Last year was marked by ups and downs, particularly as a result of the global COVID-19 pandemic. Many successful Indian entrepreneurs have pursued business possibilities and put their ideas to the test. While some of them failed, others flourished like nothing else. Because it provides low-cost trained labour, money from national and international investors, and opportunities to grow, encourages the growth of startups in India.
According to Financial Express, in the year 2021, start-up funding reached a new high. Institutional investors and pension funds, in addition to large venture capitalists, are investing in a slew of new online enterprises. Investors poured $4.4 billion into Indian companies between January and March 2021, a 26 per cent increase over the same quarter last year. Fintech and Financial Services firms (123), Retail and Ecommerce companies (99), and EdTech companies are the top gainers in fundraising transactions (84). This demonstrates that, despite the instability caused by the pandemic COVID-19 in India, entrepreneurs have managed to stay afloat.
Looking at the most notable partnerships involving Indian companies, such as Walmart and Flipkart (which includes Myntra and PhonePe), it is clear that India is becoming a hub for the world’s biggest startups. One 97 Communications (PayTM), Ola cabs, Dream 11, Swiggy, and Razorpay are just a few of the world’s most valuable Indian firms. More startup unicorns are emerging in the country, including companies in the health-tech, social commerce, finance, and other industries. Unicorn firms are startups worth more than $1 billion in the business world.
There are almost 600 unicorns on the planet as of April 2021. According to Inc42, India’s ten businesses will be ranked among the Unicorns in 2021. We’ve created a list of a few companies that are among the top growing startups in India. These businesses have thrived over the years and are now eager to broaden their reach.
Top Growing Startups in India
CRED is a platform where you may pay your credit card bills and get rewarded for it. It was founded in 2018. Users receive “CRED coins” when they pay their bills through the CRED app, according to the platform’s new model. These coins can then be used to purchase any product, enter a contest, or attend any workshop. The Bangalore-based firm offers a variety of services to users, including loans and a premium library of merchandise. People will be incentivised to change their financial behaviour, according to the startup.
CRED is the newest Indian firm to be valued at $2.2 billion, according to TechCrunch. This two-year-old company has over 6 million customers and accounts for roughly 22% of all credit card holders. According to Kunal Shah, the company’s founder and CEO, the company caters to affluent clients and has become one of the most talked-about startups.
Few businesses concentrate on the high-end market and maintain robust growth over time. CRED also plans to add a function that will allow CRED currencies to be utilised by over a thousand shops. The company also intends to open an eCommerce store. It is evident that the firm intends to do much more than simply provide clients with incentive coins.
This AI-first SaaS company aspires to become the world’s premier voice automation and AI platform. Speech recognition and Voice Assistant are services provided by the company to the banking, food & beverage, and hospitality industries. Their services require the least amount of human intervention and can also tackle complex servicing concerns. In the year 2020, the company, which was founded in 2016, has raised $5.1 million in funding.
According to the Economic Times, Vernacular.ai plans to add 100 people in 2021, perhaps bolstering its leadership team. Despite layoffs and wage cuts over the previous year, Vernacular.ai has increased its personnel by fourfold. With multipurpose personnel, the company is on its way to becoming the world’s most appealing Voice AI platform. Gangadhar Kodandaram (a former Microsoft employee) has recently been named Chief Revenue Officer, and Ankit Jain has been named Vice President of Product Management (Alumnus from Amazon). Their knowledge and expertise will undoubtedly propel Vernacular.ai to new heights.
Because voice and automation are two hot technologies that are projected to explode in popularity in the future, Vernacular.ai is likely to expand its activities.
PharmEasy is an Indian online pharmacy and medical store that specialises in over-the-counter (OTC) medications, diagnostic tests, and medical devices. The company was launched in Mumbai, Maharashtra, in 2015 and has had tremendous growth since then. It’s an internet pharmacy featuring everything you’d find in a traditional medical store.
During the COVID-19 epidemic, the company became a vital service that aided in its expansion. 1mg and Netmeds are PharmEasy’s Indian competitors. This health-tech business has raised $350 million, making it India’s first Epharmacy unicorn. The money was raised as a result of PharmEasy’s merger with rival Medlife. PharmEasy owns 100 per cent ownership in Medlife, while the latter owns 19.95 per cent of the combined company. Both companies have united to combat competition from rivals such as Reliance Jio’s Netmeds, Flipkart’s Flipkart, and Amazon Pharmacy, who have just entered the Indian pharmacy market.
PharmEasy’s investors are the same people who backed firms like Swiggy and Byju’s. Dharmil Sheth and Dr. Dhaval Shah, the company’s founders, hope to reach over 100,000 pharmacies in India’s new geographical areas in the next 12 months.
Digit Insurance is an insurance company that claims to simplify insurance products for everyone, allowing people’s perspectives on insurance to shift. The company was started in 2016 and just made its way into the Unicorn club after obtaining $18 million in investment in 2021. In the year 2020, the company raised its first round of funding, which included $340,000 from Indian celebrity couple Virat Kohli and Anushka Sharma.
The company has a total financing of around $200 and claims to have grown by 31.9 percent from March to December 2020. The reason for this is that over 20 lakh Indians have purchased COVID-19 and other ailments like as malaria, chikungunya, dengue fever, and others. Because of its decreased operational costs and outstanding business KPIs, Digit, a Bangalore-based firm, will break even in 2020.
Groww is an investing platform that allows consumers to invest in stocks, ETFs, Mutual Funds, Initial Public Offerings (IPOs), and other securities. The platform is compatible with both mobile and online applications. Four ex-Flipkart employees launched the company in 2016 after noticing how tough it is to invest in India. This realisation prompted them to create Groww, which now boasts over 15 million users. According to Groww, more than 60% of the company’s ownership comes from smaller Indian cities that have never invested before.
Groww is used across India, not just in big cities, according to one of the founders, Lalit Keshre. The users are from the working class, are young, and want to invest their hard-earned money. They can be found in all of the country’s major cities.
Nykaa is a fashion e-commerce website and an online beauty store that was started in 2012. Customers can purchase wellness and beauty products from the company at a reasonable price. It’s worth noting that it raised $25 million in March 2020 and currently has a market capitalization of $1.2 billion. Bollywood stars Alia Bhatt and Katrina Kaif are among the company’s investors. Falguni Nayar, the platform’s founder and a former investment banker, envisioned a platform with tens of thousands of product alternatives.
DREAM 11 is an online fantasy sports platform that was founded in 2008 and presently has over 10 crore users in India. Harsh Jain and Bhavit Sheth, two young cofounders from Mumbai, Maharashtra, started the company. DREAM 11 has raised $400 million just in time for the IPL 2021 season to begin.
Who hasn’t heard of Swiggy? Assume you’re at work on a Monday, and you’re craving a slice of cheesecake after lunch. Swiggy has made it simple for you to satisfy your hunger while relaxing at home. Swiggy, India’s largest meal delivery company, operates in 27 cities and has collaborated with over 40,000 businesses. The company, which is headquartered in Bangalore, recently raised $800 million in capital and is now valued at roughly $5 billion.
This list could go on and on, as many Indian startups are thriving in various fields. Flipkart, Big Basket, Ola Cabs, InMobi, FirstCry, and CureFit, to name a few, are household names. These firms are being fueled by a new force in the global economy, millions of new customers, India’s increasing international presence, and education.