 lakh Indians have purchased illness insurance that covers them against COVID-19 as well as other diseases including dengue, chikungunya, malaria, and others. Due to its superior business metrics and reduced operating costs, Bangalore-based firm Digit was able to break even in 2020.

Even though the insurance sector as a whole was having difficulties in 2020, the company was able to grow its business by 30%, according to Chairman Kamesh Goyal. Numerous accolades, including “Hottest Startups in India 2019,” “Asia’s Best General Insurance Company of the Year 2019,” “Fintech 250 List,” and others, have been won by Digit. Kamesh Goyal further guaranteed that the money raised would be put toward expanding businesses and technological advancements.

5. Meesho

Meesho, a reseller platform founded in 2015 by IIT Delhi graduates, is poised to grow into a major e-commerce distribution channel where home entrepreneurs may sell goods on Facebook, Instagram, and WhatsApp. After receiving $300 million in funding, the company is now valued at $2.1 billion.

Meesho startup is the ecosystem that makes it possible for small enterprises to operate on the internet. With $490 million raised thus far, this network has Facebook among its investors. Meesho provides vendors with online marketplace connectivity between buyers and sellers, handling order fulfillment, payments, and logistics. It has connections to over 13 million business owners in Indian cities that sell groceries, kitchen and household equipment, clothing, and other products.

Given the projected growth rate of 55%–60% for Indian social commerce, Meesho has enormous potential to elevate retailing to unprecedented levels in the future. It faces competition from firms receiving interest from investors, such as GlowRoad, Dealshare, and CityMall. In December 2020, Dealshare, a company launched in 2018, raised $21 million.

Meesho claims to have delivered goods from over 100,000 registered suppliers, bringing in over 500 Cr, or $68 million, for the home-based business owners.

6. Groww

Groww is an online investment platform that lets users invest in equities, mutual funds, exchange-traded funds (ETFs), initial public offerings (IPOs), and more. The platform is compatible with web and mobile applications. Four former Flipkart workers launched the business in 2016 after seeing how challenging it is to make investments in India. They launched Groww as a result of this realization, and as of right now, over 15 million people have registered.

More than 60% of the corporation, according to Groww, is owned by smaller Indian cities that have never made an investment. Groww is used throughout India, not just in major cities, according to one of the creators, Lalit Keshre.The users, who are youthful, working class, and wish to invest their hard-earned money, are dispersed throughout all of the country’s major cities.

In 2021, the business raised $83 million and joined the Unicorn Club. This business is excited to use this sum to develop platforms for investor education, hire fresh talent, and launch new products.

7. Nykaa

This startup was founded in 2012, Nykaa is an e-commerce site for fashion and cosmetic products. The business charges fair prices for its wellness and beauty items. The fact that it raised $25 million in March 2020 and is currently valued at $1.2 billion is interesting to note. Bollywood actresses Katrina Kaif and Alia Bhatt are among the investors in the company.

The website’s creator, Falguni Nayar, a former investment banker, had the idea to build a platform with thousands of product choices. Currently, the company fulfills about 1.5 million orders every month and operates over 55 retail locations. With over 500 brands represented on its website and in-store, Nykaa boasts over 5 million active monthly users.

The business has also launched Nykaa Fashion, a new endeavor that sells clothing and accessories. It has unveiled Nykd, a private label for intimate apparel. India’s online beauty business is anticipated to develop at a compound annual growth rate (CAGR) of 9%, according to a report by RedSeer Consulting. This presents an opportunity for Nykaa to build its business and market share in India. The business is preparing for its initial public offering (IPO) in 2022 and hopes to raise $3.5 billion there.

8. Udaan

In 2016, a technology startup was established that offers B2B e-commerce solutions. The company, which was founded by Sujeet Kumar, Vaibhav Gupta, and Amod Malviya, the former executives of Flipkart, has amassed a user base of over 3 million across 900 locations. It facilitates communication amongst over 25,000 Indian vendors.

Along with many other well-known companies, the company has signed up hundreds of brands, including Boat Lifestyle, PepsiCo, LG, and ITC. In 2018, the company achieved unicorn status in the quickest amount of time. Recently, Udaan has raised $280 million from its existing and new investors. The company has raised overall $1.15 billion as of now and has a value of over $3.1 billion.

The co-founder of this startup Udaan claims that the COVID-19 pandemic has accelerated the development of the unorganized Indian trade retail industry’s digital led evolution. This presents a chance for Udaan to maintain its position as the nation’s top e-commerce platform.

Entracker reports that Udaan is attempting to break into B2C markets with a brand-new software called Pickily. The Google Play Store app is currently available and offers FMCG goods at several Bangalore locations. The organization will be able to compete with businesses in the same industry as Big Basket, Flipkart, Swiggy Stores, and more with this collaboration.

9. DREAM 11

Over 10 crore Indians already utilize the online fantasy sports portal DREAM 11, which was founded in 2008. Harsh Jain and Bhavit Sheth, two youthful cofounders, formed the Mumbai, Maharashtra-based enterprise. Just prior to the start of the 2021 Indian Premier League, DREAM 11 has raised $400 million.

TCV, which has also supported industry titans like Netflix and Airbnb, is one of the investors. Since DREAM 11’s valuation has increased to $5 billion, it is also the first unicorn start-up in India. In the last three years, the company has grown at a compound annual growth rate (CAGR) of 230%. The first and most popular fantasy gaming platform in India is called Dream 11. It has drawn a large number of youthful gamers as users.

The company took three years to reach one million members, then in less than two months after that, it had three million users. Prior to the COVID-19 pandemic that began in India, the company had about 75 million customers; as of right present, it has 100 million users. According to Deloitte statistics, fantasy sports have increased by around 200% in India, which has accelerated the company’s growth.

10. Swiggy

Who hasn’t heard of Swiggy? Suppose that after lunch on a Monday, you are at work and you have a yearning for cheesecake. You may now easily satisfy your needs while lounging at home thanks to Swiggy. Swiggy, the biggest meal delivery service in India, operates in 27 cities and has partnerships with over 40,000 eateries. With its headquarters located in Bangalore, the company has raised $800 million in capital and is currently valued at about $5 billion.

During that time, the company’s target market increased to 50 million, giving Swiggy once-in-a-lifetime opportunities. When Zomato first entered the market in 2014, there were just 5 delivery boys and 25 restaurant partners using the food delivery service. Nonetheless, the business entered the unicorn category of businesses in less than 4 years and is now fiercely competing with Zomato. The company’s excellent customer experience value chain is the foundation of its success.

The company distinguishes itself from other startups because it has always been customer-obsessed. While other meal delivery businesses, such as FoodPanda and TinyOwl, were having trouble getting off the ground, Swiggy succeeded by differentiating itself from the competition. It is among the most prosperous startups in India as a result.