As 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 a startup culture and build an ecosystem for entrepreneurship and innovation.
As a result, the startup ecosystem in India has emerged as a significant growth engine for the country in the past few years and aims to become a global tech powerhouse. Many Indian startups are booming and favoring 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 entry-level positions. Beginning beginner-level training programs help; however, advanced courses like a data science course or a cloud computing course can improve your job scope since professional-level expertise is preferred in any industry.
Here are the Top 10 Startups in India:
CRED is an Indian fintech company based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. Cred allows users to make house rent payments and provides short-term credit lines. Cred has received criticism for being overvalued and lacking a sound monetization strategy.
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.
Skit.ai (previously known as Vernacular.ai) was founded by Akshay Deshraj, Manoj Sarda, and Sourabh Gupta in 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 voice automation. Many industries, particularly banking, food, and hospitality, benefit 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 most prominent 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.
PharmEasy is an Indian company selling online medicines, diagnostics, and telehealth. The company wanted to move out of the Mumbai market, but there were protests against pharmacies by 8.5 Lakh chemists who shut down their pharmacy and came to the streets. Even after protests, investors showed interest and received their Series A funding. In 2020,
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 plans to expand by reaching out to other pharmacies and covering more geographical areas.
4. Digit Insurance
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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.
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 various goods ranging from groceries to apparel.
Groww is an investing platform where users can find the best mutual funds to invest in and can invest their money without any hassles. Groww provides objective, 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 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.
Nykaa is an Indian e-commerce company, founded by Falguni Nayar in 2012 and headquartered in Mumbai. It sells beauty, wellness, and fashion products across websites, mobile apps and 100+ offline stores. In 2020, it became the first Indian unicorn startup headed by a woman.
The company is 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.
Udaan is a B2B trade platform explicitly designed for small & medium businesses in India. It brings traders, wholesalers, and retailers, and Udaan has signed up many major brands, including Boat Lifestyle and ITC. The startup currently has over 3 million users from 900 cities across India. It gained its unicorn status in the year 2018 within the shortest period, is worth over $3.1 billion, and has recently, with the help of its investors, raised over $280 million.
Dream11 is an Indian fantasy sports platform that allows users to play fantasy cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football, and baseball. In April 2019, Dream11 became the first Indian gaming company to become a unicorn.
Swiggy is an Indian online food ordering and delivery platform. Founded in July 2014, Swiggy is based in Bangalore and operates in 500 Indian cities as of September 2021. 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.